Pending

2302 S Western Avenue

San Pedro CA, 90732

$8,500,000


$109.96 per sqft

Pending

77,302 sqft

Commercial

Built in 1962

Listed by Clara Duran-Reed with The Duran Reed Firm, Inc. 310-519-7670

Introducing the HARBOR VILLAGE RETAIL & OFFICE CENTER in San Pedro, CA 90732, an outstanding investment opportunity located at 2302 S. Western Ave. in San Pedro, CA. With a total leasable area of 31,834 sq. ft., this one and two story, fully leased property offers a stable and consistent income stream for investors, while providing a terrific Value-Add investment. 2024 projected NOI is 6%. Rents are undervalued by ~ 23%. Increased base rents to market value, plus full CAM could bring in a pro-forma CAP of 10.2%. *** Current property taxes are currently assessed at 7.5M ($99,255), which tenants pay in addition to base rent and modified CAM. (Financials included in Offering Memorandum were for 2022).

Home to 22 local, long standing, well known tenants occupying 42 units. (One retail vacancy just became available). Note there is a dry cleaner on the property, having been there about 60 years. This center enjoys high visibility and wide accessibility, thanks to its frontage and accessibility on both Western Avenue and 25th Street. Western Avenue is the dominant retail corridor and thoroughfare for both the eastern portion of Rancho Palos Verdes as well as the city of San Pedro. Situated near a signalized corner and visible to over 25,300 vehicles daily, it offers a prime positioning for retail success. Individually metered for Gas and Electric.

Convenience is key, with major retailers nearby - Starbucks, Rock 'N Juice, Fantastic Sam's, Mobil gas station, Chase Bank, Ace Hardware, and Vons and Smart 'n Final supermarkets. The center boasts 88 on-site parking spaces, ensuring easy access for customers.

With its Walk Score of 69 and proximity to the beach, various shops, restaurants, the Trump National Golf Club, and the upcoming LA Waterfront Promenade, this property is ideally situated for continued success. The Harbor Village Retail & Office Center offers investors the chance to capitalize on the growth potential of the dynamic San Pedro market. Don't miss out on this exceptional opportunity.

Price: $8,500,000 | Occupancy: 100% | 2024 Projected CAP Rate: 6%. *** Note that tenants pay all taxes. Taxes have recently increased as above and tenants pay those, in addition to base rent. Tenants also pay modified CAM.

SB23192100

MLS ID

October 14, 2023

Listed

February 16, 2024

Updated

Map

2302 S Western Avenue
San Pedro CA, 90732

Interior Features

Total Stories

2


Laundry Description

See Remarks


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

1.59 Acres


Lot Features

Gentle Sloping, Irregular Lot, Near Park, Near Public Transit

Other Property Details

Area Name

179 - South Shores


Taxes

$99,255


Tax Frequency

Annually


Days on Market

51


Garage

No


Parking Total

88


View

No


County

Los Angeles


Water Source

Public


Pool

No


Zoning

LA C2


Buyer Agency Compensation

2%

Listing History

Date

Event

Price

12/21/2023

Pending

Listing Contact: 310-519-7670 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 2/16/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 2/16/2024 at 6:25 AM UTC

 

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