$1,000,000
$1,100,000
9.1%For more information regarding the value of a property, please contact us for a free consultation.
3,516 SqFt
SOLD DATE : 07/02/2024
Key Details
Sold Price $1,000,000
Property Type Multi-Family
Sub Type Triplex
Listing Status Sold
Purchase Type For Sale
Square Footage 3,516 sqft
Price per Sqft $284
MLS Listing ID SB24033109
Sold Date 07/02/24
HOA Y/N No
Year Built 1970
Lot Size 5,000 Sqft
Acres 0.1148
Property Description
Rare Investment Opportunity in growing San Pedro. Perfect for owner occupancy or investor seeking true market rents. The original house with 2 bedrooms and 1 bath in the front is charming with updates and ready for rental. The 2 rear units are both 2-story townhouse style, with 2 bedrooms and 2 baths. The rear building was built more recently, the roof was replaced recently and the entire complex has great potential. The garage accessed off of the alley behind the building offers 6 parking spaces, which is rare for the area.
Zoned R2-1XL, there have many higher density developments off of Gaffey Street and you should investigate the potential for redevelopment.
Locals will tell you, San Pedro is on the rise. The Downtown renaissance, the coming West Harbor Waterfront & Amphitheater Development and a growing music and brewery scene are just some of the reasons to "explore more". This property is centrally located and offers quick access to the Harbor Freeway and transit options on Gaffey St and Pacific Ave, which help fuel tenant demand.
Rents in San Pedro are also on the rise and remain above the average for LA City. The property is covered by LA City Rent Control, which presently allows a 4% rental increase for existing tenants. With two units delivered unoccupied, the opportunity to obtain market rents makes this investment a unique opportunity.
Location
State CA
County Los Angeles
Area 185 - Plaza
Zoning LAR2
Rooms
Ensuite Laundry See Remarks
Interior
Laundry Location See Remarks
Fireplace No
Laundry See Remarks
Exterior
Garage Spaces 6.0
Garage Description 6.0
Pool None
Community Features Biking, Curbs, Dog Park, Fishing, Gutter(s), Hiking, Park, Preserve/Public Land, Storm Drain(s), Street Lights, Suburban, Sidewalks, Water Sports
Total Parking Spaces 6
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story 2
Entry Level One
Sewer Public Sewer
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 7462005026
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash to New Loan
Special Listing Condition Standard, Trust
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Bought with Tatiana Mardesic • The Realty Group
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "