Income Property Market
What South Bay 2 to 4 Unit Buildings Are Selling For
Price per unit, gross rent multiplier, cap rate and days on market for duplexes, triplexes and fourplexes, by area. Based on the latest sales, updated monthly.
The South Bay at a Glance
Duplexes, triplexes and fourplexes across the South Bay. Sales cover the last 6 months. Figures as of October 2026.
Sold
81
Last 6 months
Median price per unit
$480K
Recent sales
Median GRM
16.2
Price over a year of gross rent
Median cap rate
4.4%
Net income over price
For sale now
90
24 more in escrow
Median days on market
25 days
Recent sales
By Area
A fourplex near the sand and one in San Pedro are different markets. Here is each part of the South Bay on its own.
Beach Cities
Manhattan Beach, Hermosa Beach, Redondo Beach, El Segundo
- Sold, last 6 months
- 30
- Median sale price
- $1.96M
- Median price per unit
- $801K
- Asking per unit, for sale now
- $824K
- Median GRM
- 20.0
- Median cap rate
- 3.9%
- Median days on market
- 21 days
- For sale now / in escrow
- 20 / 11
Torrance Area
Torrance, Lomita, Carson
- Sold, last 6 months
- 18
- Median sale price
- $1.15M
- Median price per unit
- $465K
- Asking per unit, for sale now
- $479K
- Median GRM
- 14.7
- Median cap rate
- 4.8%
- Median days on market
- 20 days
- For sale now / in escrow
- 20 / 5
Harbor Area
San Pedro, Wilmington, Harbor City
- Sold, last 6 months
- 33
- Median sale price
- $890K
- Median price per unit
- $327K
- Asking per unit, for sale now
- $357K
- Median GRM
- 14.1
- Median cap rate
- 5.1%
- Median days on market
- 33 days
- For sale now / in escrow
- 50 / 8
How to Read GRM and Cap Rate
Gross rent multiplier (GRM) is the price divided by one year of gross rent. A GRM of 16 means the buyer paid sixteen years of rent, before any expenses. Lower means more rent for the money.
Cap rate is the net operating income (rent minus operating costs, before the mortgage) divided by the price. A 4.5% cap on a $2 million building means about $90,000 a year of net income. Near the beach, buyers accept lower cap rates because they are paying for the land and the location as much as the rent.
One caution. Both numbers come from the income reported in each listing, and nobody verifies it. Some sellers list today's rents, some list what the units could rent for, and expenses are often left light. We drop the figures that are clearly off, which leaves GRM on 60 and cap rate on 57 of the 81 sales. Use them as a range to check a deal against, not as a promise. Your own rent roll and expenses are what count.
Common Questions
What are 2 to 4 unit buildings selling for in the South Bay?
In the 6 months to October 2026, 81 duplexes, triplexes and fourplexes sold across the South Bay at a median of $480K per unit. By area it runs from $327K per unit in the Harbor Area to $801K per unit in the Beach Cities.
What gross rent multiplier are South Bay income properties selling at?
The median GRM on recent South Bay 2 to 4 unit sales is 16.2, so buyers paid about 16.2 times a year of gross rent. By area it runs from 14.1 in the Harbor Area to 20.0 in the Beach Cities. It uses the income reported in each listing, which is not verified.
What cap rate are small apartment buildings selling at in the South Bay?
The median cap rate on recent South Bay 2 to 4 unit sales is 4.4%. By area it runs from 3.9% in the Beach Cities to 5.1% in the Harbor Area. It uses the income reported in each listing, which is not verified.
How fast do South Bay income properties sell?
Recent 2 to 4 unit sales took a median of 25 days on the market. As of October 2026, 90 buildings were for sale and 24 were in escrow.
For Owners
Where Does Your Building Fit?
These are area medians. Your rent roll, unit mix and condition move the number more than the zip code does. Send us the address and we will tell you what it would likely sell for and whether the rents are where they should be.
Planning to keep it? See how we manage small multifamily.
Send the details and we will call you.