Active
2302 S Western Avenue
San Pedro CA, 90732
$9,000,000
$282.72 per sqft
Active
31,834 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. 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.
SB23192100
MLSⓇ ID
October 14, 2023
Listed
May 9, 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
58
Garage
No
Parking Total
88
View
No
County
Los Angeles
Water Source
Public
Pool
No
Zoning
[Q]C2-1XL
Buyer Agency Compensation
1.5%
Listing Contact: 310-519-7670
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 5/9/2024. 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 5/9/2024 at 3:42 PM UTC