970 964 W Santa Cruz Street, San Pedro, CA 90731
Property
Sold February 2024
Listing Agent: Stephen Lampe (DRE #01164364) · Listing Office: Re/Max Commercial & Investment · Contact: slampe@remaxcir.com · Bought with: Stephen Lampe · Re/Max Commercial & Investment · MLS #SB23114916 · Source: CRMLS
About this property
Very nice 10-unit apartment complex with excellent curb appeal in a Great Location in San Pedro West of Gaffey! Great opportunity to own a well-maintained stable investment property with a Certificate of Occupancy from 1979, so it is NOT SUBJECT TO CITY OF LOS ANGELES RENT CONTROL!!! There are 2 side by side, mirror image 5-unit buildings on 2 separate parcels, each building is 2 stories with: 3 two-bedroom units and 2 one-bedroom units. Tenants pay for gas and electric. There is significant upside in rental income as the current rents are well below actual market rents. All units are currently occupied, with one upcoming move-out, and most are due for a RENT INCREASE IMMEDIATELY! Owner had 100% rent collections each of the past 4 years. Meticulously maintained by the current owner, making it a turn key investment with cash flow at close of escrow! Upgrades include new windows, new siding, paint, roof, landscape/hardscape. Several units have had the interiors upgraded with stone counters in kitchens and bathrooms, new appliances, new kitchen and bathroom cabinets and flooring. There is a huge open parking area in back with (16 spaces within 8 tandem stalls, plus 2 more behind each building), storage area on one the side, and 2 laundry rooms onsite. Rent shown is PROFORMA based on the rent increase of 8% based on the current formula of 5% plus CPI. Seller has preliminary plans for two ADU's for potential additional income! Buyer to verify status of ADU with City of Los Angeles and feasibility. This is the best priced apartment building on the market that is not subject to City RSO! Lot is very large (12,998 square feet) zoned R3 which could provide additional development potential in the future. This one won't last long. Seller will cooperate with Buyer in a 1031 Exchange. One unit recently became available.
Listing description from the February 2024 sale, as reported to CRMLS.
Sale history