1147 N Marine Ave, Wilmington, CA 90744

1147 N Marine Ave, Wilmington, CA 90744

Wilmington, CA
$ 785,000.00

Property Description

We are pleased to present this 4 unit apartment community located in the heart of Wilmington. The offering consists of (4) 1 Bed / 1 Bath units. Each apartment unit includes a washer/dryer hookup and brand new water heaters as of Feb 2024. In total, the buildings sit on a 6,697 sq ft lot and feature 4 single car garages. Tenants pay for electricity and gas. There is ONE water meter and 4 electrical panels and 4 gas meters. There is rental upside potential to a 8.71% Pro-Forma Cap Rate & 8.10 Pro-Forma GRM. There is a 648 sq ft garage in the back with RTI plans for (2) ADUs consisting of 1+1. Plans are fully approved and are ready for construction! This could ultimately be converted into a 6 unit apartment building. Property can be financed through a residential loan

Property Features

  • Sale Price: $ 785,000.00
  • Area Size: 2,400 Sq. Ft.
  • Land Area: 6,699 Sq. Ft.
  • Year Built: 1923
  • Listing Date: 2/13/2024
  • Closing Date: 3/11/2024
  • Units: 4

Lyon Stahl Investment Real Estate

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