203 W Opp St, Wilmington, CA 90744

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. *** We are 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-bath 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. 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