For Sale
$8,995,000

822 Marine AveLos Angeles, CA 90744

65 Units, High ROI Potential

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a 65-unit multifamily portfolio in the thriving Wilmington, CA community. Comprising three buildings totaling 34,862 square feet, constructed between 1929 and 1960, this value-add portfolio boasts a current occupancy of 100% and a strong NOI of $555,793. The asking price is $8,995,000, translating to an attractive $138,385 per unit and a current cap rate of 6.18%. Significant upside potential exists, with a pro-forma NOI projected at $831,825 and a pro-forma cap rate of 9.25%, driven by a potential 31% rental increase. The portfolio benefits from its strategic location near the Port of Los Angeles and various industries, fueling high demand for rental housing. The properties are conveniently situated within 0.2 to 0.5 miles of each other, making them ideal for portfolio acquisition, although individual property sales may be considered. Units are primarily studios and one-bedrooms. Recent improvements include new paint, electrical panel upgrades, and new roofs. The portfolio's strong performance, coupled with its substantial upside potential, makes it a compelling investment opportunity in a rapidly growing market. The properties are eligible for 4% annual rent increases. This portfolio offers a rare chance to acquire a well-maintained, high-performing asset with significant future growth prospects in a prime location.

Highlights

  • Three-building, 65-unit (62 + 3 non-conforming) multifamily portfolio for sale in Wilmington, CA.
  • Portfolio sale preferred; individual building sales considered.
  • Strong rent collection; significant rental upside (30-33%).
  • Current cap rate 5.81% - 6.71%; market cap rate 8.70% - 9.85%.
  • Current GRM 8.91 - 9.62; market GRM 6.83 - 7.38.
  • Average price per unit: $138,385 (mix of studios and one-bedrooms).

Property Details for 822 Marine Ave

Property type
Apartment buildings
Square Feet
34,862 SF
Year Built
1929
Buildings
3
Units
65

Location Insight

City
Los Angeles
County
Los Angeles
State
California
Latitude
33.780659546461
Longitude
-118.26380053546
822 Marine Ave, Los Angeles, California

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822 Marine Ave
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