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… Read More 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 & 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 and all reasonable offers will be considered, 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. Read Less
Property listed by Equity Union, Raymond Rodriguez 818-581-5829
Listing Snapshot
Days Online
270
Last Updated
Property Type
Apartment
Lot Size
0.17 Acres
Year Built
1965
MLS Number
SR24206788
30 Days Snapshot Of 90744
$719k
+13%
(avg) sold price
6
-33%
homes sold
55
-30%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1965, Building area total: 5,301, Levels: Two, 2 stories, 1 building, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Golf, WaterSports
Expenses
Operating expense: $59,619
Garage
7 spaces
Income
Gross income: $180,432, Net operating income: $115,401
Laundry
CommonArea
Lot
0.1725 acres, 7,512 square feet, Size: 7,512
Parking
7 totals parking, Garage
Pool
None
Property
Zoning: LARD1.5
Sewer
PublicSewer
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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