902 S Mesa Street, San Pedro, California 90731, San Pedro, 90731 - bed, bath
ACTIVE UNDER CONTRACT$1,095,000
902 S Mesa Street, San Pedro, California 90731
0Bed
0Bath
4,402Sqft
10,024Lot
Year Built
1919
Close
-
List price
$1.09M
Original List price
$1.09M
Price/Sqft
$249
HOA
-
Days on market
-
Sold On
-
MLS number
SB25233743
Home ConditionPoor
Features
Patio
View-
About this home
We found 3 Cons,6 Pros. Rank: price - $1.09M(50th), sqft - 4402(86th), beds - undefined(50th), baths - undefined(50th).
Huge 4 unit property 2 blocks outside of Downtown San Pedro on 10,000 square feet of buildable land and a 26% upside to rents. Four 3 bed units, 1 with 2 baths and 3 with 1 bath averaging 1100 square feet each. Existing building is situated on one side of a huge flat 10,000 square foot corner lot with access on three sides from streets and alley. Potential for sizable new construction ADUs on this lot in addition to the existing structure. Very well priced at only $249/sq ft and 12.6X GRM on actual rents with a 26% upside to a market GRM of 10 and cap rate of 5.7% before any ADUs. One unit recently renovated and re-leased at $2350 in 2025. Separately metered for electricity and gas. Tons of space for parking Only 2 blocks from the massive 42 acre West Harbor LA Waterfront development with over a mile of waterfront access and 375,000 square feet of retail, dining, and entertainment slated to open in 2026. 2 blocks from Downtown San Pedro with art galleries, restaurants, boutiques, and other retail Only a few blocks from Cabrillo Marina and Cabrillo Beach.
Nearby schools
5/10
Fifteenth Street Elementary School
Public,•K-5•0.4mi
3/10
Cabrillo Avenue Elementary School
Public,•K-5•0.5mi
2/10
Barton Hill Elementary School
Public,•K-6•0.8mi
5/10
Bandini Street Elementary School
Public,•K-6•1.1mi
5/10
Leland Street Elementary School
Public,•K-6•1.2mi
4/10
Seventh Street Elementary School
Public,•K-5•1.5mi
9/10
Park Western Place Elementary School
Public,•K-5•1.6mi
5/10
Crestwood Street Elementary School
Public,•K-6•1.8mi
7/10
White Point Elementary School
Public,•K-6•1.9mi
9/10
Taper Avenue Elementary School
Public,•K-5•2.0mi
7/10
South Shores/Csudh Visual And Performing Arts
Public,•K-5•2.3mi
4/10
Hawaiian Avenue Elementary School
Public,•K-5•2.8mi
8/10
Mira Catalina Elementary School
Public,•K-5•2.8mi
6/10
Eshelman Avenue Elementary School
Public,•K-5•3.9mi
6/10
Harbor City Elementary School
Public,•K-5•4.1mi
4/10
Richard Henry Dana Middle School
Public,•6-8•0.6mi
8/10
Miraleste Intermediate School
Public,•6-8•2.6mi
7/10
Rudecinda Sepulveda Dodson Middle School
Public,•6-8•2.7mi
6/10
Alexander Fleming Middle School
Public,•6-8•4.3mi
4/10
Hudson K-8
Public,•K-8•5.8mi
6/10
San Pedro Senior High School
Public,•9-12•0.9mi
5/10
Phineas Banning Senior High School
Public,•9-12•4.3mi
5/10
Nathaniel Narbonne Senior High School
Public,•9-12•4.9mi
3/10
Cabrillo High School
Public,•9-12•5.7mi
10/10
Palos Verdes Peninsula High School
Public,•9-12•5.9mi
8/10
Palos Verdes High School
Public,•9-12•8.3mi
Price History
Date
Event
Price
10/06/25
Listing
$1,095,000
02/15/17
Sold
$865,000
02/18/10
Sold
$585,000
01/20/99
Sold
$145,000
Condition Rating
Poor
Built in 1919, this property is over 100 years old. While one of the four units has been recently renovated with updated kitchens (new cabinets, counters, basic appliances, tile flooring) and bathrooms (new vanity, tiled shower), the exterior of the building shows significant age and wear. The presence of multiple window AC units indicates a lack of central cooling/heating, suggesting outdated HVAC systems. Given that only one unit is renovated, the other three units and the building's core systems (electrical, plumbing, HVAC) likely require substantial repairs, rehabilitation, and modernization to meet current standards and achieve market potential, aligning with the 'poor' condition criteria.
Pros & Cons
Pros
Great Schools: Elementary School: Taper Avenue Elementary School (9/10). High School: Palos Verdes Peninsula High School (10/10).
Exceptional Development Potential: The property boasts a huge, flat 10,000 square foot corner lot with access on three sides, offering significant buildable land and strong potential for new construction ADUs in addition to the existing quadruplex, maximizing future value and income.
Strong Financial Upside: With a stated 26% upside to current rents, a competitive 12.6X Gross Rent Multiplier (GRM) on actual rents, and a 5.7% cap rate before any ADU additions, this property presents substantial income growth and investment potential.
Strategic Location & Future Appreciation: Located just two blocks from Downtown San Pedro and the massive 42-acre West Harbor LA Waterfront development (slated to open in 2026), the property benefits from excellent walkability to amenities, retail, dining, and significant future recreational opportunities, driving appreciation.
Attractive Price Point: Priced very competitively at only $249/sq ft, this offers a strong value proposition for a multi-unit income property in an area undergoing significant revitalization and development.
Established Income-Generating Asset: As a four-unit property with a desirable mix of 3-bedroom units averaging 1100 sq ft each, separately metered utilities for electricity and gas, and ample parking, it provides immediate and stable rental income.
Cons
Advanced Age of Property: Built in 1919, the property is over a century old, which typically implies a higher likelihood of needing significant capital expenditures for system upgrades (plumbing, electrical), deferred maintenance, and modernization beyond the recently renovated unit.
Active Under Contract Status: The property is currently 'Active Under Contract,' meaning it is not immediately available for purchase, and any interested buyers would need to submit a backup offer or wait for the current transaction to potentially fall through.
Potential for Varied Unit Conditions: While one unit was recently renovated, the description suggests other units may not be updated to the same standard, potentially requiring further investment to achieve the stated 26% rent upside across all units and maximize market appeal.