823 N Lagoon AVE Save Request In-Person Tour Request Virtual Tour
Wilmington,CA 90744
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID SR24206788
Year Built 1965
Lot Size 7,514 Sqft
Property Description
We are proud to present The Sapphire Crest, a stunning 2-story, 7-unit multifamily investment property located at 823 Lagoon Ave. Wilmington, CA. This garden-style apartment building boasts curb appeal, totals �5,301 building square feet on a �7,512 square foot lot, and is zoned LARD1.5.
The property was built in 1965 and tastefully renovated in 2023, including a remodel of all interior units, a new roof, windows, and drought-tolerant landscaping. In addition, all the electrical sub-panels are new and recently installed in May 2024. The unit mix is comprised of 4 one-bedroom/one-bath units, 1 two-bedroom/two-bath unit, and 2 two-bedroom/one and one half-bath townhome-style units. These well-appointed apartment units include wall A/C units, new flooring, kitchens, bathrooms, and plenty of cabinet and storage space. In addition, drawings have been completed for an ADU comprised of 1 two-bedroom/two-bath unit totaling +/- 760 square feet. The building construction is comprised of a wood frame and stucco exterior with brick accents, a flat roof, and a freshly painted exterior. The property is separately metered for gas & electricity. Building amenities include laundry room and garage parking for 7 cars on-site via 2 two-car garages and 3 one-car garages.
This investment opportunity presents an ideal turnkey, high-income producing asset with stabilized rents, a 6.36% Cap Rate, and attractive day-1 cash flow for an investor looking to acquire a low-maintenance stabilized asset.
Aesthetically, the property gushes with pride of ownership, and charm and offers some of the nicest apartment rentals in Wilmington for a few lucky tenants to be proud to call their home.
The Sapphire Crest is ideally located in a desirable residential community of Wilmington within Los Angeles County, offering residents easy access to a host of amenities and nearby cities. Situated near cities like Long Beach, San Pedro, Carson, Torrance, and Lakewood, this property benefits from a convenient location within proximity to various shopping centers, restaurants, entertainment venues, and recreational facilities. The building is a short distance drive to the 110 and 1 Freeways. It is a roughly 15-minute drive to Long Beach Harbor and the Queen Mary.
The property itself boasts a 98 Walk Score and 86 Bike Score as it is near many stores and restaurants.
Location
State CA
County Los Angeles
Area 195 - West Wilmington
Zoning LARD1.5
Interior
Laundry Common Area
Exterior
Garage Garage
Garage Spaces 7.0
Garage Description 7.0
Pool None
Community Features Golf,Water Sports
Building
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Acceptable Financing Cash,Cash to New Loan,Conventional,Contract
Listing Terms Cash,Cash to New Loan,Conventional,Contract
Special Listing Condition Standard