626 W. 7th Street

626 W. 7th Street, San Pedro, CA 90731

Sale Price

$1,965,000

Investment Overview

Units

10

Year Built

1923

Price Per SF

$350

Price Per Unit

$196,500

Current Cap Rate

3.97%

Market Cap Rate

5.89%

Current GRM

13.01

Market GRM

10.24

The Offering

626 W. 7th Street is a 10-unit multifamily investment located in burgeoning San Pedro, California.  Built in 1923, the property features a mix of mostly remodeled (1) one-bed / two-baths and (9) studios, onsite laundry and four detached garages.

Fueled by extensive development projects at the nearby Port of Los Angeles, San Pedro is one of the most exciting and dynamic markets in Los Angeles, undergoing strong economic growth.  The subject property is conveniently and centrally located in San Pedro, with an excellent Walk Score of 93, deemed a ‘Walker’s Paradise’ with daily errands not requiring a car.

This asset offers a new buyer the opportunity to achieve a significant increase in income by converting the existing detached garages into two (2) ADU’s and completing the conversion of electricity to individual meters, which is already 80% complete.

Investment Highlights

  • Desirable location directly between Gaffey Street and Pacific Avenue – 93 Walk Score
  • Potential to build two (2) ADU’s with the four (4) detached garages*
  • Mostly remodeled studios and one-bedroom units with upside
  • Burgeoning San Pedro market with over $1 billion in nearby development projects
  • Buyer can capitalize on separating electricity to individual meters, which is already 80% complete