Multifamily Housing - For Sale
735 West 2nd Street Los Angeles, CA 90731
Details & Description
Price: $1,495,000
  • Property Type Multifamily for Sale
  • Lot Size Acres 0.143
  • Building Sq Ft 5,132
  • Building Price per Sq Ft $291.31
  • Land Sq Ft 6,250
  • Land Price per Sq Ft $239.20
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.
Additional Photos
Listing Agents
Devon Kennedy
SVN Commercial Real Estate Adv
O: 310-984-1050
M: 413-386-4738
d.kennedy@svn.com
While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

735 West 2nd Street

Los Angeles, CA 90731

Listing ID: 206290
$1,495,000
For Sale
  • Property Type Multifamily for Sale
  • Lot Size Acres 0.143
  • Building Sq Ft 5,132
  • Building Price per Sq Ft $291.31
  • Land Sq Ft 6,250
  • Land Price per Sq Ft $239.20
  • 735 West 2nd Street Los Angeles, CA 90731 | for Sale | Photo 1
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  • 735 West 2nd Street Los Angeles, CA 90731 | for Sale | Photo 3
  • 735 West 2nd Street Los Angeles, CA 90731 | for Sale | Photo 4
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Description

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.

Listing Demographics for 735 West 2nd Street Los Angeles, CA 90731

All information based on the most recently available data (updated annually) and is provided in 1-mile, 3-mile, and 5-mile radii (radiuses) of the property location.

1-Mile 3-Miles 5-Miles
Total Population40,504130,385256,244
Population Median Age373939
Population by Age0-9 Yrs5790 (14%)16091 (12%)32601 (12%)
10-19 Yrs4917 (12%)16306 (12%)32376 (12%)
20-29 Yrs6263 (15%)16278 (12%)33065 (12%)
30-39 Yrs5853 (14%)17352 (13%)34422 (13%)
40-49 Yrs5170 (12%)17617 (13%)32823 (12%)
50-59 Yrs5056 (12%)17930 (13%)34696 (13%)
60-69 Yrs4204 (10%)15020 (11%)29098 (11%)
70+ Yrs3250 (8%)13793 (10%)27162 (10%)
Median HH Income$46,475$68,931$70,029
Total Household Income< 24K4028 (27%)8676 (18%)15200 (17%)
25-49K3679 (25%)9436 (19%)17282 (19%)
50-74K2071 (14%)7266 (15%)14107 (16%)
75-99K1401 (9%)4881 (10%)9720 (11%)
100-199K2724 (18%)11012 (23%)21188 (24%)
200K+748 (5%)6283 (13%)10584 (12%)
Highest Education LevelNo Diploma65821542434016
Diploma or GED70451947938244
Some College60171906035446
Assoc. Degree2107745513792
Bachelors Degree38171867235125
Higher Degree15901006518690
Total Housing Units15,75751,03293,959
--Owner-Occupied4,21022,51845,012
--Renter-Occupied10,44225,03543,068
Owner-Occupied Values< 100K724941415
100-199K135276846
200-299K2528102093
300-399K57821195191
400-499K78026506267
500K+23931616929199
Total Working Age Population31,644103,962203,261
In Work Force21,04165,960128,800
Not In Work Force10,60338,00274,461
Workforce Employed19,12361,475120,928
Workforce Unemployed1,8124,0747,403
Civlian Workforce20,93465,549128,331
Military Workforce106411469
Total Households14,65147,55388,080
Family Households8,94130,35060,080
Non-Family Households5,71017,20328,000
Married Couple4,99520,66741,776
Other Family3,9469,68318,304
Married w/Child1,9628,20016,914
Single Male w/Child3491,0702,038
Single Female w/Child1,5773,3475,865

Population Change Last Two Decades - Plus Projection

2000%2010%2020%2030
California33,871,648+1037,253,956+940,467,295+843,631,295
Los Angeles County9,519,338+39,818,605+610,369,367+410,759,850

No part of this information may be copied, reproduced, repurposed, or screen-captured for any commercial purpose without prior written authorization from MyEListing.

While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

Listing Location & Map Views
Other Multifamily Housing Listings for Sale Nearby
Address Price Sq Ft Acres
2248 Walnut Avenue, Signal Hill, CA $1,249,900 3666 0.12
5260 Orange Avenue, Long Beach, CA $1,700,000 6693 0.32
254 East Lanzit Avenue, Los Angeles, CA $1,499,000 5600 0.24
11227 South Prairie Avenue, Inglewood, CA CALL 3500 4.59
424 West 108th Street, Los Angeles, CA $599,000 3992 0.12
10933 Acacia Avenue, Inglewood, CA $1,295,000 3432 0.15
2916 West Century Boulevard, Inglewood, CA $1,375,000 2247 0.15
16682 Blanton Lane, Huntington Beach, CA $1,650,000 3455 0.2
9515 Compton Avenue, Los Angeles, CA $599,000 2692 0.22
2728 Willow Place, South Gate, CA $1,160,000 2904 0.25
Closest Commercial Airports
Airport Distance (mi)
Los Angeles International Airport (LAX) 15
John Wayne Airport-Orange County Airport (SNA) 25
Ontario International Airport (ONT) 45
Listing Agent
Devon Kennedy - CRE Agent at SVN Commercial Real Estate Adv

Devon Kennedy

SVN Commercial Real Estate Adv
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