1114 Eubank Ave, Wilmington, CA 90744

Property Description

*** The Eubank is offered for sale as part of 3 building, 24 unit Wilmington portfolio that may be purchased collectively or individually. *** We are proud to present The Eubank, a charming 8-unit apartment building located at 1114 Eubank Ave. Wilmington, CA 90744. This well-maintained property offers a pro-forma cap rate of 12.11% and boasts an impressive 96% rental upside potential, presenting a lucrative opportunity for investors looking to acquire a value-added asset. The 2-story building was built in 1956 and is constructed of wood frame and stucco exterior with natural wood accent. The property was recently renovated in 2023, offering numerous improvements including a new roof, fresh exterior paint, new windows, modern light fixtures, two new staircases, cedar siding, and beautifully landscaped drought-resistant grounds. The total lot square footage is ±7,878 sq. ft. Building square footage totals ±4,664 sq. ft. with a zoning classification of LAR1. Each of the spacious units features two bedrooms and one bathroom, providing comfortable and functional living spaces for residents. Common area amenities include a laundry room and 8 on-site parking spaces. Each unit is separately metered for gas & electricity. Aesthetically, the property grounds and building offer tremendous charm and curb appeal. The building is accessible off a driveway entry off Eubank Ave. 1114 Eubank Avenue is situated in the vibrant residential community of Wilmington within Los Angeles County. This apartment building benefits from a prime location within proximity to various amenities and attractions. It is near commercial strip centers on the main thoroughfare of Anaheim St. The apartment building is a short distance drive to the 110 and 1 Fwys. It is roughly 15 minutes drive to Long Beach Harbor and the Queen Mary. The property itself has a 65 Walk Score and 79 Bike Score as it is within reasonable distance to many stores and restaurants. The surrounding area offers a harmonious blend of residential tranquility and urban conveniences. Property Highlights: + Pro-forma cap rate of 12.11% + 96% rental upside potential + Charming apartment building with 8 two-bedroom/one-bath units + New roof, windows, and staircases + Recently renovated exterior with modern improvements + Convenient on-site parking and laundry room