660 W 11th St, San Pedro, CA 90731

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.