$1,670,000
Centennial Advisers is pleased to present the exclusive listing of 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. An Exceptional Entry Price Relative to the Market: At $1,670,000, this offering is priced at $208,750 per unit and $232 per square foot — both figures represent a meaningful discount to every relevant benchmark in the current San Pedro market. The three most recent sold comparables averaged $278,333 per unit and $348.72 per square foot. The subject property comes in 25% below the sold average on a per-unit basis and 33% below on a per-square-foot basis. Against the nine active listings currently competing for the same buyer pool, the discount is equally compelling — the subject is 15% below the active average per unit and 28% below on a per-square-foot basis. Notably, on a price-per-square-foot basis, 570 W. 8th Street is priced below every single active listing in the submarket, regardless of vintage, condition, or unit count. The two active listings that price below the subject on a per-unit basis are both 1923-vintage properties in materially inferior condition — an apples-to-oranges comparison at best. This discount is not a reflection of deferred maintenance or physical obsolescence. It is a direct function of below-market rents held by long-term tenants — and that is precisely the opportunity a value-add buyer is acquiring here.
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Listed by Justin White with Justin White (714) 231-2537
Property Type
Apartment
Status
Active
MLS Number
PW26089556
Year Built
1984
Lot Size
5,001 sq ft