Palm View Terrace

Wilmington, CA 90744203 W Opp St.

Property Type: Multifamily
For Sale


  • Price: $1,925,000
  • Cap Rate: 5.26%
  • GRM: 11.32
  • Cost per SF: $299.66
  • Cost per unit: $213,889
  • Year Built: 1964
  • Square Footage: 6,424
  • Lot Size: 7,234
  • Units: 9
  • No. Stories: 2
  • Parking: 9 Spaces
  • Transaction Type: For Sale
  • Property Type: Multifamily
  • Zoning: LARD1.5
  • Building Class: C
  • APN/Parcel ID: 7420-023-022
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Property Description

*** Palm View Terrace is offered for sale as part of 3 building, 24 unit Wilmington portfolio that may be purchased collectively or individually. ***

Lucrum Group is proud to present Palm View Terrace, a stunning 2 story, 9-unit multifamily investment property. This garden-style, corner lot apartment building boasts curb appeal, totals ±6,424 building square feet on a ±7,234 sq. ft. lot and is zoned LARD1.5.

The building construction is made of wood frame and stucco exterior with brick accent. The building was built in 1964 and tastefully renovated in 2023 including a full remodel of 5 of the 9 units, new lighting fixtures, windows, newer roof, drought resistant landscaping, and freshly painted exterior. The unit mix is comprised of 7 one-bedroom/one-bath units, 1 two-bedroom/one-bath unit, and 1 two-bedroom/two-bath unit.  Apartment units include wall A/C units and are separately metered for gas & electricity. Unit #1 features a large private gated patio and garners a premium rent. In addition, drawings have been completed for an ADU comprised of 1 two-bedroom/one unit totaling +/- 749 square feet.

Common area amenities include a laundry room and 9 on-site parking spaces (2×2 Carport+5 Tuck-under). Access to parking is via gated entry from an alley off W Opp St. There is additional storage space beneath the stairwells for potential added income. Aesthetically, the property gushes with pride of ownership, charm and offers some of the nicest apartment rentals in Wilmington for a few lucky tenants to be proud to call their home.

Palm View Terrace is ideally located in a desirable residential community of Wilmington within Los Angeles County, offering residents easy access to a host of amenities and nearby cities. Situated near cities like Long Beach, San Pedro, Carson, Torrance, and Lakewood, this property benefits from a convenient location within proximity to various shopping centers, restaurants, entertainment venues, and recreational facilities. The building is a short distance drive to the 110 and 1 Freeways. It is roughly 15 minutes driving to Long Beach Harbor and the Queen Mary. Nearby destinations include Los Angeles Harbor College and Ken Malloy Harbor Regional Park which is approximately one and a half miles away for residents to enjoy some recreation time.

The property itself boasts a 91 Walk Score and 84 Bike Score as it is near many stores and restaurants.

Property Highlights

  • 50% rental upside potential
  • Quality investment with a current cap rate of 5.26% and a projected stabilized cap rate of 9.48%
  • Renovated in 2023, ensuring modern and attractive units
  • Drawings completed for a 2+1 ADU unit
  • Well-maintained with new roof, exterior paint, windows, light fixtures, and landscaping
  • Attractive unit mix, catering to diverse tenant preferences
  • Coveted Wilmington submarket with high demand for multifamily properties
  • On-site parking and laundry room
  • Plenty of storage space

Sales Team

Raymond A. Rodriguez IV

Founding PartnerMultifamily Investment Sales
866.582.7865 CA License: 01402283 Download Bio

Scotty Weisstein

PartnerMultifamily Investment Sales
818.205.8847 CA License: 01483264 Download Bio

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