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1042 N Avalon BLVD Wilmington, CA 90744
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Key Details
Sold Price $700,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 3,660 sqft
Price per Sqft $191
MLS Listing ID 23245387
Sold Date 05/24/23
Bedrooms 4
HOA Y/N No
Year Built 1926
Lot Size 10,010 Sqft
Property Description
$75,000 PRICE REDUCTION! Over a 5.50% Cap Rate Day 1 with huge rental upside! We are pleased to present this 3 unit apartment + 1 dental office mixed use opportunity located in the heart of Wilmington. The offering consists of three 1 bedroom units and one dental office. Each apartment unit includes a washer/dryer hookup. In total, the building sits on a 10,008 sq ft lot and features 4 single car garages and 8 open parking spaces. Offered at $204/ft, this opportunity allows an astute investor to add value to the property as tenants turnover and potentially execute on adding ADUs to the site (buyer to verify). The property has strong day 1 income operating at a 5.51% Cap Rate & 13.32 GRM. There is rental upside potential to a 9.06% Pro-Forma Cap Rate & 8.99 Pro-Forma GRM.
Location
State CA
County Los Angeles
Area 196 - East Wilmington
Zoning LAC2
Interior
Cooling None
Fireplace No
Exterior
Parking Features Uncovered
Pool None
Total Parking Spaces 12
Private Pool No
Building
Story 2
New Construction No
Others
Senior Community No
Tax ID 7423006003
Special Listing Condition Standard
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Bought with John Katnik • BRC Advisors- BH