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Courtesy of: Stephen Lampe | Re/Max Commercial & Investment
Purchase Type: Sale
MLS ID: SB20171932
Days On Market: 199
Year Build: 1905
Lot size: 0.115
Status: Active Under Contract
Property Type: Residential Income
New Construction: No
Fireplaces Features: None
Swimming Pool: No
Address: 629 W 8th Street
County: Los Angeles
City: San Pedro
Neighborhood: 189 - Barton Hill
Pool Features: None
Opportunity for investors to purchase a well-maintained apartment complex at 4.85% Cap Rate on existing income. In addition, there is currently a vacant garage and 3 storage areas that can be rented for additional income. It is a charming two-story walk-up apartment complex consisting of 5 one-bedroom units.
The property consists of in two separate buildings on one lot. Four out of five units have been completely renovated with granite counter tops, new cabinets, new tankless water heaters and laminate wood flooring throughout. The property is separately metered for gas and electric and is easy to maintain.
It is located in one of the strongest rental areas of San Pedro and boasts growing demand from tenants. Centrally located between Downtown, Ports O' Call Village and San Pedro Marina, the asset is poised to take advantage of the continued revitalization of Downtown and Waterfront Enhancement Project and offers easy access to shops, dining, entertainment and transportation.