San Pedro is home to the Los Angeles Port, the busiest port in the United States. Not only does the harbor create a number of jobs it also creates a constant need for rental housing. When someone inquires about income property in the South Bay of Los Angeles, San Pedro and Long Beach always spring to mind. The two cities share the port, but the one big difference between them is Long Beach does not fall under Los Angeles City Rent Control, and San Pedro does.
The key thing to remember when purchasing a rent control property is the rent increases are determined by L.A. City, not individual landlords. Another point to remember is an annual increase in rent will keep your property’s rents at market rate. There are other rules and regulations to adhere to such as move-out fees, but our clients who own income properties in rent control areas say it is not overly complicated once you become familiar with the requirements. As a note, properties built in 1979 forward do not fall under rent control.
Current San Pedro income property statistics are:
Active Listings: 35 San Pedro income properties are for sale ranging from two unit income properties up to a 21 unit apartment building.
Pending Sales: 24 Multifamily properties are currently in escrow with accepted offers.
Sales Year-To-Date: 20 San Pedro income property sold this year as of May 1, 2014. The most expensive sale was $3,500,000 for a 14-unit apartment building located on S. Walker Avenue. $403,300 was the lowest price paid for a two-unit bank owned property on Santa Cruz St.
For more information about income property in San Pedro, California contact Charlemagne International Properties at 310.493.8333 or 310.525.9440.
San Pedro units for sale: