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Key Details
Sold Price $1,375,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
MLS Listing ID SB15246656
Sold Date 09/30/16
HOA Y/N No
Year Built 1976
Lot Size 6,751 Sqft
Property Description
The subject property is an attractive 3 story apartment with 7 apartment units with a diverse unit mix of single, one bedroom, two bedrooms, and a large townhouse 3 bedroom 2.5 bath unit. Several of these units are still below market rents, and the property still offers positive cash flow at the asking price. On the top level there are nice views of the Bridge from San Pedro to Neighboring Port of Los angles and City of Long Beach which is expanding and improving and upgrading this famous town of San Pedro.
The property was built in 1972 and is subject to City of LA Rent Control which allows an rents to increase once a year for 3%. Three of the units have been remodeled and rented for market rents withing the last 12 months of ownership. Since several of the remaining units are with long term tenancy, the vacancy rate could remain quite low and upon vacancy rents could be significantly raised for more profit for the new ownership. There is a gated parking garage & seller owned coin laundry machines. Assessor's records show 8 units however it is being run like a 7 unit. This property is one of the only listing in this price range, location and category that is affordable to local investors and will not last forever.
Location
State CA
County Los Angeles
Area 185 - Plaza
Interior
Interior Features Balcony, Ceiling Fan(s), Tile Counters
Heating Electric, Radiant
Flooring Carpet, Vinyl, Wood
Fireplaces Type None
Fireplace No
Appliance Dishwasher, Electric Cooktop, Electric Oven, Electric Range, Disposal
Laundry Common Area, In Garage
Exterior
Parking Features Assigned, Garage Faces Front, Garage, Garage Door Opener
Garage Spaces 8.0
Garage Description 8.0
Fence Average Condition, Block
Pool None
Community Features Curbs, Street Lights, Sidewalks
Utilities Available Sewer Available
Roof Type Composition,Concrete,Shingle
Accessibility Low Pile Carpet, Parking, Accessible Doors
Total Parking Spaces 9
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story 3
Entry Level Three Or More
Foundation Raised
Sewer Sewer Assessment(s)
Water Public
Architectural Style Contemporary, Modern
Level or Stories Three Or More
Others
Senior Community No
Tax ID 7454013019
Security Features Carbon Monoxide Detector(s),Smoke Detector(s)
Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan, Submit
Listing Terms Cash, Cash to Existing Loan, Cash to New Loan, Submit
Financing Cash
Special Listing Condition Standard
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Bought with William Mulkey • TR Wealth Management Inc.