903 Lakme Ave, Wilmington, CA 90744

Property Description

We are pleased to present this 24 unit SRO (Single Room Occupancy) located in the heart of Wilmington. The offering consists of 23 SRO units that include a private sink and 1 - 2 bedroom / 1 bathroom manager's apartment unit. All units are currently occupied on month to month terms at under market rents. In total, the building sits on a 8,636 sq ft lot and features 13 open parking spaces. Offered at $58k/bedroom and $282/ft, this opportunity allows an astute investor to add value to the property as tenants turnover. The property has strong day 1 income operating at a 6.85% Cap Rate & 7.88 GRM. There is rental upside potential to a 9.20% Pro-Forma Cap Rate & 6.47 Pro-Forma GRM. This property is a part of a 8 building portfolio in Wilmington. Each property in the portfolio is being offered individually or can be bought together! Each building in the portfolio is less than a mile away from each other and most are within a few blocks of each other.