526 W 40th, San Pedro, CA 90731
- $1,899,000
- List Price
- $1,899,000
- Status
- ACTIVE
- MLS#
- SB26211391
- Year Built
- 2005
- Lot Size
- 6,101
- Acres
- 0.14
- Lot Location
- 0-1 Unit/Acre, Front Yard, Sprinklers In Rear, Sprinklers In Front, Lawn, Sprinkler System
- Days on Market
- 252
- Property Type
- Single Family Residential
- Style
- Craftsman
- Property Sub Type
- Single Family Residence
- Stories
- Two Levels
Property Description
POINT FERMIN 3-UNIT RESIDENTIAL INCOME PROPERTY | $10,000/MONTH POTENTIAL Rare opportunity to own a fully permitted three-unit residential income property in desirable Point Fermin, San Pedro, just blocks from the Pacific. This coastal compound offers strong income potential, flexible living arrangements, abundant parking, and an upgraded primary residence on a private 6,101-square-foot lot. Projected gross rental income is $120,000 annually, offering an opportunity for investors, owner-users, multigenerational buyers, or anyone seeking to offset housing costs with rental income. The primary residence is a beautifully appointed Swiss Craftsman with an open floor plan, rich maple hardwood floors, an elegant living room with a gas fireplace, a formal dining area, and a chef's kitchen with custom soft-close cabinetry, quartz countertops, a bespoke island, and stainless-steel appliances. The spacious great room opens through a charming Dutch door to the private backyard. The luxurious primary suite features a private balcony, fireplace, oversized custom walk-in closet, and a spa-inspired bathroom with a clawfoot tub, walk-in shower, and chandelier. A dedicated laundry room with a washbasin adds convenience. The detached two-story structure provides two additional permitted residential units. The approximately 500-square-foot upper studio has a full bath and is currently rented for $1,850/month. The lower unit offers additional permitted living space for rental income or personal use. The configuration provides multiple revenue streams and flexibility to occupy one unit while renting the others, lease all three, or accommodate extended and multigenerational living. Buyer to independently verify rents, expenses, permits, square footage, and income projections. Parking includes a detached two-car garage, deep driveway, alley access, and additional space suitable for a boat or RV—a significant advantage in coastal San Pedro. The private backyard features mature landscaping, lush ivy-covered walls, built-in seating, and a gas BBQ. Located near Cabrillo Beach, Point Fermin Park, the Korean Friendship Bell, coastal trails, restaurants, shopping, and the Pacific, this is an uncommon opportunity to acquire a permitted three-unit residential income property in a coveted coastal neighborhood.
Additional Information
- Other Buildings
- Guest House Detached
- Appliances
- Dishwasher, Gas Oven, Gas Water Heater, Microwave, Refrigerator
- Pool Description
- None
- Fireplace Description
- Gas Starter, Living Room, Primary Bedroom
- Heat
- Central, Fireplace(s)
- Cooling
- Yes
- Cooling Description
- Central Air
- View
- Neighborhood, Peek-A-Boo
- Exterior Construction
- Brick, Copper Plumbing
- Roof
- Shingle
- Garage Spaces Total
- 2
- Sewer
- Public Sewer
- Water
- Public
- Interior Features
- Balcony, Ceiling Fan(s), Pantry, Quartz Counters, Storage, Bedroom on Main Level, Dressing Area, Walk-In Closet(s)
- Attached Structure
- Detached
- Number Of Units Total
- 3
- Gross Scheduled Income
- $120,000
- Operating Expense
- 10765
Listing courtesy of Listing Agent: Keely McKeighan (Keely_Mckeighan@yahoo.com) from Listing Office: Thompson Team Real Estate, Inc..
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.