1043 Island Avenue, Wilmington, CA 90744

About this property

We are pleased to present this 4 unit apartment community located in the heart of Wilmington. The offering consists of four 1 bedroom units. One unit will be delivered vacant at close of escrow allowing for an ideal owner-user opportunity. Two units includes washer/dryer hookups. In total, the buildings sit on a 7,111 sq ft lot and feature 3 open parking spaces. Offered at $193k/unit, this opportunity allows an astute investor to add value to the property as tenants turnover. The property has strong day 1 income operating at a 4.69% Cap Rate & 13.21 GRM. There is rental upside potential to a 7.55% Pro-Forma Cap Rate & 9.50 Pro-Forma GRM. This property is a part of a 8 building portfolio ranging from apartments, commercial, mixed use and a hotel. Each property in the portfolio is being offered individually or can be bought together! Each building in the portfolio is less than a mile away from each other and most are within a few blocks of each other.

Listing description from the April 2023 sale, as reported to CRMLS.

Sale history

$765,000

Sold April 2023 · listed $775,000, on market February 2023 · MLS #23245365 · Source: CRMLS

Listing Agent: John Katnik · Listing Office: BRC Advisors- BH · Bought with: Alan Cruz · Trans United R.E. & Loans

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