1541 W 224th Street, Torrance, CA 90501
- $950,000
- List Price
- $950,000
- Status
- ACTIVE
- MLS#
- PW26112441
- Year Built
- 1961
- Lot Size
- 7,202
- Acres
- 0.17
- Lot Location
- 0-1 Unit/Acre
- Days on Market
- 57
- Property Type
- Multifamily
- Style
- Cottage
- Property Sub Type
- Triplex
- Stories
- One Level
Property Description
PACKAGE SALE — Both properties must close concurrently. Combined asking price: $1,800,000. 1541 W 224th St, (MLS# PW26112441) must be purchased together with 1535 W 224th St (MLS# PW26108833). Do not disturb tenants. 5-unit, two-parcel value-add opportunity in Harbor Gateway. Two adjacent lots totaling 14,402 sq ft zoned LARD2, each on its own APN. 1541 W 224th St is a 3-unit triplex (6 BR / 3 BA, 2,558 sq ft); 1535 W 224th St is a 2-unit duplex (4 BR / 2 BA, 1,596 sq ft). Both built 1961, well-maintained. RESIDENTIAL FINANCING: Each parcel is priced independently under $1,000,000 and qualifies for conventional residential financing on its own APN — no commercial loan required. Lower down payment, better rates, and access to a significantly larger lender pool. ADU POTENTIAL: Combined 14,402 sq ft LARD2 zoning supports multiple additional dwelling units under CA state law. Harbor Gateway ADU rents currently range $2,300–$2,600/mo, with each additional unit delivering meaningful income and asset value growth. RENT UPSIDE: Current blended rent averages $1,740/mo per unit against market rents of approximately $2,300/mo. Rents governed by LA City RSO — currently 3% annually for 2026 — providing steady, compounding income growth as units turn. At stabilized market rents: pro forma gross income approximately $141,600/yr and pro forma NOI exceeding $99,500/yr, no ADUs required. MULTIPLE EXIT STRATEGIES: Hold as a stabilized combined portfolio. Develop ADUs to maximize NOI and asset value. Sell parcels individually once stabilized — each independently financeable. Phased development across two lots. PROPERTY CONDITION: Several units have received interior upgrades including bathroom remodels, kitchen improvements (new cabinetry and quartz countertops), subfloor plumbing, and new flooring throughout. Four of five tenants have occupied 10+ years — stable cash flow from day one. LOCATION: Direct 110 Fwy access. Minutes to the Port of LA, South Bay employment corridor, and Downtown Los Angeles. Short distance from Harbor-UCLA Medical Center — site of LA County's largest-ever healthcare capital project, a $1.7 billion replacement and expansion currently under construction.
Additional Information
- Other Buildings
- Shed(s), Storage
- Appliances
- Dishwasher, Disposal, Gas Oven, Gas Range, Gas Water Heater, Microwave, Refrigerator, Range Hood, Self Cleaning Oven, Vented Exhaust Fan, Water Heater, Dryer, Washer
- Pool Description
- None
- Heat
- Combination, Wall Furnace
- Cooling
- Yes
- Cooling Description
- Dual
- View
- None
- Exterior Construction
- Stucco, Wood Siding
- Roof
- Shingle
- Sewer
- Public Sewer
- Water
- Public
- Interior Features
- Ceiling Fan(s), Quartz Counters, All Bedrooms Down, Main Level Primary
- Attached Structure
- Detached
- Number Of Units Total
- 3
- Gross Scheduled Income
- $104,467
- Operating Expense
- 39582
Listing courtesy of Listing Agent: Gilbert Gutierrez (gil@coastallaproperties.com) from Listing Office: ClearThink Homes.
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.