570 W. 8th

Centennial Advisers is pleased to present the exclusive listing of 570 W. 8th Street, an 8-unit apartment community located in San Pedro, California. Built in 1984, the property offers a rare combination of below-market cost basis, two immediate vacancy opportunities, and a well-documented rent correction story that positions the next owner to capture over $70,000 in additional annual gross income as the rent roll normalizes to market.

An Exceptional Entry Price Relative to the Market

At $1,670,000, this offering is priced at $208,750 per unit and $232 per square foot — both figures represent a meaningful discount to every relevant benchmark in the current San Pedro market.

The three most recent sold comparables averaged $278,333 per unit and $348.72 per square foot. The subject property comes in 25% below the sold average on a per-unit basis and 33% below on a per-square-foot basis. Against the nine active listings currently competing for the same buyer pool, the discount is equally compelling — the subject is 15% below the active average per unit and 28% below on a per-square-foot basis.

Notably, on a price-per-square-foot basis, 570 W. 8th Street is priced below every single active listing in the submarket, regardless of vintage, condition, or unit count. The two active listings that price below the subject on a per-unit basis are both 1923-vintage properties in materially inferior condition — an apples-to-oranges comparison at best. This discount is not a reflection of deferred maintenance or physical obsolescence. It is a direct function of below-market rents held by long-term tenants — and that is precisely the opportunity a value-add buyer is acquiring here.

The Rent Correction Path: Immediate, Actionable, and Contractually Supported

For occupied units, the path to market rents is twofold. First, the property is governed by California's AB 1482 Tenant Protection Act — not the City of Los Angeles Rent Stabilization Ordinance, which applies only to buildings constructed on or before October 1, 1978. Under AB 1482, the current allowable annual increase is 8% (5% plus 3% CPI) through July 2026, enabling meaningful and immediate progress toward market on existing tenancies. Second, and more significantly, vacancy decontrol is fully preserved under AB 1482 — every unit that turns can be re-leased at full market rate with no ceiling. Three occupied 1-bedroom units are currently renting at $800–$825 against a $1,800 market rate. Each one that turns represents a $975–$1,000 per month step-change in unit-level income, or nearly $12,000 annually added to NOI per unit. The timeline is tenant-driven, but the mechanics are clear, the math is straightforward, and the outcome is well-defined.