640 West 7th Street

San Pedro, CA 90731

$2,950,000
Last Sold Price
3
Beds
16
Baths
13,200 Sq. Ft.
$223 / Sq. Ft.
13,200
Sq. Ft.
$223
per Sq. Ft.

Description

Just reduced by $200,000! 640 West 7th Street is a terrific investment opportunity located in the booming market of San Pedro, with approximately 53% +/- rental upside! Located in an Opportunity Zone, this is the perfect investment for an exchange Buyer! The property has 16 units, with a unit mix of Four 2 Bedroom units, Ten 1 Bedroom units, and Two retail spaces on the ground floor. Units are all individually metered for gas and electricity, and they are spacious with nice balconies. There are two...Just reduced by $200,000! 640 West 7th Street is a terrific investment opportunity located in the booming market of San Pedro, with approximately 53% +/- rental upside! Located in an Opportunity Zone, this is the perfect investment for an exchange Buyer! The property has 16 units, with a unit mix of Four 2 Bedroom units, Ten 1 Bedroom units, and Two retail spaces on the ground floor. Units are all individually metered for gas and electricity, and they are spacious with nice balconies. There are two laundry rooms onsite, and there is plenty of secured parking available. The building has been owned by the same family for well over 30+ years, and has undergone several improvements throughout the current ownership. There is a large central courtyard, and the building is very secure with a security system. The roof was also recently re-sealed. The property has a newer water heater and the two bedroom units all have dishwashers as well. This investment is perfectly positioned in the heart of San Pedro. Just one street over from the downtown area, tenants will enjoy being within walking distance to countless restaurants, bars, and unique stores! It is also very close to San Pedro waterfront, which is currently being completely revamped and will be re-branded as the "West Harbor". This is the perfect opportunity for an astute investor to purchase a terrific long term asset in a growing market.
  1. Listed by Josh Cohen • DRE #01346713 • Brokerage DRE #01368364 • Keller Williams Beach Cities

Property Details for 640 West 7th Street

Parking Spaces Total
16
Private Pool
No
Total Units
16.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
13200
Assessor Parcel Number
7451-036-027
Property Attached YN
true

Location

Listing Courtesy of Keller Williams Beach Cities, Josh Cohen, DRE #01346713

Sold By Keller Williams Beach Cities, Josh Cohen, DRE #01346713

Add your commute
LISTING UPDATED: 03/10/2023 05:48 AM

Property Details for 640 West 7th Street

StatusClosed
MLS #SB22151471
Days on Market52
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1977
Lot Size0.21 AC / 8,960 SF
CountyLos Angeles County

Location

Listing Courtesy of Keller Williams Beach Cities, Josh Cohen, DRE #01346713

Sold By Keller Williams Beach Cities, Josh Cohen, DRE #01346713

Add your commute

Building Information for 640 West 7th Street

Stories-Residences-Year Built1977Building Size-Lot Size0.21 AC / 8,960 SF

Payment Calculator

$19,207 per month

30 year fixed, 7.25% Interest

Principal and Interest

$16,099

Property Taxes

$3,108

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 640 West 7th Street

Income / Expense / Tax Details
Income Details
  • Gross Income: $207,860
  • Gross Scheduled Income: $207,860
  • Vacancy Allowance: 2079
  • Net Operating Income: $103,530
  • Other Income Description: Contact for more inc/exp info
  • Gross Multiplier: 16.36
  • Cap Rate: 3.04
  • Financing: Cash To New Loan
Expense Details
  • Operating Expense: $102,251
  • Fuel Expense: $0
  • Electric Expense: $0
  • Insurance Expense: $0
  • Professional Management Expense: $0
  • Other Expense: $102,251
  • Other Expense Description: Contact
  • Trash Expense: $0
  • Water Sewer Expense: $0
  • Total Expenses: $102,251
Tax / Assessment Info
  • Tax Block: 8
  • Tax Tract Number: 2966
  • Tax Census Tract: 2966.00
  • CFD/Mello-Roos Fee: $1,792
  • Tax Lot: 22
Community / Development
Community / Development
  • Community Features: Street Lights
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area
Exterior Features
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: Rectangular Lot
  • Number Of Units: 16
  • Land Lease: No
  • Land Lease Type: Fee
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 16
  • Parking Garage Spaces: 16
  • Carport Spaces: 0
Unit Information
Unit 1
  • Unit Type Units Total: 4
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 4
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $68,304
  • Unit Type Total Rent: $68,304
  • Unit Type Pro Forma: 103200
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 10
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 10
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $122,156
  • Unit Type Total Rent: $122,156
  • Unit Type Pro Forma: 198000
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 2
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $17,400
  • Unit Type Total Rent: $17,400
  • Unit Type Pro Forma: 17400
  • Unit Type Type: 3
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 17
  • Number Of Separate Gas Meters: 17
  • Number Of Separate Water Meters: 1

Property History for 640 West 7th Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 640 West 7th Street

Taxable ValueLand$1,600,000Additions$1,350,000Total$2,950,000
Tax Record2023$37,294 ($3,108 / month)
Home Facts
Total Finished SqFt13,200 SqFtAbove Grade Finished SqFt13,200 SqFtStories1Lot Size8,960 SqFtStyleOffice BuildingYear Built1977ZoningLAC2CountyLOS ANGELESAPN7451-036-027

Schools near 640 West 7th Street

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - 9 to 12
Rating
School
Distance
Cabrillo Avenue Elementary School
PublicK to 5

Richard Henry Dana Middle School
Public6 to 8

San Pedro Senior High School
Public9 to 12

Port Of Los Angeles High School
Charter9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Keller Williams Beach Cities, Josh Cohen, DRE #01346713

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.