Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Type

Apartment

Bedrooms

8

Building size

7,192 sqft

Lot size

5,001 sqft

Year built

1984

Stories

3

Garage spaces

12

Pool

None

Status

Active

Days on market

151

MLS #

247535855

About this property

570 W. 8th Street, an 8-unit apartment community located in San Pedro, California. Built in 1984, the property offers a rare combination of below-market cost basis, two immediate vacancy opportunities, and a well-documented rent correction story that positions the next owner to capture over 70,000 in additional annual gross income as the rent roll normalizes to market. The Rent Correction Path: Immediate, Actionable, and Contractually Supported For occupied units, the path to market rents is two fold. First, the property is governed by California's AB 1482 Tenant Protection Act not the City of Los Angeles Rent Stabilization Ordinance, which applies only to buildings constructed on or before October 1, 1978. Under AB 1482, the current allowable annual increase is the lesser of 10% or 5% plus regional CPI, enabling meaningful and immediate progress toward market on existing tenancies. Second, and more significantly, vacancy decontrol is fully preserved under AB 1482 every unit that turns can be re-leased at full market rate with no ceiling.

Location

570 W 8th

San Pedro, Los Angeles, CA, 90731