740 W 24th St
San Pedro, CA 90731

The subject property is the Pacific View Apartments, a 30 unit apartment building located at 740 West 24th Street in San Pedro and is presently owned and operated as furnished student housing by Marymount California University who is also the seller. The complex is situated on a hillside lot totaling 21,257 square feet with views of the harbor and breakwater as well as affording some city lights views from many units. The parcel is zoned RD2-XL which permits one dwelling unit for each 2,000 square feet of land. Current zoning would not permit the addition of any more units nor would the existing density of 30 units be permitted for a new development. However, the existing use and number of units is grandfathered and considered legal non-conforming. The improvements consists of 28 two bedroom units and 2 singles situated around a center courtyard within 32,977 square feet of building area (per assessor's records). There are 28 parking garages with approximately 41 spaces, of which some are tandem. San Pedro is a community within the city of Los Angeles, California. Formerly a separate city, it consolidated with Los Angeles in 1909. It is one of the most historic and picturesque regions in Los Angeles. It' s a unique blend of small town charm, superb cultural attractions, eclectic shopping, America' s Port and a world class cruise center. Downtown San Pedro is located very near the USS Iowa and the World Cruise Center with daily ferry service to Catalina Island. Residents and tourists enjoy the dining, unique shops, entertainment, events, art studios and merchants that are located in the heart of San Pedro. There are two major beaches in San Pedro, Cabrillo Beach and Royal Palms Beach. The city is located at the southern end of the Palos Verdes Peninsula, on the west side of San Pedro Bay. The neighborhood fronts on the Pacific Ocean to the south and is bounded inland by Harbor City on the north, Wilmington and Long Beach on the east and the Palos Verdes Peninsula and Lomita on the west.