650 West 7th Street

San Pedro,CA 90731

$ 1250000

- Bed

0 Bath

3700 SqFt


Key Details

Property Type Single Family Home

Listing Status Active Under Contract

Purchase Type For Sale

Square Footage 3,700 sqft

Price per Sqft $337

MLS Listing ID SB-22139953

Year Built 1988

Lot Size 5,001 Sqft

Property Description

Value added opportunity situated in one the most dynamic growing cities within Southern California. The Subject Property was built in 1988 and is exempt from LA City Rent Control (California does have a Statewide cap on rent increases whereby an annual increase of 10% (SB1482) is permissible. Consisting of a functional and useful mix of 4 studios, 1 Bedroom, and a 2 Bedroom apartment, this complex will provide an investor a great opportunity to for a strong year-round occupancy while growth in income. Several of the apartments face 7th St and has plenty of natural light with great windows. Parking is covered, utilities are separately metered for Gas and Electric. Central Hot Water Heater and Laundry Room. Since this property was built in the 1980's, less headaches for an investor. Several units were turned over in the last 3-4 years and have been upgraded. Why Purchase: This asset should/could/may provide an investor with immediate cash at List Price with potential of 10% annual increases with the expectation of minimal move outs due to the existing low rents. Thus, ease of ownership, low expenses, and value-added opportunity... Special consideration for an investor is the massive and unprecedent growth and development in the city of San Pedro - including the Billions being spent on the waterfront retail project as well as the super high end housing projects - all within reasonable walking distance from the Subject Property. 1st Thursdays are also back. Make sure to take your client by the property and walk a few blocks to the huge festivities on the 1st Thursday of each month.

Location

State CA

County Los Angeles

Zoning LAC2

Interior

Laundry Common Area

Exterior

Parking Features Gated

Garage Spaces 7.0

Pool None

Community Features Sidewalks

Building

Lot Description 0-1 Unit/Acre

Sewer Private Sewer

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