853 W 23rd St, San Pedro, CA 90731

853 W 23rd St, San Pedro, CA 90731

San Pedro, CA
$1,500,000

Property Description

INVESTMENT HIGHLIGHTS

  • EXCELLENT UNIT MIX: ALL 2-BEDROOM/1-BATH UNITS
  • WILL BE VACANT – IMMEDIATE OPPORTUNITY TO GET MARKET RENTS
  • CLOSE PROXIMITY TO UP AND COMING “LA WATERFRONT” PROJECT
  • NEW ROOF AND MAJORITY COPPER PLUMBING

EXECUTIVE SUMMARY

853 W 23rd St, San Pedro is a perfect opportunity for either an investor or owner-user. The subject property is located on a very quiet street in the desirable Vista Del Oro neighborhood. The area offers significant upside as the multi-million dollar “LA Waterfront” development is underway near the property. This will revitalize the under-appreciated waterfront; offering a park, amphitheater, and many new restaurants that embody San Pedro. 853 W 23rd St has an excellent unit mix of all 2-Bedroom/1-Bathroom units, which all have washer/dryer hookups and 1-Car garage. The Property will be fully vacant, so an owner can immediately place a tenant of their liking at market rent. Lastly, the roof has been replaced and a majority of the plumbing is copper.

Property Features

  • Sale Price: $1,500,000
  • Area Size: 3,464 Sq. Ft.
  • Land Area: 5,003 Sq. Ft.
  • Year Built: 1960
  • Listing Date: 3/10/2023
  • Closing Date: 6/22/2023
  • Units: 4
  • Current GRM: 14.16
  • Current Cap Rate: 4.86%
  • Price Per Unit: $373,750
  • Market GRM: 8.71
  • Market Cap Rate: 9.15%
  • Current NOI: $ 72,719