$1,200,000
$1,260,000
4.8%For more information regarding the value of a property, please contact us for a free consultation.
5,301 SqFt
SOLD DATE : 10/27/2022
Key Details
Sold Price $1,200,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 5,301 sqft
Price per Sqft $226
Subdivision ,The North San Pedro
MLS Listing ID SR22183683
Sold Date 10/27/22
HOA Y/N No
Year Built 1965
Lot Size 7,514 Sqft
Acres 0.1725
Property Description
*** Lagoon Flats is offered for sale as part of 3 building, 24 unit Wilmington portfolio that may be purchased collectively or individually. ***
We are proud to present Lagoon Flats, a multifamily investment property totaling 7 units located at 823 Lagoon Ave. Wilmington, CA 90744. This spacious 7-unit apartment building was built in 1965. The property is 2 stories and offers 4 one-bedroom units and 3 two-bedroom/one-bath units. The apartments include wall A/C units and are separately metered for gas & electricity. The building construction is comprised of wood frame, flat roof, painted stucco exterior and brick accent.
The total building square footage is ±5,301 on a ±7,512 square foot lot zoned LARD1.5. This investment opportunity presents an ideal income property for an investor looking to acquire a value-add asset with significant rental upside potential.
Common area amenities include a laundry room and 7 on-site parking spaces (2 two-car garages and 3 one-car garages). There is a well landscaped frontage of the building. Aesthetically, the corner-lot asset has curb appeal. The property grounds and building are reasonably kept and maintained. Per LADBS website, the seismic soft-story retrofit is not required.
The building entry is accessed from Lagoon Ave.
823 Lagoon Ave. is located in a highly urbanized community of Wilmington within Los Angeles County in a community among other apartment buildings and near commercial strip centers on the main thoroughfare of Avalon Blvd. The building is a short distance drive to the 110 and 1 Fwys. It is roughly 15 minutes driving to the Long Beach Harbor and the Queen Mary. Nearby destinations include Los Angeles Harbor College and Ken Malloy Harbor Regional Park which is approximately one and a half miles away for residents to enjoy some recreation time.
The property itself boasts a 98 walk score and 86 bike score as it is in close proximity to many stores and restaurants.
Property Highlights:
+ ±67% rental upside
+ Part of a 3 building, 24 unit Wilmington portfolio
+ Curb appeal
+ Attractive unit mix
+ Spacious units
+ Garage parking per unit
+ Value-add opportunity
+ Strong rental market
+ Central location
+ Nearby freeway access
Location
State CA
County Los Angeles
Area 195 - West Wilmington
Rooms
Ensuite Laundry Common Area, See Remarks
Interior
Laundry Location Common Area,See Remarks
Fireplace No
Laundry Common Area, See Remarks
Exterior
Garage Garage, One Space, Tandem
Garage Spaces 7.0
Garage Description 7.0
Pool None
Community Features Fishing, Park, Street Lights, Sidewalks, Urban
Parking Type Garage, One Space, Tandem
Total Parking Spaces 7
Private Pool No
Building
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7416025027
Acceptable Financing Cash, Cash to New Loan, Conventional, Contract
Listing Terms Cash, Cash to New Loan, Conventional, Contract
Financing Conventional
Special Listing Condition Standard
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Bought with Raymond Rodriguez • Keller Williams Realty Calabasas
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "