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635 - 641 W 21st Street, San Pedro, CA

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635 - 641 W 21st Street

San Pedro, CA 90731-5578 - Central San Pedro MF Submarket

Property Type:Multi-Family Number of Units:7 Status:Existing Year Built:1963
Stories:2 Building Size:9,013 SF Land Area:.23 AC (10,001 SF)
For Sale Price:$1,550,000 Price/Unit:$221,428.57 Cap Rate:5.09 % GRM:12.90


Sale Notes:
The subject property is an extremely well maintained 7 unit apartment complex with excellent curb appeal, located on 21st Street in San Pedro. The present owner has made extensive upgrades to this property over the past few years including: new roofs, rain gutters, new windows, new garage doors, exterior & interior paint, kitchen appliances, heaters, landscaping, plumbing, decking, wrought iron railing and sewer line. Many units have new kitchen cabinets and flooring. There are 7 garages onsite and 2 open spaces in front. All units are individually metered for gas & electric and tenants also pay for the trash service. There is a landlord owned laundry room onsite with 2 washers and 2 dryers that generate $1,800 per year in income.

The front building (635 21st Street) is a two story 4-plex that was constructed in 1989 (Certificate of Occupancy dated 9/19/1989). The unit mix consists of a 3+1, 2+1, 3+3, and a 2+2 unit mix and one garage. The rear building (641 21st Street) is a two story 3-plex that was built in 1963 and all units are 2 bedroom 1 bath units. At current rents, the property is priced to sell at 12.9 GRM & a 5.09% CAP rate!!!

Extremely Well Maintained Pride-of-Ownership Property
Great Unit Mix of Two and Three Bedroom Apartmetns
Property Consists of Two Buildings. Only One is RENT CONTROLLED Upside in Rental Income
The Property is SUBJECT to SOFT-STORY RETROFIT Program

RE/MAX Commercial & Investment Realty
Stephen Lampe
(310) 802-2501

Olga Wright
(310) 802-2550

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