The South Shores Manor

09-13-2022
09-26-2022

2016 W Paseo Del Mar, San Pedro, CA 90732

  • 1 of Only 5 Apartment Buildings in South Shores
  • Over $1 Billion to be Invested in LA Waterfront by 2026
  • 25%-35% Upside upon Turnover with Continued Renovations

Property Description

The South Shores Manor is a 19-unit legacy asset situated in the exclusive South Shores neighborhood of San Pedro. The property is located at the intersection of Western Ave and Paseo del Mar and overlooks the Pacific Ocean from the cliffs above. Residents are attracted by the gated pool with community patio, private balconies, ocean views, and cool ocean breeze. San Pedro offers the most affordable beachfront properties in LA County and South Shores Manor is only one of five multifamily properties in the South Shores neighborhood. The demand for affordable beach front rentals far exceeds the limited supply. San Pedro has seen an uptick in renters seeking luxury accommodations with the over $1 billion cash infusion being invested in the LA Waterfront. The South Shores Manor is a prime candidate for continued value-add renovations to capitalize on the increasing demand for premium finishes in the rental market.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 6,000,000
No. of Units
19
Cap Rate
3.19%
GRM / GIM
17.56
Year Built
1959
Building Size
11,896 Sq ft
Lot Size
0 acres
No. of Stories
3
Opportunity Zone
No
Price per unit
$ 315,789
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