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Listed by L''mar Kojani • Keller Williams South Bay
$ 1,650,000
Est. payment /mo
Active
576 West 13th Street San Pedro, CA 90731
4,664 SqFt
UPDATED:
12/12/2024 07:41 PM
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 4,664 sqft
Price per Sqft $353
MLS Listing ID SB-24202185
Year Built 1959
Lot Size 5,001 Sqft
Property Description
Step into a rare opportunity to invest in the vibrant community of San Pedro with this well-maintained 6-unit apartment building at 576 W 13th St. Each unit offers efficiently designed two-bedroom, one-bath layouts, providing a balance of comfort and functionality. The property features tuck-under parking and has recently completed a soft-story retrofit, enhancing structural safety and ensuring long-term durability. Located in a high-demand rental market with vacancy rates around 4.5%, this property presents a substantial rental upside--with potential rent growth of up to 40% as units become available. A new owner can also benefit from additional income through on-site parking fees. The building includes an onsite laundry facility, offering convenience to tenants and adding to the property's appeal. Just a few blocks away is the anticipated 42-acre San Pedro West Harbor Project, a $170 million waterfront development that will feature a 6,200-seat amphitheater, along with premier dining, retail, and entertainment options. This redevelopment is poised to transform the local area and has the potential to enhance property values as it becomes a central lifestyle destination in Los Angeles. San Pedro combines coastal charm with urban accessibility, known for its quaint neighborhoods, vibrant arts scene, and rich maritime history. Residents enjoy proximity to beaches, waterfront promenades, and attractions like the Battleship USS Iowa Museum and the Cabrillo Marine Aquarium. The area offers a lively restaurant and shopping scene, providing a blend of small-town ambiance with big-city amenities. This property offers an excellent balance of immediate income and long-term appreciation potential, making it ideal for investors looking to expand their portfolio in a growing market. Don't miss out on this opportunity to own a solid, income-producing asset with a projected cap rate above 7%!
Location
State CA
County Los Angeles
Zoning LARD1.5
Interior
Laundry Community
Exterior
Parking Features Gated
Pool None
Community Features Biking, Curbs, Dog Park, Fishing, Hiking, Park, Sidewalks, Street Lights
Building
Lot Description 0-1 Unit/Acre
Sewer Public Sewer