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1147 N Marine Avenue

Wilmington, CA 90744
  • $775,000
  • STATUS: Active Under Contract
  • ON SITE: 15 Days
  • ID#: SB24030389
Under Contract
UPDATED: 199 min ago
$775,000
  • 0
    BEDS
  • 0.15
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1923
County:

School Ratings & Info

Listing Agent(s): Evelyn Baez Gonzalez of Lyon Stahl Investment Real Estate, Inc. (310-425-9838)


Description

We are pleased to present this 4 unit apartment community located in the heart of Wilmington. The offering consists of (4) 1 Bed / 1 Bath units. Eachapartment unit includes a washer/dryer hookup and brand new water heaters as of Feb 2024. In total, the buildings sit on a 6,697 sq ft lot and feature 4 single car garages. Tenants pay for electricity and gas. There is ONE water meter and 4 electrical panels and 4 gas meters. There is rental upside potential to a 8.71% Pro-Forma Cap Rate & 8.10 Pro-Forma GRM. There is a 648 sq ft garage in the back with RTI plans for (2) ADUs consisting of 1+1. Plans are fully approved and are ready for construction! This could ultimately be converted into a 6 unit apartment building. Property can be financed through a residential loan.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-28T00:30:24.937. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Berkshire Hathaway HomeServices California Properties. Licensed in the State of California, USA.
www.kevinhillre.com/homes/147562918
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1147 N Marine Avenue Wilmington, CA 90744

  • Price: $775,000
  • Status: Active Under Contract
  • On Site: 15 Days
  • Updated: 199 min ago
  • ID#: SB24030389
0
Beds
0
Baths
0
½ Baths
0.15
Acres
1923
Built
Neighborhood:
195 - West Wilmington
County:
Los Angeles
Area:
195 - West Wilmington
Property Description
We are pleased to present this 4 unit apartment community located in the heart of Wilmington. The offering consists of (4) 1 Bed / 1 Bath units. Eachapartment unit includes a washer/dryer hookup and brand new water heaters as of Feb 2024. In total, the buildings sit on a 6,697 sq ft lot and feature 4 single car garages. Tenants pay for electricity and gas. There is ONE water meter and 4 electrical panels and 4 gas meters. There is rental upside potential to a 8.71% Pro-Forma Cap Rate & 8.10 Pro-Forma GRM. There is a 648 sq ft garage in the back with RTI plans for (2) ADUs consisting of 1+1. Plans are fully approved and are ready for construction! This could ultimately be converted into a 6 unit apartment building. Property can be financed through a residential loan.
Exterior Features

Architectural Style Colonial Entry Level 2 Entry Location 2 Fencing None Lot Features 0-1 Unit/Acre Number Of Separate Electric Meters 4 Parking Total 4 Pool Features None Pool Private YN No Property Attached YN Yes Roof None Spa Features None Spa YN No View None View YN No

Interior Features

Common Walls 1 Common Wall Cooling None Cooling YN No Fireplace Features None Fireplace YN No Flooring Carpet Heating Wall Furnace Heating YN Yes

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 3.51 Common Interest None Community Features Sidewalks Contingency All offers to be submitted Evelyn@lyonstahl.com Electric Standard Garage YN Yes Gross Income 330 Gross Scheduled Income 48072 Insurance Expense 2288 Land Lease YN No Laundry Features Inside Levels One Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to New LoanConventionalContract1031 Exchange Net Operating Income 24555 New Construction YN No Number Of Separate Gas Meters 4 Number Of Separate Water Meters 1 Number Of Units Leased 4 Operating Expense 21113 Other Expense 0 Property Sub Type Quadruplex Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays Cable TVElectricity Total Actual Rent 3784 Trash Expense 200 Utilities Water Available Vacancy Allowance Rate 3 Water Sewer Expense 200 Water Source Public Zoning LAR1



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-28T00:30:24.937. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Berkshire Hathaway HomeServices California Properties. Licensed in the State of California, USA.
 
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Berkshire Hathaway HomeServices California Properties
25909 Pala Dr, Suite 100
Mission Viejo CA, 92691
Listing Agent(s): Evelyn Baez Gonzalez of Lyon Stahl Investment Real Estate, Inc. (310-425-9838)