An opportunity to acquire a hospitality property has recently been made available in Torrance. According to a marketing brochure from Marcus & Millichap, the 94-room property, known as Vivo Flex Living, is up for sale with an asking price of $15.5 million, or approximately $164,893 per room.
The property is located at 4111 CA-1, and is marketed by Marcus & Millichap’s Tammen Hotel Group. It last traded in 2021 for $15.1 million, or about $160,638 per room. The current owner is Vivo Apartments Torrance, LLC, an entity linked to Dan Norville, according to public property records.
The property spans 49,460 square feet of space. Each of the 94 existing units comes equipped with kitchenettes. Additionally, there is potential for growth with the option to add eight more units through the renovation of a spacious storage floor, according to the marketing brochure.
Situated in Torrance, the property sits amongst a number of businesses. The city hosts nearly 400 business headquarters, making it an attractive area for business travelers and long-term guests. It is also connected by major highways, including the I-405 and I-110, providing easy accessibility for visitors. The location’s exposure is heightened by its prominent frontage on the Pacific Coast Highway, experiencing more than 35,000 cars in traffic daily. Torrance is more than just a business hub, however. The property is also located just 2.3 miles from Torrance Beach.
Across the state, hotel sales appear to be down over the past year. Despite this, Los Angeles County led the state in the total number of hotels sold as well as total dollar volume. According to a recent hotel sales survey from Atlas Hospitality Group, the county recorded 34 hotel sales for over $1.2 billion during the latter half of 2023.
