1535 W 224th Street, Torrance, CA 90501 (MLS # PW26112707)
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PACKAGE SALE "” Both properties must close concurrently. Combined asking price: $1,800,000. 1541 W 224th St, (MLS# PW26112719) must be purchased together with 1535 W 224th St (MLS# PW26112707). 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 from $2,300 to $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. 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.
| DAYS ON MARKET | 12 | LAST UPDATED | 5/31/2026 |
|---|---|---|---|
| YEAR BUILT | 1961 | COMMUNITY | 122 - Harbor Gateway |
| COUNTY | Los Angeles | STATUS | Active |
| PROPERTY TYPE(S) | Single Family |
| ADDITIONAL DETAILS | |
| AIR | Dual |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Dishwasher, Disposal, Dryer, Gas Oven, Gas Range, Gas Water Heater, Microwave, Range Hood, Refrigerator, Self Cleaning Oven, Vented Exhaust Fan, Washer, Washer/Dryer Stacked, Water Heater |
| AREA | 122 - Harbor Gateway |
| CONSTRUCTION | Stucco, Wood Siding |
| EXTERIOR | Awning(s) |
| INTERIOR | Ceiling Fan(s), Master Downstairs |
| LOT | 7200 sq ft |
| LOT DIMENSIONS | 7200 |
| PARKING | Assigned, Asphalt, Driveway, Paved, Private, Side By Side |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 1 |
| STYLE | Cottage |
| UTILITIES | Cable Connected, Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected |
| VIEW DESCRIPTION | None |
| WATER | Public |
TOTAL MONTHLY PAYMENT
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