650 West 7th Street

San Pedro, CA 90731

$1,250,000
Last Sold Price
3
Beds
6
Baths
3,700 Sq. Ft.
$338 / Sq. Ft.
3,700
Sq. Ft.
$338
per Sq. Ft.

Description

Value added opportunity situated in one the most dynamic growing cities within Southern California. The Subject Property was built in 1988 and is exempt from LA City Rent Control (California does have a Statewide cap on rent increases whereby an annual increase of 10% (SB1482) is permissible. Consisting of a functional and useful mix of 4 studios, 1 Bedroom, and a 2 Bedroom apartment, this complex will provide an investor a great opportunity to for a strong year-round occupancy while growth in income....Value added opportunity situated in one the most dynamic growing cities within Southern California. The Subject Property was built in 1988 and is exempt from LA City Rent Control (California does have a Statewide cap on rent increases whereby an annual increase of 10% (SB1482) is permissible. Consisting of a functional and useful mix of 4 studios, 1 Bedroom, and a 2 Bedroom apartment, this complex will provide an investor a great opportunity to for a strong year-round occupancy while growth in income. Several of the apartments face 7th St and has plenty of natural light with great windows. Parking is covered, utilities are separately metered for Gas and Electric. Central Hot Water Heater and Laundry Room. Since this property was built in the 1980's, less headaches for an investor. Several units were turned over in the last 3-4 years and have been upgraded. Why Purchase: This asset should/could/may provide an investor with immediate cash at List Price with potential of 10% annual increases with the expectation of minimal move outs due to the existing low rents. Thus, ease of ownership, low expenses, and value-added opportunity... Special consideration for an investor is the massive and unprecedent growth and development in the city of San Pedro - including the Billions being spent on the waterfront retail project as well as the super high end housing projects - all within reasonable walking distance from the Subject Property.

1st Thursdays are also back. Make sure to take your client by the property and walk a few blocks to the huge festivities on the 1st Thursday of each month.
  1. Listed by David Holstein • DRE #01210777 • Brokerage DRE #01210777 • The Holstein Group

Property Details for 650 West 7th Street

Parking Spaces Total
7
Private Pool
No
Total Units
6.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
3700
Assessor Parcel Number
7451-036-015
Property Attached YN
true

Location

Listing Courtesy of The Holstein Group, David Holstein, DRE #01210777

Sold By Rockview Inc., Sam Sidhu, DRE #01091396

Add your commute
LISTING UPDATED: 12/16/2022 05:08 AM

Property Details for 650 West 7th Street

StatusClosed
MLS #SB22139953
Days on Market136
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1988
Lot Size0.11 AC / 5,001 SF
CountyLos Angeles County

Location

Listing Courtesy of The Holstein Group, David Holstein, DRE #01210777

Sold By Rockview Inc., Sam Sidhu, DRE #01091396

Add your commute

Building Information for 650 West 7th Street

Stories-Residences-Year Built1988Building Size-Lot Size0.11 AC / 5,001 SF

Payment Calculator

$8,160 per month

30 year fixed, 7.25% Interest

Principal and Interest

$6,822

Property Taxes

$1,338

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 650 West 7th Street

Rental Info
Rental Info
  • Tenant Pays: None
Income / Expense / Tax Details
Income Details
  • Gross Income: $0
  • Gross Scheduled Income: $66,564
  • Net Operating Income: $32,764
  • Gross Multiplier: 18.78
  • Cap Rate: 2.62
  • Financing: Cash
Expense Details
  • Operating Expense: $33,800
  • New Taxes Expense: $17,225
  • Fuel Expense: $88
  • Licenses Expense: $650
  • Pest Control Expense: $500
  • Electric Expense: $650
  • Insurance Expense: $2,750
  • Maintenance Expense: $4,500
  • Professional Management Expense: $500
  • Trash Expense: $1,900
  • Water Sewer Expense: $3,500
  • Supplies Expense: $500
  • Total Expenses: $32,764
Tax / Assessment Info
  • Tax Block: 8
  • Tax Tract Number: 20
  • Tax Census Tract: 2966.00
  • CFD/Mello-Roos Fee: $0
  • Tax Lot: 20
Community / Development
Community / Development
  • Community Features: Sidewalks
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: 0-1 Unit/Acre
  • Number Of Units: 6
  • Land Lease: No
  • Land Lease Type: Fee
  • Water: Public
  • Sewer: Private Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 7
  • Parking Garage Spaces: 7
  • Carport Spaces: 0
Unit Information
Unit 1
  • Unit Type Units Total: 4
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $787
  • Unit Type Total Rent: $3,147
  • Unit Type Pro Forma: 5400
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,100
  • Unit Type Total Rent: $1,100
  • Unit Type Pro Forma: 1750
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,200
  • Unit Type Total Rent: $1,200
  • Unit Type Pro Forma: 1950
  • Unit Type Type: 3
Unit Information
  • Rent Controlled: No
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 7
  • Number Of Separate Gas Meters: 7
  • Number Of Separate Water Meters: 1

Property History for 650 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 650 West 7th Street

Taxable ValueLand$800,000Additions$457,300Total$1,257,300
Tax Record2023$16,059 ($1,338 / month)
Home Facts
Total Finished SqFt3,700 SqFtAbove Grade Finished SqFt3,700 SqFtLot Size5,001 SqFtStyleMulti-Family Res (5+ Units)Year Built1988ZoningLAC2CountyLOS ANGELESAPN7451-036-015

Schools near 650 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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Similar Sold 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 The Holstein Group, David Holstein, DRE #01210777

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.