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    912 Lakme Avenue

    Wilmington, CA 90744
    • $3,400,000
    • STATUS: Active Under Contract
    • ON SITE: 68 days
    • ID#: SB21107638
    Under Contract
    UPDATED: 38 min ago
    $3,400,000
    • 0
      BEDS
    • 0.36
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1962
    County:

    School Ratings & Info

    Description

    912 and 916 Lakme Avenue is an excellent investment opportunity in a quiet, residential part of Wilmington. Property consists of two side-by-side 8-unit apartment buildings on two separate lots. Buildings share common driveway and have 8 parking spaces for each (total of 16) in the rear. EXCELLENT unit mix of ALL 2bedroom/1bath units. Offered at 13.0 GRM on CURRENT income, property has substantial upside as units turn over potentially achieving nearly 7% Cap Rate. Two units are currently vacant. The property is located in the OPPORTUNITY ZONE and has potential to build 4 ADUs in the parking area. All tenants are paying. Common laundry room (equipment is not hooked up) can generate additional income.LOCATION: near the $70.8M Wilmington Waterfront Promenade and upcoming $23.8M Avalon Promenade & Gateway projects that include community park, waterfront promenade, public pier and docks, playgrounds and much more. These projects will create more space for recreational activities and provide tremendous economic benefits for the city Wilmington. READ MORE in the supplements

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-07-28T19:36:51.893. 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 Twiss Realty. Licensed in the State of California, USA.
    www.twissrealty.com/homes/117444395
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    912 Lakme Avenue Wilmington, CA 90744

    • Price: $3,400,000
    • Status: Active Under Contract
    • Updated: 38 min ago
    • ID#: SB21107638
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.36
    Acres
    1962
    Built
    Neighborhood:
    699 - Not Defined
    County:
    Los Angeles
    Area:
    699 - Not Defined
    Property Description
    912 and 916 Lakme Avenue is an excellent investment opportunity in a quiet, residential part of Wilmington. Property consists of two side-by-side 8-unit apartment buildings on two separate lots. Buildings share common driveway and have 8 parking spaces for each (total of 16) in the rear. EXCELLENT unit mix of ALL 2bedroom/1bath units. Offered at 13.0 GRM on CURRENT income, property has substantial upside as units turn over potentially achieving nearly 7% Cap Rate. Two units are currently vacant. The property is located in the OPPORTUNITY ZONE and has potential to build 4 ADUs in the parking area. All tenants are paying. Common laundry room (equipment is not hooked up) can generate additional income.LOCATION: near the $70.8M Wilmington Waterfront Promenade and upcoming $23.8M Avalon Promenade & Gateway projects that include community park, waterfront promenade, public pier and docks, playgrounds and much more. These projects will create more space for recreational activities and provide tremendous economic benefits for the city Wilmington. READ MORE in the supplements
    Exterior Features

    Lot Features Near Public TransitRectangular LotWalkstreet Number Of Separate Electric Meters 16 Open Parking Spaces 16 Parking Features Asphalt Parking Total 16 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Common Walls 2+ Common Walls

    Property Features

    Additional Parcels YN Yes Association Fee 0 Association YN No Cap Rate 4.8 Common Interest None Community Features BikingCurbsStreet LightsSidewalksUrban Electric Expense 0 Fuel Expense 0 Garage YN No Gross Income 260256 Gross Scheduled Income 260256 Insurance Expense 4400 Land Lease YN No Laundry Features None Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Conventional Maintenance Expense 10400 Net Operating Income 163470 New Construction YN No New Taxes Expense 40800 Number Of Separate Gas Meters 16 Number Of Separate Water Meters 1 Operating Expense 93319 Other Expense 4000 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 6480 Vacancy Allowance Rate 3 Water Sewer Expense 14400 Water Source Public Zoning Lard3

    Listing provided courtesy of Olga Wright of Lyon Stahl Investment Real Estate, Inc.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-07-28T19:36:51.893. 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 Twiss Realty. Licensed in the State of California, USA.
     
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