701 N Gaffey, San Pedro, California 90731, San Pedro, 90731 - 2 bed, 1 bath
ACTIVE$600,000
701 N Gaffey, San Pedro, California 90731
2Beds
1Bath
969Sqft
2,921Lot
Year Built
1917
Close
-
List price
$600K
Original List price
$600K
Price/Sqft
$619
HOA
-
Days on market
-
Sold On
-
MLS number
SB25271507
Home ConditionFair
Features
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $600.0K(10th), sqft - 969(19th), beds - 2(34th), baths - 1(33th).
Welcome to this 1917 charming 2 bedroom, 1 ba front house, sits on one lot, with 2 detached car garages . There is a 2 bedroom 1 bath house in the back, these two homes have their own APN #s. Must be sold together. Both are rentals, on MO to MO any Termination of tenancy to be initiated by the Owner. Pleaase contact me for further information.
Price History
Date
Event
Price
12/05/25
Listing
$600,000
Condition Rating
Fair
The property was built in 1917, making it over a century old. While it is currently rented and described as 'charming,' the significant age strongly indicates that major systems (plumbing, electrical) and general components are outdated and require substantial updates and deferred maintenance. The exterior image shows an older home with no visible signs of recent extensive renovation. Without interior photos, a detailed assessment of the kitchen and bathroom is impossible, but given the property's age, they are highly likely to be original or last updated decades ago, requiring significant modernization. It is functional but clearly shows its age and needs considerable investment to meet current standards, aligning with the 'fair' condition criteria.
Pros & Cons
Pros
Multi-Unit Income Potential: The property features two separate houses on one lot, each with its own APN and currently rented month-to-month, providing immediate rental income and diverse investment opportunities.
Desirable Coastal Location: Located in San Pedro, a dynamic coastal city known for its revitalization efforts, port, and convenient access to amenities and the greater Los Angeles metropolitan area.
Value-Add Opportunity: As a 1917 property with two distinct units, it offers significant potential for renovation, modernization, and increasing both rental income and overall property value.
Flexible Tenancy: Both existing tenancies are on month-to-month agreements, providing the new owner with flexibility regarding future occupancy, lease adjustments, or tenant transitions.
Detached Garages: The presence of two detached car garages adds valuable utility for parking, storage, or potential future conversion into additional living space (e.g., ADU), subject to local regulations.
Cons
Historic Property Age: Built in 1917, the property is over a century old, indicating a high likelihood of requiring substantial updates to systems (plumbing, electrical) and general deferred maintenance.
Compact Living & Lot Size: The primary unit is a modest 2 beds/1 bath at 969 sqft, and the overall lot size of 2921 sqft is relatively small for two dwellings, potentially limiting appeal for buyers seeking more spacious living or outdoor areas.
Tenant Transition Complexity: While tenancies are flexible, the process of managing existing month-to-month tenants and initiating termination (if desired) can be time-consuming and potentially complex, especially for owner-occupants or those planning immediate renovations.