526 Illinois St

12-01-2021
02-22-2022

526 Illinois St, El Segundo, CA 90245

  • Price reduced to $3,995,000 from $4,250,000. Motivated seller.
  • Condo quality two-story townhome units built in 1988
  • All units fully renovated, include washer/dryer, balconies, private patios, fireplaces and offices
  • AB 1482 property, not subject to LA rent control laws (only state)
  • Two 3-bed / 3-bath townhome units, three 2-bed / 2-bath townhome units and one huge Studio unit (non-conforming)
  • Gated, subterranean parking garage. 11 spaces total.
  • Located in prime El Segundo neighborhood 1.5 miles from the beach and 1 mile from LAX

Property Description

Matthews is pleased to present 526 Illinois Street, a 7,635 square foot, 6-unit apartment building located in El Segundo. Built in 1988, this condo-quality asset sits on an R3-zoned, 6,962 square foot lot located just 1.5 miles from the Pacific Ocean. The building is comprised of two-story townhome units: (3) two-bed/two-bath, (2) three-bed/two-bath and (1) oversized studio unit (non-conforming). The property offers tenants a gated, subterranean parking garage with 11 spaces total, as well as washer/dryer and individual waters heaters in each unit. All units have been fully upgraded and include a balcony, private patio, fireplace, and office. Additionally, the exterior has been fully remodeled, and the roof is only around 5 years old. With strong in place rents, 526 Illinois offers investors a cash flowing trophy asset in a truly irreplaceable South Bay Los Angeles location.
The city of El Segundo is considered one of the best places to work and live in Los Angeles. It has recently seen a major revitalization to the community and local economy, and it is home to a roster of Fortune 500 aerospace companies and manufacturers such as Boeing, Lockheed Martin, Raytheon, and Northrop Grumman. Toy manufacturer Mattel and DirectTV are also based there. El Segundo is in fact home to more Fortune 500 companies than any other city in California besides San Francisco. As a part of the prestigious South Bay, millennials are flocking to El Segundo for its work/live/play environment, making for an extremely stable and growing renters market. Additionally, the property is in close proximity to the beach as well as LAX and the 105 & 405 Freeways.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 3,995,000
No. of Units
7
Cap Rate
3.54%
GRM / GIM
18.5
Year Built
1988
Building Size
7,635 Sq ft
Lot Size
6,962 Sq ft
No. of Stories
2
Opportunity Zone
Off
Price per unit
$ 570,714
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33.922856, -118.397985

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