Property Description

Immaculate 11-Unit Single Tenant Occupancy asset located in the heart of San Pedro at 904 S Centre St. 11 separate units and all fully occupied. These co-living spaces each have their own kitchens in unit but share a bathroom on each floor. Offered at only $1.050M, new buyers can take advantage of this Value-Add property offering strong current income, as well as fantastic pro-forma numbers. The property is currently operating at 5.50% CAP, with room to grow the CAP to 8.31%. Over 20% available in monthly rental income! 904 S Centre St features a unit mix of (11) Single Room Occupancy units, offered at only $95k/Unit. All units have been upgraded including vinyl wood floors, paint, countertops, and appliances. There is also a laundry room on-site for all tenants. The subject property is located just steps from Downtown San Pedro, an area with an ample amount of quality restaurants, shops, and nightlife. There are millions of $ worth of new developments in close proximity to the property such as the San Pedro Waterfront Promenade, as well as brand new apartment buildings, condos, and retail shops. Brand new condo complex just a block away is selling an average of $850k each!