302 W 5th St - Office FOR SALE


San Pedro, CA 90731- Central San Pedro
$8,495,000 USD
310-514-7411
302 W 5th St, San Pedro, CA for Sale
$8,495,000 USD
Office - FOR SALE
1/12
null | 5.89% Cap Rate

302 W 5th St
San Pedro, CA 90731
Central San Pedro


HIGHLIGHTS

  • Fully Leased 27 Tenant Office Bldg on .94 AC Lot ($238/GSF I $254/RSF)
  • Strong Upside - Below Market Rents 1% Vacancy Mrkt
  • A+ Location in Heart of CBD, Historic Arts, Little Italy, The Waterfront, 110 FWY Access
  • Future Development Potential
  • Historically 97-100% Leased (w/ over 98% Tenant Retention)
  • Over 1.1 Billion Invested in the Area Opportunity Zone

OVERVIEW

First time available in 27 years, this meticulously maintained and Best in Class property comes to market. Due to influx of apartment development in the downtown, and planned residential conversion of only Class A highrise, finding quality professional office space is challenging for tenants. Actual In-Place Net Income is $500,736 with 100% occupancy. Below market rents provide strong upside over next 2 yrs, with achievable market rent ranging $2.25-2.35. Aproximately 35% of the tenants are 12-25% below prevailing rental rate for the Building, and turning over in the next 2.3 years. Major longterm tenants include: Berg & Assoc., County of LA/ Supervisor Hahn, Ephiphany, Crowley, Pierry McAdams and numerous other law /professional firms; Think Cafe (Downtown's favorite lunch spot).

FOR SALE DETAILS

PRICE

$8,495,000 USD

PRICE/SF

$260 USD /SF

CAP RATE

5.89%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

3

BUILDING CLASS

B

YEAR BUILT

1978

SPRINKLERS

-

PARKING SPACES

80

LAND DETAILS

LAND ACRES

0.94 AC

LAND SF

40,946 SF

ZONING

C2

APN/PARCEL ID

7455-014-033

ASK ABOUT THIS PROPERTY

Laurie WixtedThe Wixted GroupMore Info
310-514-7411

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Laurie WixtedThe Wixted GroupMore Info
310-514-7411

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.