For Sale
$1,795,000

823 Lagoon Ave Los Angeles, CA 90744

7-Unit Apartment Building, High ROI

Property Records

Overview

Added:
Dec 11, 2024
Days on market:
139
This exceptional 7-unit apartment building in Wilmington, CA presents a compelling investment opportunity. The property, located at 823 N Lagoon Ave, boasts a desirable 6.36% current cap rate and a pro-forma cap rate of 8.26%, promising strong returns. Built in 1965 and extensively renovated in 2023, this two-story building (5,301 sq ft) sits on a 7,512 sq ft lot zoned LARD1.5. The renovation included complete interior unit remodels, a new roof, windows, and drought-tolerant landscaping. Electrical sub-panels were also replaced in May 2024. The unit mix comprises four one-bedroom/one-bath, one two-bedroom/two-bath, and two two-bedroom/one-and-a-half-bath townhome-style units, all featuring updated kitchens, bathrooms, flooring, and ample storage. The building also includes a laundry room and on-site garage parking for seven cars. Architectural drawings for an additional 760 sq ft, two-bedroom/two-bath ADU are included. Currently at 100% occupancy, the property generates a net operating income (NOI) of $114,216, with a pro-forma NOI of $148,298. The asking price is $1,795,000 ($338.62/sq ft and $256,429/unit). Its prime location offers easy access to freeways (110 and 1), Long Beach Harbor, and various amenities, boasting a 98 Walk Score and 86 Bike Score. This turnkey asset is ideal for investors seeking a low-maintenance, high-income-producing property with significant upside potential.

Highlights

  • 6.36% Cap Rate Investment Opportunity.
  • Architectural plans for a 2+2 Accessory Dwelling Unit (ADU) included; ADU not yet constructed.
  • Modernly renovated apartment building.
  • Excellent location in Wilmington's thriving submarket.
  • Fully remodeled unit interiors.
  • Diverse unit mix: one-bedroom, two-bedroom, and townhome units.

Property Details for 823 Lagoon Ave

Property type
Apartment buildings
Square Feet
5,301 SF
Class
C
Year Built/Renovated
1965/2023
Buildings
1
Stories
2
Units
7

Location Insight

City
Los Angeles
County
Los Angeles
State
California
Latitude
33.78045839136
Longitude
-118.26763125617

FAQs

What type of property is this?
Apartment building - 7-Unit Apartment Building, High ROI
Where is the apartment building located?
The property is located at 823 Lagoon Ave Los Angeles, CA.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: 6.36% Cap Rate Investment Opportunity.; Architectural plans for a 2+2 Accessory Dwelling Unit (ADU) included; ADU not yet constructed.; Modernly renovated apartment building.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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823 Lagoon Ave
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