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$1,350,000

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5,850 Sqft Lot

Price Dropped by $50K

2115 S Gaffey ST San Pedro, CA 90731

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Chris Mardelli

chris@therealupside.com +1(310) 571-5761

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Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID SB25064344

Construction Status Additions/Alterations,Updated/Remodeled

HOA Y/N No

Year Built 1929

Lot Size 5,850 Sqft

Property Sub-Type Apartment

Property Description

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 11.0X GRM, with ~20% upside in rents, to a market GRM of 9.1X. The current cap rate is 5.4% with upside to 7.0%. 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.

Location

State CA

County Los Angeles

Area 183 - Vista Del Oro

Zoning LARD1.5

Interior

Heating Heat Pump, Wall Furnace

Cooling None

Flooring Tile, Vinyl, Wood

Fireplaces Type None

Fireplace No

Appliance Gas Oven, Gas Range

Laundry None

Exterior

Parking Features Garage Faces Rear

Garage Spaces 4.0

Garage Description 4.0

Fence Block

Pool None

Community Features Water Sports

Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected

View Y/N Yes

View Marina

Roof Type Flat

Accessibility None

Total Parking Spaces 4

Private Pool No

Building

Lot Description Rectangular Lot

Faces East

Story 2

Entry Level Two

Foundation Raised

Sewer Public Sewer

Water Public

Architectural Style Bungalow

Level or Stories Two

New Construction No

Construction Status Additions/Alterations,Updated/Remodeled

Others

Senior Community No

Tax ID 7462028025

Acceptable Financing Cash to New Loan

Listing Terms Cash to New Loan

Special Listing Condition Standard

Listed by Josh Ess • Buckingham Investments, Inc • 310-867-1183

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