Thank you
Vlad Rodov
West Shores Realty, Inc.
310-541-8000
Development opportunity. Cash cow building + Value add! 2 lots with 2 APNs. (7416-032-028 - 7,247sf per assessor) and (7416-032-027 - 7,244sf per assessor) Building sits on one APN, buyer can re-develop or sell the other APN. City says minimum 3 (non-rent controlled) units can be added to the vacant lot. Buyer to check. Beautiful character Spanish style building with tile roof. Bread and butter pride of ownership well-maintained 10 units. Significant RENTAL UPSIDE (raise rents, rent out parking spaces) + add laundry machines for more income. See for yourself - the last rental - apt 4 was rented in December 2023 for $1,500. Market rent is about $16,400/ month, or $196,800/ year. 2023-2024 upgrades - exterior paint, stairs, upper and lower decks refinished, new fence, landscaping, auto sprinklers. Capital improvements since purchase in August 2015 - new main drain line from the building to the street (apx 150 feet). Fresh water lines (copper and pex combination) from main meter. New electrical wiring from meters to subpanels, new subpanels, panels, main breakers, Edison meters (10 units + house meter). Permits will be uploaded to supplements. Parking lot re-paved in 2015. Note -units #5,10 are bigger than the rest. Units #4,9 are studios.
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Water Source : Public
Sewer : Public Sewer
Year Built: 1928
Building Area Total: 6,312
None
Common Area
Lot Dimensions Source: Public Records
Lot Size Acres: 0.3327
Lot Size Dimensions: 145 x 100
Lot Size Source: Assessor
Lot Size Square Feet: 14491
Original List Price: 1,595,000
Listing Contract Date: 2024-01-08
Listing Agreement: Exclusive Right To Sell
Parcel Number: 7416032028
Garage Description: None
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: 195 - West Wilmington
Postal Code Plus 4: 4439
Directions: turn north from Anaheim street on Fries. Property is on the east side of the street.
Zoning: LARD1.5
Source Property Type: Residential Income
Area: 195 - West Wilmington
Property SubType: Apartment
Property Age: 96
Common Walls: No Common Walls
Structure Type: Apartment
Year Built Source: Public Records
Entry Level: 1
Entry Location: facade
Levels or Stories: Two
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
705 Mcdonald Avenue, Wilmington, CA,90744 | $810,000 | 6 | -- | 2,055 | 4801 Sqft |
1305 E O Street, Wilmington, CA,90744 | $680,000 | 4 | 2 | 1,523 | 5015 Sqft |
725 Broad Avenue, Wilmington, CA,90744 | $1,300,000 | -- | -- | -- | 13579 Sqft |
561 E Opp Street, Wilmington, CA,90744 | $289,000 | -- | -- | -- | 5926 Sqft |
1137 W Grant Street, Wilmington, CA,90744 | $699,800 | 3 | 2 | 1,466 | 7672 Sqft |
561 E Opp Street, Wilmington, CA,90744 | $289,000 | -- | -- | 400 | 5926 Sqft |
1427 W I Street, Wilmington, CA,90744 | $685,000 | 3 | 2 | 1,112 | 4477 Sqft |
718 N Avalon, Wilmington, CA,90744 | $3,950,000 | -- | -- | -- | 43449 Sqft |
1122 Island Ave, Wilmington, CA,90744 | $925,000 | 4 | 2 | 1,750 | 7500 Sqft |
1509 E L Street, Wilmington, CA,90744 | $625,000 | 4 | 2 | 1,350 | 5207 Sqft |
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ByOwner last updated this listing 05/18/2024 @ 16:20
MLS: PW24004528
LISTED BY: Vlad Rodov, West Shores Realty, Inc.
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.