643 W 15th Street, San Pedro, CA 90731

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Glen Henderson

[email protected] +1(619) 889-7646

$775,000

Est. payment - /mo

4 Beds

2 Baths

5,002 Sqft Lot

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UPDATED:

11/02/2024 02:37 AM

Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Pending

Purchase Type For Sale

MLS Listing ID PW24097243

Bedrooms 4

HOA Y/N No

Lot Size 5,002 Sqft

Type of Financing Cash,Conventional,Exchange,FHA

Property Description

UPDATE: One unit to become vacant at the end of August. We are pleased to exclusively offer for sale 643 W 15th St, a 2 unit multi-family investment located in San Pedro, CA. The building features an excellent unit mix of (2) 2 Bed/1 Bath ~1,074 SF Units for a total rentable square footage of 2,148 SF. There are (2) detached garage parking spaces available to tenants which is especially important in this parking impacted submarket. Further, each tenant has (1) assigned parking space adjacent to the garage. For the astute investor, this ample parking can be leveraged into additional income subject to occupancy. In addition, the property has been meticulously well-maintained with updated kitchens, new exterior paint, and a newer roof, and each tenant has its own in-unit laundry. From a pricing standpoint, this property is being offered at a favorable $387,500/Unit and $360.80/SF, roughly $40k/Unit and $50/SF shy of market averages, respectfully. Further, the offering represents an outstanding Value Add Opportunity with 76% in Rent Upside, imputing a Market CAP Rate of 6.03% and Market GRM of 11.98. Lastly, the building is strategically located not only near the Port but also within close proximity to the confluence of both Los Angeles and Orange County freeway systems and, in effect, offers tenants easy access to the booming economic and employment hubs of both counties. For these reasons, the astute investor can confidently forecast continued population and median household income growth within the submarket, thus driving prolonged rent growth upon acquisition.
UPDATE: One unit to become vacant at the end of August. We are pleased to exclusively offer for sale 643 W 15th St, a 2 unit multi-family investment located in San Pedro, CA. The building features an excellent unit mix of (2) 2 Bed/1 Bath ~1,074 SF Units for a total rentable square footage of 2,148 SF. There are (2) detached garage parking spaces available to tenants which is especially important in this parking impacted submarket. Further, each tenant has (1) assigned parking space adjacent to the garage. For the astute investor, this ample parking can be leveraged into additional income subject to occupancy. In addition, the property has been meticulously well-maintained with updated kitchens, new exterior paint, and a newer roof, and each tenant has its own in-unit laundry. From a pricing standpoint, this property is being offered at a favorable $387,500/Unit and $360.80/SF, roughly $40k/Unit and $50/SF shy of market averages, respectfully. Further, the offering represents an outstanding Value Add Opportunity with 76% in Rent Upside, imputing a Market CAP Rate of 6.03% and Market GRM of 11.98. Lastly, the building is strategically located not only near the Port but also within close proximity to the confluence of both Los Angeles and Orange County freeway systems and, in effect, offers tenants easy access to the booming economic and employment hubs of both counties. For these reasons, the astute investor can confidently forecast continued population and median household income growth within the submarket, thus driving prolonged rent growth upon acquisition.

Location

State CA

County Los Angeles

Area San Pedro (90731)

Zoning Public Rec

Interior

Cooling Wall/Window

Air Conditioning Wall/Window

Building

Lot Description Sidewalks

Story 1

Lot Size Range 4000-7499 SF

Level or Stories 1 Story

Others

Monthly Total Fees $26

Acceptable Financing Cash, Conventional, Exchange, FHA

Listing Terms Cash, Conventional, Exchange, FHA

CFD/Mello-Roos Fee $321

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Listed by Daniel Hopkins • Lyon Stahl Investment Real Est

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Glen Henderson

+1(619) 889-7646

Broker Associate | CA BRE #01384181

Broker Associate CA BRE #01384181

San Diego Communities

643 W 15th Street San Pedro, CA 90731

Glen Henderson

Key Details

Location

Interior

Building

Others

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