Marcus & Millichap is pleased to present a rare opportunity to purchase a 62-unit portfolio in Wilmington, CA. This three-property portfolio is located north of Anaheim Street, just miles away from the Port of Los Angeles. All three buildings are located within one mile of each other and feature singles, one-bedrooms and two-bedroom units.
This is a true value-add offering that presents an investor the opportunity to capture over 25% rental upside through renovations when the units turn. The portfolio is being offered at a low price per unit of $151,613 with impressive cash flow in-place at a 4.75% CAP rate on current income. When stabilized at pro forma rents, an investor can achieve a market GRM of 9.63. With the majority of apartment buildings in the area smaller in size, this is an unparalleled opportunity to purchase many units located so close to each other.
The Wilmington neighborhood located within the South Bay-Long Beach area of southwestern Los Angeles County continues to grow at a rapid pace and attracts residents with unparalleled access to employment and educational opportunities. The subject properties are surrounded by multiple public schools in the Los Angeles Unified School District, private schools and LA Harbor College. The Port of Los Angeles is an anchor for the economic development of the city of Wilmington and provides jobs for thousands of residents in the area.