Lucrum is proud to present The Sapphire Crest, a stunning 2-story, 7-unit multifamily investment property located at 823 Lagoon Ave. Wilmington, CA. This garden-style apartment building boasts curb appeal, totals ±5,301 building square feet on a ±7,512 square foot lot, and is zoned LARD1.5.
The property was built in 1965 and tastefully renovated in 2023, including a remodel of all interior units, a new roof, windows, and drought-tolerant landscaping. In addition, all the electrical sub-panels are new and recently installed in May 2024. The unit mix is comprised of 4 one-bedroom/one-bath units, 1 two-bedroom/two-bath unit, and 2 two-bedroom/one and one half-bath townhome-style units. These well-appointed apartment units include wall A/C units, new flooring, kitchens, bathrooms, and plenty of cabinet and storage space. In addition, drawings have been completed for an ADU comprised of 1 two-bedroom/two-bath unit totaling +/- 760 square feet. The building construction is comprised of a wood frame and stucco exterior with brick accents, a flat roof, and a freshly painted exterior. The property is separately metered for gas & electricity. Building amenities include laundry room and garage parking for 7 cars on-site via 2 two-car garages and 3 one-car garages.
This investment opportunity presents an ideal turnkey, high-income-producing asset with stabilized rents, a 6.36% cap rate, and attractive day-1 cash flow for an investor looking to acquire a low-maintenance stabilized asset.
Aesthetically, the property gushes with pride of ownership and charm and offers some of the nicest apartment rentals in Wilmington for a few lucky tenants to be proud to call their home.
The Sapphire Crest 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 a roughly 15-minute drive 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 98 Walk Score and an 86 Bike Score as it is near many stores and restaurants.
+ Lucrative investment opportunity with a cap rate of 6.36%
+ HACLA outlines that the maximum allowable Section 8 Voucher Payment Standard (VPS) for a 1-bedroom unit is $2,407 and for a 2-bedroom unit is $3,052 in the zip code this property is located
+ Architectural drawings completed for a 2+2 ADU unit. The unit is not built and the property is being sold only with the drawings
+ Recently renovated apartment building with modern finishes
+ Prime location in the thriving submarket of Wilmington
+ Fully remodeled interiors for all units
+ Diverse unit mix, including one-bedroom, two-bedroom, and townhome-style units
+ New roof, exterior paint, windows, light fixtures, landscaping, and flooring
+ Low maintenance, high-income producing, pride of ownership, turnkey asset
+ On-site laundry room and garage parking
+ Easy Access to Major Freeways such as the I-710 and I-110, allowing for easy commuting and travel throughout the region
+ The area is served by various public transportation options, including bus routes and nearby Metro stations, providing convenient access to different parts of Los Angeles County
+ Easy access to Wilmington train station
+ 98 Walk Score and 86 Bike Score
Once you schedule a call, you’ll have taken the first step to getting the representation you deserve.
