1411 Lagoon Ave, Wilmington, CA 90744

1411 Lagoon Ave, Wilmington, CA 90744

Wilmington, CA

Property Description

We are pleased to present two houses on a lot located in Wilmington, CA. The house to the south side will be delivered vacant and consists of a 2-story building featuring all new electrical, new flooring, new windows, new doors, and new electric HVAC. The top floor consists of a large, modern open-concept, one-bedroom & one-bath floor plan. The bottom floor of this house is a very large 2-car garage currently used as a “man-cave” featuring premium finishes and a bathroom (this garage conversion is non-conforming). This house presents a fenced front patio, a private back patio, off-street parking at the front of the property and two washer and dryer hookups – one on the top floor and one in the lower patio area. In addition, the house to the north side is an oversized two-bedroom & one-bath home with a bonus room. This house is currently rented at $2,100 per month (month to month) and features a small front yard and a very large private back patio. These houses offer great privacy from each other and all utilities —including the water meter— are completely separated. The subject property offers easy access to Pacific Coast Highway and just a short 3-minute walk to the Wilmington Plaza Shopping Center that includes Gonzalez Northgate Market, CVS Pharmacy, Goodwill Store & Donation Center, Chase Bank and more. Conveniently located in close proximity to Fries Avenue Elementary School, Wilmington Middle School and Phineas Banning High School.

Property Features

  • Sale Price: $780,000
  • Area Size: 1,536 Sq. Ft.
  • Land Area: 5,549 Sq. Ft.
  • Year Built: 1926
  • Listing Date: 5/20/2023
  • Closing Date: 7/1/2023
  • Units: 2
  • Current GRM: 16.17
  • Current Cap Rate: 3.72%
  • Price Per Unit: $392,500
  • Market GRM: 12.59
  • Market Cap Rate: 5.42%
  • Current NOI: $29,172

Lyon Stahl Investment Real Estate

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