823 N Lagoon Avenue
Wilmington, CA, 90744
$1,695,000
Beds
0 Baths
SqFt
0.17 Acres
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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 &#38' 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 6.81% cap rate, and attractive day-one cash flow—perfect for an investor seeking a low-maintenance, stabilized asset. The Seller is highly motivated, making this a compelling opportunity to secure a strong-performing property with potential for negotiation and value.

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.

Property Details

Price:
$1,695,000
MLS #:
SR24206788
Status:
Active
Baths:
0
Address:
823 N Lagoon Avenue
Type:
Residential Income
Subtype:
Apartment
Neighborhood:
195westwilmington
City:
Wilmington
Listed Date:
Oct 4, 2024
State:
CA
ZIP:
90744
Lot Size:
7,512 sqft / 0.17 acres (approx)
Year Built:
1965
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823 N Lagoon Avenue
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