3929 W 242nd Street
Torrance, CA, 90505 $ 15,500,000
Baths1.0 Sq 36,096 Monthly Estimate*
$ 97,869
Listed by Marcus & Millichap RE Invest
Studio for $15,500,000 with 1 full bath. This 36,096 square foot home was built in 1961 on a lot size of 1.03.
The Palms is a 48-unit multifamily investment opportunity located at 3929 West 242nd Street in Torrance, California. Built in 1961, the property sits on a 1.03-acre lot and features approximately 36,096 net rentable square feet, with apartment buildings arranged around spacious interior courtyard areas. The Palms features a garden-style layout, with apartment buildings oriented around interior courtyards that provide residents with shared outdoor space. The site also accommodates common area circulation, resident amenities, and a substantial covered parking component within the property’s 1.03-acre footprint. The unit mix consists of 38 one-bed/one-bath units, 6 two-bed/one-bath units, and 4 two-bed/two-bath units. This composition provides a strong base of one-bedroom floor plans while also including a selection of larger two-bedroom units. Current ownership has extensively renovated 8 units with luxurious finishes. The property features a swimming pool, clubhouse, gated access, two on-site laundry facilities, and covered parking. Parking is provided through 45 tuck-under spaces, 2 surface spaces, one single-car garage, and one double-car garage, giving The Palms a substantial covered parking component relative to its unit count. Overall, The Palms represents an established Torrance multifamily asset with scale, a predominantly onebedroom unit mix, courtyard-style design, on-site amenities, gated access, and covered parking.
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FeaturesGeneralSewer Public Sewer
HOA Fee 0
Garage Spaces 3
Pool Features Community
Year Built 1961
Property Subtype Apartment
Gross Income 1306104
Community Features Curbs Gutter(s) Street Lights Sidewalks Pool
County Los Angeles
Net Operating Income 794817
Operating Expense 472483
Insurance Expense 56003
New Construction false
Property Type Residential Income
HOA false
MaintenanceExpense 48000
Garage Y/N true
Special Listing Conditions Standard
Status Active
Directions Cross Streets of West 242nd Street & Ocean Avenue
City Torrance
Entry Location First level
Senior Community Y/N false
Open Parking Spaces 2
Number Of Units Total 48
MLS Area 125 - Walteria
Lot Size Units Acres
Lot Size Square Feet 44866.8
Carport Spaces 45
Carport Y/N true
Listing Terms Cash Cash to New Loan Conventional 1031 Exchange
Property Attached Y/N false
Land Lease Y/N false
Electric Expense 18594
Fuel Expense 18595
Trash Expense 18594
Water Sewer Expense 18594
Additional Parcels Y/N false
Rent Control Y/N false
Building Area Units Square Feet
Standard Status Active
Year Built Source Assessor
Tax Lot 9
Property Sub Type Additional Apartment
Taxes 171016
Cap Rate 5.13
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InteriorTotal Stories 2
Common Walls No Common Walls
Laundry Features Common Area
Entry Level 1
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ExteriorLot Features Lot Over 40000 Sqft
Water Source Public
Total Parking 50
Lot Size Area 1.03
Number of Buildings 2
Building Area Total 36096
Lot Size Acres 1.03
Private Pool false
Lot Size Source Assessor
Number of Separate Water Meters 1
Number of Separate Gas Meters 48
Number of Separate Electric Meters 48
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* Excluded FeaturesList ByMarcus & Millichap Re InvestBroker
tleeson@marcusmillichap.comEmail
Affordability Calculator
- Monthly Principal & Interest
- $97,869
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 6.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Torrance, CA
Average List Price $2,915,043
Percent of Sale Price 81%
About Torrance, CA 145,215 Population
5% Since 2002
$ 83,626 Median Income
43.39 Median Age
29% Households with Children
Trends Information provided by ATTOM Data Solutions.
4827338 Elementary School
4827337 Middle School
Unknown High School High School
Pricing History| Date | Price | Price Change | Description |
|---|
| 8/17/2026 | $15,500,000 | | Listed Price |