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643 W 15th ST San Pedro, CA 90731
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Key Details
Property Type Multi-Family
Sub Type Duplex
Listing Status Sold
Purchase Type For Sale
MLS Listing ID PW24097243
Sold Date 11/08/24
HOA Y/N No
Year Built 1917
Lot Size 5,000 Sqft
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.
Location
State CA
County Los Angeles
Area 699 - Not Defined
Zoning LAR2
Interior
Interior Features Open Floorplan
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplaces Type None
Fireplace No
Laundry Washer Hookup, Electric Dryer Hookup, Gas Dryer Hookup, Inside, Laundry Room
Exterior
Parking Features Garage, Off Street
Garage Spaces 2.0
Garage Description 2.0
Pool None
Community Features Sidewalks
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
View Y/N No
View None
Total Parking Spaces 2
Private Pool No
Building
Lot Description 2-5 Units/Acre
Story 1
Entry Level One
Sewer Public Sewer
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 7454031003
Energy Description 1.0
Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan, Conventional, 1031 Exchange, FHA, Fannie Mae, Freddie Mac
Listing Terms Cash, Cash to Existing Loan, Cash to New Loan, Conventional, 1031 Exchange, FHA, Fannie Mae, Freddie Mac
Financing FHA
Special Listing Condition Standard
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Bought with Rocio Bencomo • PAK HOME REALTY