1043 Island Ave, Wilmington, CA 90744
- $765,000
- 4
- BD
- 4
- BA
- 2,192
- SqFt
- Sold Price
- $765,000
- List Price
- $775,000
- Closing Date
- Apr 28, 2023
- MLS#
- 23-245365
- Status
- SOLD
- Type
- Multifamily
- Bedrooms
- 4
- Bathrooms
- 4
- Living Area
- 2,192
Property Description
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.
Additional Information
- Year Built
- 1923
- Garage
- Uncovered
Mortgage Calculator
Courtesy of BRC Advisors- BH, John Katnik. Selling Office: .
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