Description

Located in the highly desirable Point Fermin coastal neighborhood of San Pedro, 3605 Stephen M. White Drive is a 16-unit multifamily property (15 legal units + 1 non-conforming studio) offering a rare opportunity to acquire a true coastal asset directly across from Cabrillo Beach. Available for the first time in decades, this generational offering presents investors with a unique chance to secure a well-located property in a tightly held submarket. This investment is currently being offered at a 4.91% Cap Rate and 11.26 GRM, with the opportunity to achieve a 7.31% Cap Rate and 8.66 GRM through a value-add program. A new owner can capitalize on approximately 22%+ upside in income by implementing strategic unit renovations, improving management, and turning over units to market rents . The property features a well-balanced unit mix along with on-site parking and select units that offer harbor and ocean views, creating strong tenant appeal. While the building requires capital improvements, it presents a compelling opportunity for an investor to reposition and significantly enhance the property’s performance over time. Ideally situated near Cabrillo Beach, the Marina, and the rapidly evolving $500M West Harbor redevelopment, the property benefits from both immediate lifestyle appeal and long-term growth drivers. San Pedro continues to attract renters seeking a coastal lifestyle at a more accessible price point, supported by strong employment hubs at the Port of Los Angeles and surrounding industries. This is a unique opportunity to acquire a coastal Los Angeles asset at an attractive basis with immediate upside and long-term appreciation potential.