21 Units - San Pedro Off Market Deal
Call 714-742-3700 for Address
DRIVE-BY ONLY. Do not disturb tenants. Tenants do not know the property is for sale. Interior inspection with accepted offer.
Offered
at:
$5,000,000
Property Description
OFF MARKET OPPORTUNITY - A 21-unit, 2-story (over on-grade parking) multifamily building built in 1973. The property enjoys an excellent unit mix of 12 - 1 bedroom 1 bath and 8 - 2 bedroom 1 bath apartments. Recently added single/bachelor ADU creates the 21st unit. The seller is in the process of getting approval from the city for one more additional 1 bedroom 1 bath ADU and will deliver approved plans at close of escrow. Brand new roof just installed. There are on-site laundry facilities for the tenants, an intercom entrance system and secure parking for 21 cars. Many of the units have balconies. This building is centrally located near the deep water port of San Pedro / Long Beach, where tenants can take advantage of the short commute to an incredible number of jobs located in the harbor area.
PRICED AT JUST $298 PER SQ. FT.!! LA County average price per sq. ft. is $507.
Only 14.7 x gross on current rents and only 13.8 x gross on proforma rents with the potential to drop to 13.1 x gross once/if additional ADU is added. The current cap rate is 4.18% and proforma cap rate is 4.64% with the potential to increase to 4.99% cap rate once/if additional ADU is added.
Financial Details
| Price: $5,000,000 | Cost Per Unit: 226,190 | Current GRM: 14.7 | Current Cap: 4.18% | Approx. Sq.Ft.: 15,900 | Lot Size: 0.31 Acres |
| Down Payment: $1,187,500 (25%) | Percent Down: 25% | Market GRM: 13.8 | Market Cap: 4.64% | Cost per Sq.Ft.: $298.74 | Year Built: 1973 |
Current Income
| Eight 2-Bedroom 1-Bath | $1,371 |
| Twelve 1-Bedroom 1-Bath | $1,200 |
| 1-Bachelor Unit 1-Bath | $1,395 |
| Monthly Total | $26,763 |
Market Rents
| Eight 2-Bedroom 1-Bath | $1,450 |
| Twelve 1-Bedroom 1-Bath | $1,300 |
| 1-Bachelor Unit 1-Bath | $1,395 |
| Total Market GSI | $343,140 |
Cash Flow Analysis
| Gross Scheduled Income | $321,156 |
| Operating Expenses | $88,318 (27.5%) |
| Net Operating Income | $232,838 |
Acquisition Data
| Down Payment | $1,187,500 (25%) |
| Loan Amount | $3,562,500 (75%) |
Call or E Mail to request a Marketing Package and 10 Year Financial Analysis of this property. Marketing Package includes Complete Property Information, Sales and Rent Comparable Analysis. 10 Year Financial Analysis includes Complete Cash Flow Analysis, Itemized Expenses, Expected Cash Flow, Return on Initial Equity, Expected Gross Income Increase, Tax Benefits, Mortgage Principal Reduction, Expected Appreciation, Depreciation Analysis, Adjusted Cost Basis, Capital Gains Tax On Sale and more.