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640 W 7th Street

San Pedro, CA 90731
  • $3,600,000
  • STATUS: Active
  • ON SITE: 30 Days
  • ID#: SB22151471
UPDATED: 36 min ago
$3,600,000
  • 0
    BEDS
  • 0.21
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1977
County:

School Ratings & Info

Listing Agent(s): Josh Cohen of Keller Williams Beach Cities (310-939-9300)


Description

640 West 7th Street is a terrific investment opportunity located in the booming market of San Pedro, with approximately 53% +/- rental upside! Located in an Opportunity Zone, this is the perfect investment for an exchange Buyer! The property has 16 units, with a unit mix of Four 2 Bedroom units, Ten 1 Bedroom units, and Two retail spaces on the ground floor. Units are all individually metered for gas and electricity, and they are spacious with nice balconies. There are two laundry rooms onsite, and there is plenty of secured parking available. The building has been owned by the same family for well over 30+ years, and has undergone several improvements throughout the current ownership. There is a large central courtyard, and the building is very secure with a security system. The roof was also recently re-sealed. The property has a newer water heater and the two bedroom units all have dishwashers as well. This investment is perfectly positioned in the heart of San Pedro. Just one street over from the downtown area, tenants will enjoy being within walking distance to countless restaurants, bars, and unique stores! It is also very close to San Pedro waterfront, which is currently being completely revamped and will be re-branded as the "West Harbor". This is the perfect opportunity for an astute investor to purchase a terrific long term asset in a growing market.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-11T22:31:55.703. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Bathurst Coastal Properties | Compass. Licensed in the State of California, USA.
www.livelovebeachcities.com/homes/130775323
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640 W 7th Street San Pedro, CA 90731

  • Price: $3,600,000
  • Status: Active
  • On Site: 30 Days
  • Updated: 36 min ago
  • ID#: SB22151471
0
Beds
0
Baths
0
½ Baths
0.21
Acres
1977
Built
Neighborhood:
699 - Not Defined
County:
Los Angeles
Area:
699 - Not Defined
Property Description
640 West 7th Street is a terrific investment opportunity located in the booming market of San Pedro, with approximately 53% +/- rental upside! Located in an Opportunity Zone, this is the perfect investment for an exchange Buyer! The property has 16 units, with a unit mix of Four 2 Bedroom units, Ten 1 Bedroom units, and Two retail spaces on the ground floor. Units are all individually metered for gas and electricity, and they are spacious with nice balconies. There are two laundry rooms onsite, and there is plenty of secured parking available. The building has been owned by the same family for well over 30+ years, and has undergone several improvements throughout the current ownership. There is a large central courtyard, and the building is very secure with a security system. The roof was also recently re-sealed. The property has a newer water heater and the two bedroom units all have dishwashers as well. This investment is perfectly positioned in the heart of San Pedro. Just one street over from the downtown area, tenants will enjoy being within walking distance to countless restaurants, bars, and unique stores! It is also very close to San Pedro waterfront, which is currently being completely revamped and will be re-branded as the "West Harbor". This is the perfect opportunity for an astute investor to purchase a terrific long term asset in a growing market.
Exterior Features

Lot Features Rectangular Lot Number Of Separate Electric Meters 17 Parking Total 16 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 2+ Common Walls

Property Features

Additional Parcels YN No Cap Rate 2.95 Common Interest None Community Features Street Lights Electric Expense 0 Fuel Expense 0 Garage YN Yes Gross Income 207860 Gross Scheduled Income 207860 Insurance Expense 0 Land Lease YN No Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New Loan1031 Exchange Net Operating Income 106124 New Construction YN No Number Of Separate Gas Meters 17 Number Of Separate Water Meters 1 Operating Expense 99656 Other Expense 99656 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 0 Vacancy Allowance 2079 Water Sewer Expense 0 Water Source Public Zoning Lac2



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-11T22:31:55.703. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Bathurst Coastal Properties | Compass. Licensed in the State of California, USA.
 
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Bathurst Coastal Properties | Compass
2141 Rosecrans Ave, Suite 1120
El Segundo CA, 12345
Listing Agent(s): Josh Cohen of Keller Williams Beach Cities (310-939-9300)