Palm View Terrace

Wilmington, CA 90744203 W Opp St.

Property Type: Multifamily
Sold/Closed

Details

  • Price: $1,500,000
  • Cap Rate: 4.81%
  • GRM: 12.73
  • Cost per SF: $233.50
  • Cost per unit: $166,667
  • Year Built: 1964
  • Square Footage: 6,424
  • Lot Size: 7,234 SF
  • Units: 9
  • No. Stories: 2
  • Parking: 9 Spaces
  • Transaction Type: Sold/Closed
  • 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 multifamily investment property totaling 9 units located at 203 W Opp St. Wilmington, CA 90744. This spacious 9-unit apartment building was built in 1964. The property is 2 stories and offers 7 one-bedroom units, 1 two-bedroom/one-bath units, and 1 two-bedroom/two-bath unit. Apartments include wall A/C units and are separately metered for gas & electricity. Unit #1 comes with a private gated patio.  The building construction is comprised of wood frame with a flat roof and painted stucco exterior.

The total building square footage is ±6,424 on a ±7,234 square foot lot zoned LARD1.5. This investment opportunity presents an ideal income property for an investor looking to acquire a value-add asset with significant rental upside potential.

Common area amenities include a laundry room and 9 on-site parking spaces (2×2 Carport+5 Tuck-under). There is additional storage space beneath the stairwells for potential added income. The property is located on a corner lot and offers nice curb appeal. Aesthetically, the grounds and building are reasonably kept and maintained.

The building has gated entry from an alley off of W Opp St.

203 W Opp St. is located in a highly urbanized community of Wilmington, CA within Los Angeles County in a community among other apartment buildings and near commercial strip centers on the main thoroughfare of Avalon Blvd. The building is a short distance drive to the 110 and 1 Fwys. It is roughly 15 minutes driving to the 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 in close proximity to many stores and restaurants.

Property Highlights

  • ±56% rental upside
  • Part of a 3 building, 24 unit Wilmington portfolio
  • Curb appeal
  • Attractive unit mix
  • Spacious units
  • Corner lot property
  • Value-add opportunity
  • Strong rental market
  • Central location
  • Excellent freeway access

Sales Team

Raymond A. Rodriguez IV

Founding PartnerMultifamily Investment Sales
866.582.7865 ray@lucrumre.com CA License: 01402283 Download Bio

Scotty Weisstein

PartnerMultifamily Investment Sales
818.205.8847 scotty@lucrumre.com CA License: 01483264 Download Bio

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23975 Park Sorrento Suite 110
Calabasas, CA 91302