Lagoon Flats

Wilmington, CA 90744823 Lagoon Ave.

Property Type: Multifamily
For Sale

Details

  • Price: $1,950,000
  • Cap Rate: 6.14%
  • GRM: 10.44
  • Cost per SF: $367.86
  • Cost per unit: $278,571
  • Year Built: 1965
  • Square Footage: 5,301
  • Lot Size: 7,512
  • Units: 7
  • No. Stories: 2
  • Parking: 7 Spaces
  • Transaction Type: For Sale
  • Property Type: Multifamily
  • Zoning: LARD1.5
  • Building Class: C
  • APN/Parcel ID: 7416-025-027
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Property Description

*** The Lagoon Flats is offered for sale as part of 3 building, 24-unit multifamily investment portfolio that may be purchased collectively or individually. ***

Lucrum is proud to present The Lagoon Flats, 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, new roof, windows, and drought-tolerant landscaping. 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 wood frame and stucco exterior with brick accent, flat roof, and 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 6.14% 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 Lagoon Flats 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 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 86 Bike Score as it is near many stores and restaurants.

Property Highlights

  • Lucrative investment opportunity with a cap rate of 6.14%
  • Drawings completed for a 2+2 ADU unit
  • 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

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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Once you schedule a call, you’ll have taken the first step to getting the representation you deserve.

4353 Park Terrace Drive #100
Westlake Village, CA 91361