720 King Ave - Apartments FOR SALE


Wilmington, CA 90744
$1,100,000 USD
310-801-7373
720 King Ave, Wilmington, CA for Sale
$1,100,000 USD
Apartments - FOR SALE
1/34
null | 6.24% Cap Rate

720 King Ave
Wilmington, CA 90744


OVERVIEW

ADU Development Opportunity – 2plex + 3plex on Adjacent Lots ***Rare opportunity to acquire two properties on two side-by-side APNs with a combined lot size of 11,218 SF zoned LARD1.5, offering significant ADU expansion potential. The site configuration and zoning present the possibility to develop 7+ additional ADUs (buyer to verify with city), making this an attractive value-add and long-term unit expansion play. ***The property currently consists of total 5 units. 2 units are vacant, in rent-ready condition, allowing a buyer to lease at market rents while planning future development. Current rents are $1,424, $915, and $688, with additional income from on-site laundry. Investors benefit from existing cash flow while unlocking substantial upside through ADU development, a rare opportunity to significantly increase density and rental income on a large multifamily lot.

FOR SALE DETAILS

PRICE

$1,100,000 USD

PRICE/SF

$481 USD /SF

# OF UNITS

5

PRICE/UNIT

$220,000

CAP RATE

6.24%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Value-add and ADU opportunity

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1924

PARKING SPACES

4

LAND DETAILS

LAND ACRES

0.25 AC

LAND SF

10,890 SF

ZONING

RD1.5

APN/PARCEL ID

7416-012-007,7416-012-008

ASK ABOUT THIS PROPERTY

Olga WrightLyon Stahl Investment Real EstateMore Info
310-801-7373

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Olga WrightLyon Stahl Investment Real EstateMore Info
310-801-7373

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.