OC Apartment Brokers
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.
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 |
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%) |
Market Rents
| No available entries | |
| Total Market GSI | $343,140 |
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 |