Description

2424 S. Leland Street is a 21-unit multifamily asset that exemplifies bothstability and upside potential in today's dynamic market. Built in 1980 and governed solely by California's statewide rent control law (AB 1482), this property delivers robust in-place cash flow, underscored by a compelling 6.40% capitalization rate and a 9.52 gross rent multiplier metrics that position it as a standout value among comparable offerings. The building features a well-balanced unit mix of six spacious two-bedroom apartments and fifteen thoughtfully designed one-bedroom residences. Each unit is bathed in natural light and benefits from refreshing ocean breezes, creating an inviting living environment that enhances tenant satisfaction and retention. Recent capital improvements totaling over $150,000 have further elevated the property's appeal and structural integrity. Notable upgrades include abrand-new roof that ensures long-term durability, and a beautifully renovated patio a tranquil, tastefully updated outdoor retreat that adds a layer of coastal charm to the residentexperience. Designed with tenant comfort and operational efficiency in mind, the property includesone laundry room on each floor, elevator access, and private balconies that enrich the livabilityof every unit. On-site offices offer flexible space for management or tenant services, contributing to a well-run and responsive residential environment. The building also boasts 34 secured parking spaces, including 14 tandem spots, and eight dedicated storage rooms located in the garage, five of which are currently leased, providing a reliable stream of additional ancillary income. Strategically located just minutes from Cabrillo Beach, the Marina, and the transformative West Harbor redevelopment, 2424 S. Leland Street sits within one of Los Angeles' most vibrant waterfront communities. Residents enjoy walkable access to a rich tapestry of local shops, restaurants, entertainment venues, and cultural attractions, all set against the backdrop of San Pedro's signature small-town charm and thriving arts scene. With strong existing rents and clear potential for future growth, this stabilized, income-producing asset represents an exceptional opportunity for investors seeking a high-performing property in a premier coastal location. Whether you are expanding your portfolio or entering the multifamily market, 2424 S. Leland Street offers the ideal blend of location, performance, and long-term value.