570 W 8th, San Pedro, CA 90731
List Price: $1.45M
Listing Status: Active
Original List Price: $1.67M
0Days on Market: 117
0 Bedrooms · 0 Bathrooms
Property Type: ResidentialIncome
Year Built: 1984
Lot Size: 5,001 sq ft
Garage Spaces: 12
Private Pool: Yes
MLS Number: PW26089556
About This Property
570 W. 8th Street, an 8-unit apartment community located in San Pedro, California. Built in 1984, the property offers a rare combination of below-market cost basis, two immediate vacancy opportunities, and a well-documented rent correction story that positions the next owner to capture over 70,000 in additional annual gross income as the rent roll normalizes to market. The Rent Correction Path: Immediate, Actionable, and Contractually Supported For occupied units, the path to market rents is two fold. First, the property is governed by California's AB 1482 Tenant Protection Act not the City of Los Angeles Rent Stabilization Ordinance, which applies only to buildings constructed on or before October 1, 1978. Under AB 1482, the current allowable annual increase is the lesser of 10% or 5% plus regional CPI, enabling meaningful and immediate progress toward market on existing tenancies. Second, and more significantly, vacancy decontrol is fully preserved under AB 1482 every unit that turns can be re-leased at full market rate with no ceiling.
Listing provided by: Justin White DRE #01267826 714-231-2537 thesbgbp@gmail.com, Justin White
Source: CRMLS, MLS #: PW26089556
Belmont Brokerage Inc. (DRE #02431308) is not the listing office for this property. We provide buyer representation and consultation. Any “Schedule a Tour” or “Contact” form on this page contacts a Belmont Brokerage agent — not the listing agent above.