Pending

970 964 W Santa Cruz Street

San Pedro CA, 90731

$2,898,000


$374.61 per sqft

Pending

7,736 sqft

Condo

Built in 1979

Listed by Stephen Lampe with Re/Max Commercial & Investment 310 802-2500

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.

SB23114916

MLS ID

June 27, 2023

Listed

February 16, 2024

Updated

Map

970 964 W Santa Cruz Street
San Pedro CA, 90731

Interior Features

Total Stories

2


Laundry Description

Common Area


Fireplace

Yes


Fireplace Description

None


Cooling

No


Heating

Yes


Heating Description

Wall Furnace

Exterior/Building Features

Lot Size

0.3 Acres


Lot Features

Garden, Landscaped, Street Level


Architectual Style

Mid-Century Modern


Sewer

Public Sewer

Other Property Details

Area Name

187 - Holy Trinity


Taxes

$34,807


Tax Frequency

Annually


Days on Market

196


Garage

No


Parking

Assigned, Tandem, Uncovered


Parking Total

18


View

No


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

LAR3


Buyer Agency Compensation

2.5%

Listing History

Date

Event

Price

1/30/2024

Pending

1/9/2024

Under Contract

11/29/2023

Price Change

$2,898,000

-3%

10/12/2023

Price Change

$2,975,000

-4%

7/20/2023

Price Change

$3,098,000

106%

Listing Contact: 310 802-2500 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 2/16/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 2/16/2024 at 4:16 AM UTC

 

Powered byLuxury Presence