Multifamily

601 West 13th Street

601 West 13th Street, San Pedro, CA 90731

Listing Price: $2,099,000

Cap Rate
4.44%
Number of Units
9
GRM
14.58
Occupancy
97.0%
Price/Unit
$233,222
Price/Gross SF
$393.73
Gross SF
5,331

Investment Overview

A unique, "plus one" opportunity for a savvy Buyer. This 9 unit property was, in the past, operated as a 10 unit. It currently has a Studio-unit-type space that could be converted to an Additional Dwelling Unit (aka ADU), most likely. Buyer to verify.

This nice, 9,000 square foot corner lot location is walking distance to the $150MM, San Pedro Waterfront Redevelopment anchored by Gladstones. 150K square feet of retail and dining, 30K of office, and 89K square feet of existing wharf and floating dock space.

The property has been upgraded, as needed, as units have turned over...new windows and refurbished interiors. An "almost 4.5% cap opportunity" day one and then 6.3% on market rents AND THEN CLOSE TO A 7% CAP PROFORMA WITH THE ADDITION OF POTENTIAL ADU INCOME.

Investment Highlights

  • Massive value-add opportunity with addition of ADU unit
  • The ADU space is there and sitting empty - ready to go
  • Building was used as a non-conforming 10 unit in the past
  • City of LA has a shortage of rental units and is pro-ADU typically
  • Large, corner lot - most units have a grassy yard
  • Only blocks to the $150MM Ports O Call redevelopment

Exclusively Listed By

Listing Price: $2,099,000

Cap Rate
4.44%
Number of Units
9
GRM
14.58
Occupancy
97.0%
Price/Unit
$233,222
Price/Gross SF
$393.73
Gross SF
5,331

Investment Highlights

  • Massive value-add opportunity with addition of ADU unit
  • The ADU space is there and sitting empty - ready to go
  • Building was used as a non-conforming 10 unit in the past
  • City of LA has a shortage of rental units and is pro-ADU typically
  • Large, corner lot - most units have a grassy yard
  • Only blocks to the $150MM Ports O Call redevelopment

Investment Overview

A unique, "plus one" opportunity for a savvy Buyer. This 9 unit property was, in the past, operated as a 10 unit. It currently has a Studio-unit-type space that could be converted to an Additional Dwelling Unit (aka ADU), most likely. Buyer to verify.

This nice, 9,000 square foot corner lot location is walking distance to the $150MM, San Pedro Waterfront Redevelopment anchored by Gladstones. 150K square feet of retail and dining, 30K of office, and 89K square feet of existing wharf and floating dock space.

The property has been upgraded, as needed, as units have turned over...new windows and refurbished interiors. An "almost 4.5% cap opportunity" day one and then 6.3% on market rents AND THEN CLOSE TO A 7% CAP PROFORMA WITH THE ADDITION OF POTENTIAL ADU INCOME.

Exclusively Listed By

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