HIGHEST CAP RATE of all San Pedro 3-4 unit buildings currently on the market or in escrow (4.85%), next rent increase (5%) Very nice, two building triplex located above Gaffey in the Vista del Oro section of San Pedro. All termite repairs completed in December 2018, followed by a complete repaint of the exterior of both buildings. Both buildings will be fumigated after buyer removes all contingencies, then followed by delivery of termite completion prior to close of escrow. Front building (732, approx 900 SF) is a 3/1, Back building (approx 2000 SF) (734A, approx 660 SF) has a 2/1 at the lower level and (734B, Upper level, approx 1340 SF) is a 3/2 with some view; all units have enclosed washer, dryer facilities. Parking (alley access) consists of a one car garage (currently an outside rental @$125/month (not shown in unit info, but part of the GSI - SEE income info)) and a driveway that will accommodate 3 car tandem parking. There is enclosed patio space for the front building, and extra patio space for the other tenants. I have met the tenants (all non smokers), they all seem very nice, and, per Properties West, pay their rents on time. TENANTS terms, (approx) – 732, 1.3 years – 734A, 5 mos – 734B, 20+ years- Garage, 6 years. CAP RATE – Est 4.85% / with this years increases CAP RATE 5.0%- GROSS MULTIPLIER 14.37 - DEC 8TH INSPECTION REPORT AVAILABLE ON REQUEST
Listing courtesy of Bob Locke from West Shores Realty, Inc.
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