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Listed by Justin White, DRE #01267826 • Justin White
$ 1,450,000
Est. payment | /mo
5,001 Sqft Lot
$ 1,450,000
Est. payment | /mo
5,001 Sqft Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW26089556
Year Built 1984
Lot Size 5,001 Sqft
Source California Regional MLS
Property Description
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
State CA
County Los Angeles
Area 699 - Not Defined
Interior
Laundry Laundry Area
Exterior
Parking Features Garage
Garage Spaces 12.0
Pool None
Building
Water District - Public
Others
Tax ID 7454003016
Special Listing Condition Not Applicable
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