929 S Alma Street, San Pedro, California 90731, San Pedro, 90731 - bed, bath
ACTIVE$2,275,000
929 S Alma Street, San Pedro, California 90731
0Bed
0Bath
6,452Sqft
5,853Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
No LA City Rent Control: The property is exempt from Los Angeles City rent control, offering significant flexibility for future rent increases and maximizing investment returns.
Top Cons:
Building Age & Potential Future Capex: Built in 1978, while described as 'newer' and well-maintained, the building is over 45 years old, suggesting major systems (roof, plumbing, electrical) may be nearing end-of-life and could require significant capital expenditures in the future.
Compared to the nearby listings
Compared against 0 nearby listings
More Insights
Built in 1978 (47 years old).
Condition: Built in 1978, this multi-unit property shows signs of being well-maintained externally, as stated in the description. However, the interior images of the kitchen and bathroom reveal significantly outdated styles and features, including older cabinetry, laminate countertops, and basic fixtures, suggesting no major renovations in decades. While functional, these areas require substantial aesthetic updates to meet current market expectations. The property is aged but appears to be maintained through regular upkeep, aligning with the 'Fair' condition criteria where major components are functional but outdated, and minor to moderate updates are needed.
Year Built
1978
Close
-
List price
$2.27M
Original List price
$2.27M
Price/Sqft
$353
HOA
-
Days on market
-
Sold On
-
MLS number
SB24213425
Home ConditionFair
Features
View-
About this home
NO LOS ANGELES CITY RENT CONTROL. GREAT MONTHLY INCOME, WITH MORE ROOM LEFT IN THE RENTS FOR FUTURE INCREASE. WELL MAINTAINED, CLEAN, EXTRA LARGE, NEWER 6 UNIT BUILDING LOCATED IN SAN PEDRO'S BEST VISTA DEL ORO RENTAL NEIGHBORHOOD 3 BLOCKS WEST OF GAFFEY STREET. TWO LARGE 3 BEDROOM 2 BATH UNITS WITH PRVATE BALCONIES AND FIREPLACES. 2 OF 4 TWO BEDROOM APARTMENTS HAVE 2 BATHS. 10 PARKING SPACES UNDER THE BUILDING. PER LA CITY SEISMIC LIST THIS BUILDING DOES NOT NEED TO BE RETROFITTED. COMMUNITY LAUNDRY ROOM FOR ADDITIONAL INCOME. GREAT 5.29 (CAP RATE) CASH ON CASH RETURN. 13.6 GRM. PRICED FOR IMMEDIATE SALE.
Nearby schools
3/10
Cabrillo Avenue Elementary School
Public,•K-5•0.3mi
4/10
Seventh Street Elementary School
Public,•K-5•0.7mi
5/10
Leland Street Elementary School
Public,•K-6•0.7mi
5/10
Bandini Street Elementary School
Public,•K-6•0.8mi
5/10
Fifteenth Street Elementary School
Public,•K-5•0.9mi
2/10
Barton Hill Elementary School
Public,•K-6•1.0mi
5/10
Crestwood Street Elementary School
Public,•K-6•1.2mi
9/10
Park Western Place Elementary School
Public,•K-5•1.2mi
7/10
White Point Elementary School
Public,•K-6•1.4mi
7/10
South Shores/Csudh Visual And Performing Arts
Public,•K-5•1.6mi
9/10
Taper Avenue Elementary School
Public,•K-5•1.8mi
8/10
Mira Catalina Elementary School
Public,•K-5•2.0mi
4/10
Hawaiian Avenue Elementary School
Public,•K-5•3.1mi
6/10
Eshelman Avenue Elementary School
Public,•K-5•3.7mi
6/10
Harbor City Elementary School
Public,•K-5•4.0mi
4/10
Richard Henry Dana Middle School
Public,•6-8•0.4mi
8/10
Miraleste Intermediate School
Public,•6-8•1.9mi
7/10
Rudecinda Sepulveda Dodson Middle School
Public,•6-8•2.3mi
6/10
Alexander Fleming Middle School
Public,•6-8•4.1mi
4/10
Hudson K-8
Public,•K-8•6.4mi
6/10
San Pedro Senior High School
Public,•9-12•0.3mi
5/10
Phineas Banning Senior High School
Public,•9-12•4.6mi
5/10
Nathaniel Narbonne Senior High School
Public,•9-12•4.8mi
10/10
Palos Verdes Peninsula High School
Public,•9-12•5.3mi
3/10
Cabrillo High School
Public,•9-12•6.3mi
8/10
Palos Verdes High School
Public,•9-12•7.6mi
Price History
Date
Event
Price
09/10/02
Sold
$600,000
Condition Rating
Fair
Built in 1978, this multi-unit property shows signs of being well-maintained externally, as stated in the description. However, the interior images of the kitchen and bathroom reveal significantly outdated styles and features, including older cabinetry, laminate countertops, and basic fixtures, suggesting no major renovations in decades. While functional, these areas require substantial aesthetic updates to meet current market expectations. The property is aged but appears to be maintained through regular upkeep, aligning with the 'Fair' condition criteria where major components are functional but outdated, and minor to moderate updates are needed.
Pros & Cons
Pros
No LA City Rent Control: The property is exempt from Los Angeles City rent control, offering significant flexibility for future rent increases and maximizing investment returns.
Strong Financial Performance & Upside: Boasts a great 5.29% Cap Rate and 13.6 GRM, indicating solid cash-on-cash return with stated room for future rent increases, making it an attractive income-generating asset.
Seismic Compliance: Confirmed by LA City Seismic List as not requiring retrofitting, saving the buyer from potentially substantial and costly structural upgrades.
Desirable Unit Mix & Ample Parking: Features two large 3-bed/2-bath units with private balconies and fireplaces, plus 10 parking spaces under the building, enhancing tenant appeal and convenience.
Well-Maintained Condition: Described as a 'well maintained, clean, extra large, newer 6 unit building,' suggesting lower immediate maintenance needs and a positive living environment for tenants.
Cons
Building Age & Potential Future Capex: Built in 1978, while described as 'newer' and well-maintained, the building is over 45 years old, suggesting major systems (roof, plumbing, electrical) may be nearing end-of-life and could require significant capital expenditures in the future.
Limited Outdoor Space: The building's square footage (6,452 sqft) is greater than the lot size (5,853 sqft), indicating a high building-to-lot ratio and potentially limited common outdoor or green space for tenants.
Lack of Specific Unit Upgrades: While the building is well-maintained, the description does not detail recent interior unit renovations, which may be necessary to fully capitalize on the 'room left in the rents' and attract premium tenants.