903 Lakme Ave, Wilmington, CA 90744
- $1,450,000
- 25
- BD
- 4
- BA
- 5,140
- SqFt
- Sold Price
- $1,450,000
- List Price
- $1,450,000
- Closing Date
- Apr 06, 2023
- MLS#
- 23-249057
- Status
- SOLD
- Type
- Multifamily
- Bedrooms
- 25
- Bathrooms
- 4
- Living Area
- 5,140
Property Description
We are pleased to present this 24 unit SRO (Single Room Occupancy) located in the heart of Wilmington. The offering consists of 23 SRO units that include a private sink and 1 - 2 bedroom / 1 bathroom manager's apartment unit. All units are currently occupied on month to month terms at under market rents. In total, the building sits on a 8,636 sq ft lot and features 13 open parking spaces. Offered at $58k/bedroom and $282/ft, 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 6.85% Cap Rate & 7.88 GRM. There is rental upside potential to a 9.20% Pro-Forma Cap Rate & 6.47 Pro-Forma GRM. This property is a part of a 8 building portfolio in Wilmington. 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, Unassigned
Mortgage Calculator
Courtesy of BRC Advisors- BH, John Katnik. Selling Office: .
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