UPDATED:
11/14/2024 07:57 AM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID SB24202185
HOA Y/N No
Year Built 1959
Lot Size 5,000 Sqft
Property Description
Located in a high-demand rental market with vacancy rates around 4.5%, this property presents a substantial rental upside—with potential rent growth of up to 40% as units become available. A new owner can also benefit from additional income through on-site parking fees. The building includes an onsite laundry facility, offering convenience to tenants and adding to the property's appeal.
Just a few blocks away is the anticipated 42-acre San Pedro West Harbor Project, a $170 million waterfront development that will feature a 6,200-seat amphitheater, along with premier dining, retail, and entertainment options. This redevelopment is poised to transform the local area and has the potential to enhance property values as it becomes a central lifestyle destination in Los Angeles.
San Pedro combines coastal charm with urban accessibility, known for its quaint neighborhoods, vibrant arts scene, and rich maritime history. Residents enjoy proximity to beaches, waterfront promenades, and attractions like the Battleship USS Iowa Museum and the Cabrillo Marine Aquarium. The area offers a lively restaurant and shopping scene, providing a blend of small-town ambiance with big-city amenities.
This property offers an excellent balance of immediate income and long-term appreciation potential, making it ideal for investors looking to expand their portfolio in a growing market.
Don’t miss out on this opportunity to own a solid, income-producing asset with a projected cap rate above 7%!
Location
State CA
County Los Angeles
Area 185 - Plaza
Zoning LARD1.5
Interior
Fireplace No
Laundry Common Area
Exterior
Carport Spaces 6
Pool None
Community Features Biking, Curbs, Dog Park, Fishing, Hiking, Park, Street Lights, Sidewalks
Total Parking Spaces 6
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7454020007
Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan
Listing Terms Cash, Cash to Existing Loan, Cash to New Loan
Special Listing Condition Standard
