Property Description

The subject property “Vinegar House” is a turn of the century architectural gem that was built in 1917. The units are laid out between three buildings (front, side and rear) and there is a separate single car garage in back with alley access. The current owner has taken great care and expense to do a fairly extensive restoration. Unit interiors have been upgraded while maintaining the historical character of the building. Two of the units (unit 911.5A- Single, 911A – 2 bedroom) are currently vacant and ready to rent. Three-bedroom unit #911-B will be vacant prior close of escrow. The property is attractively priced at 11 times gross and with a CAP rate over 6% once the vacant units are rented at market rent rates. LOCATION: The property is located in the Vinegar Hill neighborhood of San Pedro that boasts some of the oldest and most historic properties in San Pedro. It is just one block from the green belt that runs along Beacon Street and overlooks the Port of Los Angeles and the new multi-million dollar Ports of Call Development. The property immediately in front of Vinegar House was recently purchased and received approval from the City Planning Department for 100 new apartment units and a ground floor restaurant. The area is going through a major transformation from both public and private investment, providing an excellent long term investment opportunity.