823 Lagoon Ave, Wilmington, CA 90744

Property Description

*** Lagoon Flats 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 Lagoon Flats, a multifamily investment property totaling 7 units located at 823 Lagoon Ave. Wilmington, CA 90744. This spacious 7-unit apartment building was built in 1965. The property is 2 stories and offers 4 one-bedroom units and 3 two-bedroom/one-bath units. The apartments include wall A/C units and are separately metered for gas & electricity. The building construction is comprised of wood frame, flat roof, painted stucco exterior and brick accent. The total building square footage is ±5,301 on a ±7,512 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 7 on-site parking spaces (2 two-car garages and 3 one-car garages). There is a well landscaped frontage of the building.  Aesthetically, the corner-lot asset has curb appeal.  The property grounds and building are reasonably kept and maintained.  Per LADBS website, the seismic soft-story retrofit is not required. The building entry is accessed from Lagoon Ave. 823 Lagoon Ave. is located in a highly urbanized community of Wilmington 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 98 walk score and 86 bike score as it is in close proximity to many stores and restaurants. Property Highlights: + ±67% rental upside + Part of a 3 building, 24 unit Wilmington portfolio + Curb appeal + Attractive unit mix + Spacious units + Garage parking per unit + Value-add opportunity + Strong rental market + Central location + Nearby freeway access