SVN is pleased to present an opportunity to purchase a well-maintained, value-add apartment building just off S Gaffey Street in Central San Pedro. Constructed in 1979, the gated, tree-lined property consists of (5) 2 bedroom + 1 bathroom units and (1) currently non-conforming studio unit. Ownership has already submitted an application with the city to legalize the unit via ADU conversion and has submitted corresponding architectural plans as well. This application is assumable by a potential buyer *All buyers to conduct their own due diligence for liability reasons*. All units have received varying levels of upgrades and renovations by current ownership. The subject property offers an investor the opportunity to acquire a Day 1 cash-flowing asset that still possesses substantial rental income upside, located within a rapidly growing submarket.San Pedro, known colloquially as 'the last affordable beach town' in the greater LA area, has and continues to experience a major uptick in outside investment in recent years. Perhaps most notably, the recently rebranded 'West Harbor' waterfront development is a multi-hundred million dollar project located on a sprawling 42 acres at the former site of the San Pedro Public Market. The ambitious venture will eventually feature restaurants, retail, a brewery and beer garden, as well as a 6,200-seat amphitheater, in what is sure to be a popular destination for locals and visitors alike. The development is an easily walkable 1.5 Miles away from the subject property.Correspondingly, the local housing market continues to charge forward. Private equity developers have built over 1,000 new, waterfront units in recent years and over a thousand more units are currently proposed. Savvy value-add investors have also identified the upward area trends, with over 100 multifamily properties within a 2-mile radius trading within the past 3 years. As younger, wealthier demographics continue to flood to the area in the coming years, we expect property values and rental levels to appreciate as well.
