MAJOR $150,000 PRICE REDUCTION - Priced to Sell - Bring Offers. Located in Central San Pedro - 5 Unit Apartment Building - Value Add - Huge Upside in Rents. This 5 unit apartment building is located in a high demand rental area of San Pedro, California just blocks from San Pedro Plaza Park and a direct shot to the waterfront. This well-maintained property has an excellent unit mix consisting of (1) 3 bedroom townhouse style unit with 2 baths and (4) 2 bedroom 1 bath units. Each unit has it's own 2 car garage. All earthquake soft story retrofitting has been completed and permitted. New commercial water heater with associated plumbing and a resealed flat roof. This value add deal has a tremendous upside in the rents in an area where this is a lack of rental inventory and strong demand for apartment assets. Two of the tenants are Section 8. San Pedro is seeing a massive redevelopment boom. There are many factors driving this influx in development, including the revitalization of the San Pedro waterfront that envisions a town square and attractions much like San Francisco's Fisherman Wharf. Aside from just a lack of product, strong submarket rent growth and high occupancy figures are making San Pedro/Long Beach top targets for investors looking for value add deals. This renaissance will continue to drive housing demand and increase apartment values in the market.
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.
