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3929 W 242nd Street

Torrance, CA 90505

$14,950,000 $63,029/Mo

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Overview

Bed

Bath

1.03

Acres(Lot)

Description

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 al so 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.

Property Details

Property Type : ResidentialIncome

Price : $14,950,000

AD Id : 89632714

MLS Id : OC26180225

Beds : 5

Lot Size : 1.03 Acres

Year Built : 1961

Garage : 3

County : Los Angeles

Map

What's Nearby

Nearby Areas

Features

Building Information

Year Built: 1961

Building Area Total: 36096

Pool Features: Community

Private Pool: No

Lot Information

Main Square Feet: 1.03 Lot Size Acres: 1.03 Lot Size Source: Assessor Lot Size Square Feet: 44,867 Lot Description: LotOver40000Sqft

Listing Price Information

Listing Price: $14950000

Original Price: $15500000

Cash, CashToNewLoan, Conventional, Exchange1031

Tax Information

Parcel Number: 7534006020 Tax Lot: 9

Parking Information

Parking Total: 50

Garage Information

Has Garage: Yes Garage Space: 3

Location Information

Direction: Cross Streets of West 242nd Street & Ocean Avenue WaterSource: Public

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ByOwner last updated this listing 08/26/2026 @ 13:52

MLS: OC26180225 LISTED BY: Tyler Leeson, Marcus & Millichap RE Invest 949-419-3200 SOURCE: CRMLS