Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Type

Apartment

Bedrooms

16

Building size

10,448 sqft

Lot size

0.31 sqft

Year built

1963

Stories

2

Garage spaces

0

Pool

None

Status

Active

Days on market

69

MLS #

245796923

About this property

The Mogharebi Group is pleased to present the opportunity to acquire a 16-unit apartment community located at 720 North Wilmington Boulevard in the City of Wilmington, California. Situated on a 13,398 square foot lot, the property consists of two two-story residential buildings totaling approximately 10,488 square feet and features an attractive unit mix of sixteen two-bedroom, one-bathroom apartments. The Current capitalization rate is 5.10% at asking price and the Market capitalization rate exceeds 8%. The property offers investors the opportunity to acquire a well-located workforce housing asset in one of Los Angeles County's strongest rental markets. All units are individually metered for gas and electricity, significantly reducing owner operating expenses, while tenants benefit from convenient on-site parking and landscaped courtyard areas. Every apartment is a desirable two-bedroom floor plan featuring vinyl flooring and carpet in the living areas, Formica countertops, gas wall heating, range/oven, refrigerator, hood fan, and garbage disposal. The property includes sixteen surface parking spaces, central gas water heating, and attractive landscaped common areas. Located just minutes from the Port of Los Angeles, Interstate 110, SR-47, and numerous major employment centers throughout the South Bay and Harbor region, the property benefits from consistent tenant demand driven by port-related employment, logistics, manufacturing, healthcare, and transportation industries. The central location also provides convenient access to Downtown Long Beach, San Pedro, Carson, and Torrance. l. Investment Highlights • 16 spacious two-bedroom, one-bathroom apartment homes • Two-story apartment community on approximately 13,398 SF lot • Approximately 10,488 rentable square feet • RUBS partially in place • Individually metered for gas and electricity • Sixteen on-site surface parking spaces • Landscaped courtyard setting • Strong workforce housing location serving the Port of Los Angeles and South Bay employment centers • Opportunity to increase income through unit upgrades and professional management • Excellent long-term hold in a high-demand Los Angeles County rental market

Location

724 N Wilmington

Wilmington, Los Angeles, CA, 90744