San Pedro, CA 90732,2302 S Western AVE
San Pedro, CA 90732,2302 S Western AVE
San Pedro, CA 90732,2302 S Western AVE
30
$5,800,000
$9,000,000
35.6%
Est.Price: ?

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31,834 SqFt

2302 S Western AVE San Pedro, CA 90732

Est. payment /mo
SOLD DATE : 06/12/2024

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Key Details

Sold Price $5,800,000

Property Type Commercial

Sub Type Retail

Listing Status Sold

Purchase Type For Sale

Square Footage 31,834 sqft

Price per Sqft $182

MLS Listing ID SB23192100

Sold Date 06/12/24

HOA Y/N No

Year Built 1962

Annual Tax Amount $99,255

Tax Year 2024

Lot Size 1.587 Acres

Property Description

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. Home to 21 local, long standing, well known tenants occupying 42 units. 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. 88 on-site parking spaces ensuring easy access for customers. Walk Score of 69, proximity to the beach, various shops, restaurants, the Trump Nt'l 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. Value Add Opportunity: There are opportunities to increase the center to well over 10% CAP. Base Rents are approximately 18% under market * Opportunity to Increase CAM * Opportunity to develop center into residental or mixed use * Management has recently invested nearly $350,00 in improvements and upgrades. Credit Towards Sales Price - The center has an onsite cleaning Dry Cleaner which has been in business approximately 6o years and is now using nonperc cleaning solutions. Due to past use, Seller will provide a credit towards the sale price and will be expecting the final Purchase and Sales Agreement to reflect an "as-is" transaction with potential buyers providing at closing a recorded release and indemnity in favor of Seller. Outstanding opportunity for a Buyer to increase his financial positioning. Call for Offering Memorandum.

Price: $9,000,000 | Occupancy: 100% | 6% CAP. One listing agent is part owner.

Location

State CA

County Los Angeles

Area 179 - South Shores

Zoning [Q]C2-1XL

Rooms

Ensuite Laundry See Remarks

Interior

Laundry Location See Remarks

Fireplace No

Laundry See Remarks

Exterior

Fence None

Community Features Park

Utilities Available Natural Gas Connected, Sewer Connected, Water Connected

Present Use Commercial

Total Parking Spaces 88

Building

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

Story 2

Water Public

Others

Tax ID 7460004014

Acceptable Financing Cash to New Loan

Listing Terms Cash to New Loan

Financing Cash

Special Listing Condition Standard

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California Regional MLS (CRMLS)
Listed by Clara Duran-Reed • The Duran Reed Firm, Inc. • 310-519-7670
Bought with Stephen Lampe • Re/Max Commercial & Investment

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Nicole Parent

Broker Associate | License ID: 01827226

+1(559) 930-7171

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