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$1,650,000

Est. payment - /mo

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4,664 SqFt

Active

576 W 13th ST San Pedro, CA 90731

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Nathan King Real Estate Group

info@kingrealestate.group +1(559) 396-0000

UPDATED:

10/03/2024 03:00 AM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Square Footage 4,664 sqft

Price per Sqft $353

MLS Listing ID SB24202185

HOA Y/N No

Year Built 1959

Lot Size 5,000 Sqft

Property Description

Step into a rare opportunity to invest in the vibrant community of San Pedro with this well-maintained 6-unit apartment building at 576 W 13th St. Each unit offers efficiently designed two-bedroom, one-bath layouts, providing a balance of comfort and functionality. The property features tuck-under parking and has recently completed a soft-story retrofit, enhancing structural safety and ensuring long-term durability.

Located in a high-demand rental market with vacancy rates around 4.5%, this property presents a substantial rental upside?with potential rent growth of up to 40% as units become available. A new owner can also benefit from additional income through on-site parking fees. The building includes an onsite laundry facility, offering convenience to tenants and adding to the property's appeal.

Just a few blocks away is the anticipated 42-acre San Pedro West Harbor Project, a $170 million waterfront development that will feature a 6,200-seat amphitheater, along with premier dining, retail, and entertainment options. This redevelopment is poised to transform the local area and has the potential to enhance property values as it becomes a central lifestyle destination in Los Angeles.

San Pedro combines coastal charm with urban accessibility, known for its quaint neighborhoods, vibrant arts scene, and rich maritime history. Residents enjoy proximity to beaches, waterfront promenades, and attractions like the Battleship USS Iowa Museum and the Cabrillo Marine Aquarium. The area offers a lively restaurant and shopping scene, providing a blend of small-town ambiance with big-city amenities.

This property offers an excellent balance of immediate income and long-term appreciation potential, making it ideal for investors looking to expand their portfolio in a growing market.

Don?t miss out on this opportunity to own a solid, income-producing asset with a projected cap rate above 7%!

Location

State CA

County Los Angeles

Area 185 - Plaza

Zoning LARD1.5

Rooms

Ensuite Laundry Common Area

Interior

Laundry Location Common Area

Fireplace No

Laundry Common Area

Exterior

Carport Spaces 6

Pool None

Community Features Biking, Curbs, Dog Park, Fishing, Hiking, Park, Street Lights, Sidewalks

Total Parking Spaces 6

Private Pool No

Building

Lot Description 0-1 Unit/Acre

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7454020007

Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan

Listing Terms Cash, Cash to Existing Loan, Cash to New Loan

Special Listing Condition Standard

Listed by L'mar Kojani • Keller Williams South Bay • 310-733-6819

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Nathan King Real Estate Group

Broker | License ID: 01878277

+1(559) 396-0000

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