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$1,670,000
Est. payment /mo
6 Beds
4 Baths
5,001 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID PW26089556
Bedrooms 6
Lot Size 5,001 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
570 W. 8th Street is an 8-unit apartment located in San Pedro, California. Built in 1984, the property offers a rare combination of below-market cost basis, two immediate vacancy opportunities, and a well-documented rent correction story that positions the next owner to capture over $70,000 in additional annual gross income as the rent roll normalizes to market. An Exceptional Entry Price Relative to the Market At $1,670,000, this offering is priced at $208,750 per unit and $232 per square foot both figures represent a meaningful discount to every relevant benchmark in the current San Pedro market. The three most recent sold comparables averaged $278,333 per unit and $348.72 per square foot. The subject property comes in 25% below the sold average on a per-unit basis and 33% below on a per-square-foot basis. The subject is 15% below the active average per unit and 28% below on a per-square-foot basis. Notably, on a price-per-square-foot basis, 570 W. 8th Street is priced below every single active listing in the submarket, regardless of vintage, condition, or unit count. This discount is not a rejection of deferred maintenance or physical obsolescence. It is a direct function of below-market rents held by long-term tenants and that is precisely the opportunity a value add buyer is acquiring here. The property is not subject to Los Angeles RSO.
Location
State CA
County Los Angeles
Zoning Public Rec
Direction East of Gaffey St. and West of S Pacific Ave
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 3
Level or Stories 3
Others
Senior Community No
Tax ID 7454003016
Acceptable Financing Cash, Exchange
Listing Terms Cash, Exchange
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Listed by Justin White, DRE#01267826 Justin White
Nearby Locations
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