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903 Lakme Ave Wilmington, CA 90744
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Key Details
Sold Price $1,450,000
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 5,140 sqft
Price per Sqft $282
MLS Listing ID 23-249057
Sold Date 04/06/23
Bedrooms 25
Year Built 1923
Lot Size 8,636 Sqft
Acres 0.1983
Property Description
We are pleased to present this 24 unit SRO (Single Room Occupancy) located in the heart of Wilmington. The offering consists of 23 SRO units that include a private sink and 1 - 2 bedroom / 1 bathroom manager's apartment unit. All units are currently occupied on month to month terms at under market rents. In total, the building sits on a 8,636 sq ft lot and features 13 open parking spaces. Offered at $58k/bedroom and $282/ft, this opportunity allows an astute investor to add value to the property as tenants turnover. The property has strong day 1 income operating at a 6.85% Cap Rate & 7.88 GRM. There is rental upside potential to a 9.20% Pro-Forma Cap Rate & 6.47 Pro-Forma GRM. This property is a part of a 8 building portfolio in Wilmington. Each property in the portfolio is being offered individually or can be bought together! Each building in the portfolio is less than a mile away from each other and most are within a few blocks of each other.
Location
State CA
County Los Angeles
Area East Wilmington
Zoning LAR3
Rooms
Other Rooms None
Interior
Interior Features None
Heating Central
Cooling None
Fireplaces Type None
Equipment None
Laundry None
Exterior
Parking Features Uncovered, Unassigned
Garage Spaces 13.0
Pool None
Handicap Access None
Building
Story 2
Others
Special Listing Condition Standard
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The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
Bought with Keller Williams Downtown LA