7 units total on Gaffey just South of 21st st in the Vista Del Oro neighborhood of San Pedro. The 6 unit original 1929 apartment building, all 1 bedroom-1 bathrooms includes 2,808 sqft of living space, and the new studio ADU first rented out in July of 2024 is 338 sqft. The 5,851 sqft lot spans from Gaffey to a rear alley and there are 4 single car garages with alley access. The building is well priced on current income at 11.4X GRM, with ~20% upside in rents, to a market GRM of 9.4X. The current cap rate is 5.1% with upside to 6.7%. There are two duplexes up front, with two additional units above the rear garages and ADU, for a total of 3 separate buildings. The two larger 1 bed units above the garages have harbor views. The units are separately metered for gas and electricity. The property is located 1 mile from Cabrillo Beach, 1/2 mile from the Cabrillo way Marina and the $170-million West Harbor ongoing development of restaurants, shops, and brand new amphitheater. The building is also conveniently less than 2 miles from the 110 freeway offering timely access to all that the rest of Los Angeles has to offer. Per Costar 55% of the households within 5 miles are Renters, and the average household income within 5 miles is $108,000.
7 units total on Gaffey just South of 21st st in the Vista Del Oro neighborhood of San Pedro. The 6 unit original 1929 apartment building, all 1 bedroom-1 bathrooms includes 2,808 sqft of living space, and the new studio ADU first rented out in July of 2024 is 338 sqft. The 5,851 sqft lot spans from Gaffey to a rear alley and there are 4 single car garages with alley access. The building is well priced on current income at 11.4X GRM, with ~20% upside in rents, to a market GRM of 9.4X. The current cap rate is 5.1% with upside to 6.7%. There are two duplexes up front, with two additional units above the rear garages and ADU, for a total of 3 separate buildings. The two larger 1 bed units above the garages have harbor views. The units are separately metered for gas and electricity. The property is located 1 mile from Cabrillo Beach, 1/2 mile from the Cabrillo way Marina and the $170-million West Harbor ongoing development of restaurants, shops, and brand new amphitheater. The building is also conveniently less than 2 miles from the 110 freeway offering timely access to all that the rest of Los Angeles has to offer. Per Costar 55% of the households within 5 miles are Renters, and the average household income within 5 miles is $108,000.