1201 Cabrillo AVE #309 Torrance, CA 90501

Well maintained top floor unit, move-in ready condition condominium in the desirable downtown area of Torrance.The spacious kitchen with breakfast counters opens into the dining/living rooms and out to the balcony with city views. New carpet will be installed in the bedroom and living room. These units sit above restaurants in the downtown area of Torrance with any easy walk to bars, restaurants and shopping. The master bedroom with full bath includes a walk-in closet. The unit has an abundance of closets and storage areas with additional individual storage room on the same level. The condo is part of a gated and secure complex with a subterranean garage. Conveniently located close to parks, beaches, trails, shopping, banks, bakeries, post office, restaurants, and freeways. Fantastic opportunity to own a beautiful home in an ideal location. The property is located in the City of Torrance Redevelopment Area with Moderate Income limitations. Buyers must qualify and be approved by the City of Torrance Community Development Department based on sales price, income, terms and conditions of the Affordability Agreement (see supplements). A potential buyer income must meet the moderate household income set by California Housing and Community Development Department for Los Angeles County, which are as follows for the State 2020 income limits for Moderate income household: 1 person household-$64,900, 2 person household-$74,200. Ideal buyer will make close to those incomes with out going over.

All income of the buyer’s household will be considered. Income from person(s) who will not residing on the property shall not be included. In accordance with the Affordability Agreement which the property owner is bound by, the property cannot be rented and shall be owner occupied. A one-time gift for the down payment may be allowed.

The sales price is not based on market value. In accordance with the Affordability Agreement, the maximum sales price is based on the housing expenses for moderate income household not exceeding 35% of area median income.