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Listed by David Holstein • The Holstein Group
$1,250,000
Est. payment /mo
3,700 SqFt
Active Under Contract
650 West 7th Street San Pedro, CA 90731
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UPDATED:
08/29/2024 08:31 AM
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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