*Property appraised for $1,400,000 during our first escrow which unfortunately fell through* --- This property is now listed at an incredible value $175,000 off of the original list price and should not last long! -- 573 W 13th St presents a rare opportunity to acquire a fully vacant fourplex in the heart of San Pedro. With four spacious 2-bedroom, 1-bathroom units totaling 3,614 rentable square feet on a 6,749 SF lot, this property offers exceptional flexibility for investors, owner-users, or multi-generational families. Originally constructed in 1917, the building showcases timeless architectural charm while benefiting from significant capital improvements including updated plumbing, electrical, and roofing. These upgrades mitigate the typical concerns associated with older buildings, providing the charm of early Los Angeles architecture with the functionality of modern systems. Interiors maintain a cohesive blend of classic detail and smart layout, ideal for tenants or personal occupancy. Delivered completely vacant, the property allows immediate lease-up at market rates or through the Section 8 program, where comparable units in the area command up to $2,800/month. With projected monthly income between $10,000-$11,200 using Section 8 rents, this asset offers a compelling stabilized return in a supply-constrained rental market. Additionally, the expansive backyard provides potential for the addition of an ADU, offering a path for further value-add. Each unit holds a utility room complete with washer/dryer hookups. Recent updates include new paint throughout the entire property, drought-resistant landscaping, a tankless water heater, and a newer roof. The property also features four large storage units in the backyard that could be leased out for additional income. While there is no off-street parking, the property's walkability, access to public transit, and tenant profile in this submarket have historically made parking a minimal barrier to leasing velocity or tenant satisfaction. Whether you are looking to stabilize a high-yield income property or create a unique residential compound in a growing submarket, 573 W 13th St is a strategic acquisition with upside, character, and strong fundamentals.
