823 Lagoon Ave Wilmington, CA 90744-4352

Property Details for 823 Lagoon Ave

Year built

1965

Construction

WOOD

Lot size

0.17 lot acres

Property size

5,301 SF

Zone code

LARD1.5

Property type

Apartment buildings

APN

7416-025-027

APU

7416025027

Description

This exceptional 7-unit apartment building in Wilmington, CA presents a compelling investment opportunity. The property, located at 823 N Lagoon Ave, boasts a desirable 6.36% current cap rate and a pro-forma cap rate of 8.26%, promising strong returns. Built in 1965 and extensively renovated in 2023, this two-story building (5,301 sq ft) sits on a 7,512 sq ft lot zoned LARD1.5. The renovation included complete interior unit remodels, a new roof, windows, and drought-tolerant landscaping. Electrical sub-panels were also replaced in May 2024. The unit mix comprises four one-bedroom/one-bath, one two-bedroom/two-bath, and two two-bedroom/one-and-a-half-bath townhome-style units, all featuring updated kitchens, bathrooms, flooring, and ample storage. The building also includes a laundry room and on-site garage parking for seven cars. Architectural drawings for an additional 760 sq ft, two-bedroom/two-bath ADU are included. Currently at 100% occupancy, the property generates a net operating income (NOI) of $114,216, with a pro-forma NOI of $148,298. The asking price is $1,795,000 ($338.62/sq ft and $256,429/unit). Its prime location offers easy access to freeways (110 and 1), Long Beach Harbor, and various amenities, boasting a 98 Walk Score and 86 Bike Score. This turnkey asset is ideal for investors seeking a low-maintenance, high-income-producing property with significant upside potential.

Location Insight

City

Wilmington

County

Los Angeles

State

California

Longitude

-118.268

Latitude

33.7804

CBSA code

31080

CBSA name

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

Property Tax & Assessments