1535 W 224th Street, Torrance, California 90501, Torrance, 90501 - 0 bed, 0 bath
Loading property details...
Torrance, California 90501
This High-Potential Investment Opportunity is a Residential Income Duplex listed at $850,000—positioned well below the $978,194 Fair Market Value by 13%. This valuation gap offers $128,194 in Instant Equity. Featuring a Condition Rating of 3, the property includes a Patio and LARD2 Zoning, supporting significant ADU development. With proximity to the $1.7B Harbor-UCLA expansion, this asset is ideal for Buy-and-Hold Investors or Value-Add Developers seeking long-term rental growth and portfolio stability.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1535 W 224th Street Subject | $850,000* List Price | 0 | 0 | 1,596 | $613 | - |
A 2422 Arlington Sold | $1,080,000 | 4 | 2 | 1,600 | $675 | 0.7 mi |
B 2422 Arlington Sold | $1,080,000 | 0 | 0 | 1,600 | $675 | 0.7 mi |
C 1920 Gramercy Sold | $1,000,000 | 2 | 2 | 1,455 | $687 | 0.7 mi |
D 1535 W 224th Street Active | $850,000 List Price | 4 | 2 | 1,596 | $533 | - |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
While built in 1961, the property is described as well-maintained with several units featuring recent interior upgrades including quartz countertops, new cabinetry, and updated flooring. The mention of subfloor plumbing updates indicates attention to systems, and the interior renovations likely fall within the 5-15 year range, making it functional and move-in ready.
Priced under $1,000,000 on its own APN, this duplex qualifies for conventional residential financing, allowing for lower down payments and more favorable interest rates than commercial loans.
With LARD2 zoning on a 7,200 sq ft lot and current rents approximately 25% below market, there is substantial upside through ADU development and lease stabilization.
Proximity to the $1.7 billion Harbor-UCLA Medical Center expansion and major employment hubs like the Port of LA ensures high rental demand and long-term appreciation.
The property must be purchased concurrently with the adjacent triplex for a total of $1,800,000, which significantly increases the initial capital requirement and limits the buyer pool.
Governed by LA City RSO, the property is subject to strict annual rent increase caps, which may prolong the timeline for reaching pro forma market-rate income.
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.
No exterior & parking available.
Grades K-5 • 0.6 mi
Grades K-5 • 0.7 mi
Grades K-5 • 2.7 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 1,596 | 1,752.5 | 25% |
| Lot Size | 7,200 | 6,823.5 | 50% |
| Price | $850.0K | $1.05M | 25% |
| Price per sq ft | $533 | $553 | 50% |
| Built year | 1961 | 1947 | 75% |
| HOA | $0 | $0 | 50% |
| Days on market | 0 | 97 | 8% |
May 31, 2026
$850,000
Initial Listing
Mar 8, 2022
$690,000
Public Record