822 Marine Ave Los Angeles, CA 90744

Property Details for 822 Marine Ave

Year built

1930

Construction

WOOD

Lot size

0.35 lot acres

Property size

11,298 SF

Zone code

LARD1.5

Property type

Apartment buildings

APN

7423-003-005

APU

7423003005

Description

This exceptional investment opportunity presents a 65-unit multifamily portfolio in the thriving Wilmington, CA community. Comprising three buildings totaling 34,862 square feet, constructed between 1929 and 1960, this value-add portfolio boasts a current occupancy of 100% and a strong NOI of $555,793. The asking price is $8,995,000, translating to an attractive $138,385 per unit and a current cap rate of 6.18%. Significant upside potential exists, with a pro-forma NOI projected at $831,825 and a pro-forma cap rate of 9.25%, driven by a potential 31% rental increase. The portfolio benefits from its strategic location near the Port of Los Angeles and various industries, fueling high demand for rental housing. The properties are conveniently situated within 0.2 to 0.5 miles of each other, making them ideal for portfolio acquisition, although individual property sales may be considered. Units are primarily studios and one-bedrooms. Recent improvements include new paint, electrical panel upgrades, and new roofs. The portfolio's strong performance, coupled with its substantial upside potential, makes it a compelling investment opportunity in a rapidly growing market. The properties are eligible for 4% annual rent increases. This portfolio offers a rare chance to acquire a well-maintained, high-performing asset with significant future growth prospects in a prime location.

Location Insight

City

Wilmington

County

Los Angeles

State

California

Longitude

-118.263

Latitude

33.7807

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments