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Listed by Josh Ess • Buckingham Investments, Inc
$ 1,400,000
Est. payment | /mo
3,146 SqFt
$ 1,400,000
Est. payment | /mo
3,146 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 3,146 sqft
Price per Sqft $445
MLS Listing ID CRSB25064344
HOA Y/N No
Originating Board Datashare California Regional
Year Built 1929
Lot Size 5,851 Sqft
Property Sub-Type Other
Property Description
7 units total on Gaffey just South of 21st st in the Vista Del Oro neighborhood of San Pedro. The 6 unit original 1929 apartment building, all 1 bedroom-1 bathrooms includes 2,808 sqft of living space, and the new studio ADU first rented out in July of 2024 is 338 sqft. The 5,851 sqft lot spans from Gaffey to a rear alley and there are 4 single car garages with alley access. The building is well priced on current income at 11.4X GRM, with ~20% upside in rents, to a market GRM of 9.4X. The current cap rate is 5.1% with upside to 6.7%. There are two duplexes up front, with two additional units above the rear garages and ADU, for a total of 3 separate buildings. The two larger 1 bed units above the garages have harbor views. The units are separately metered for gas and electricity. The property is located 1 mile from Cabrillo Beach, 1/2 mile from the Cabrillo way Marina and the $170-million West Harbor ongoing development of restaurants, shops, and brand new amphitheater. The building is also conveniently less than 2 miles from the 110 freeway offering timely access to all that the rest of Los Angeles has to offer. Per Costar 55% of the households within 5 miles are Renters, and the average household income within 5 miles is $108,000.
Location
State CA
County Los Angeles
Interior
Heating Heat Pump, Wall Furnace
Cooling None
Flooring Tile, Vinyl, Wood
Fireplace No
Laundry No Hookups
Exterior
View Marina
Building
Lot Description Other
Water Public
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