Seller financing provided at better than market terms of 80% LTV, 4% interest rate, and 20 years term! 7 Unit Apartment Building in San Pedro with competitive cap rate of 4.9% as is and 6.09% pro forma. This building is well maintained with carefully screened tenants. There is High Value Add especially since the property was built in 1989 as it is not subject to City of Los Angeles rent control. The property finds itself on a cul de sac yet is conveniently located next to public transportation, local retail, central San Pedro, the 110 freeway and Long Beach. The property comprises of 6 two bedroom two bath units and 1 three bedroom two and ½ bathroom unit with 14 parking spots. This is a great opportunity in an area and time where there is a lack of rental inventory and strong demand for apartment assets. San Pedro is seeing a massive redevelopment boom such as the revitalization of the San Pedro waterfront that envisions a town square and attractions much like San Francisco's Fisherman Wharf as seen in the proposed ~$150 million Ports O' Call Village project/attraction and numerous other developments in the downtown area. Owner occupancy is possible in the standalone owner's unit (3 bedroom/2.5 bathroom) as it is currently up for lease.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
