$1,300,000
$1,350,000
3.7%For more information regarding the value of a property, please contact us for a free consultation.
4,664 SqFt
SOLD DATE : 01/05/2024
Key Details
Sold Price $1,300,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 4,664 sqft
Price per Sqft $278
Subdivision ,The North San Pedro
MLS Listing ID SR23121145
Sold Date 01/05/24
HOA Y/N No
Year Built 1956
Lot Size 7,880 Sqft
Acres 0.1809
Property Description
*** The Eubank is offered for sale as part of 3 building, 24 unit Wilmington portfolio that may be purchased collectively or individually. ***
We are proud to present The Eubank, a charming 8-unit apartment building located at 1114 Eubank Ave. Wilmington, CA 90744. This well-maintained property offers a pro-forma cap rate of 12.11% and boasts an impressive 96% rental upside potential, presenting a lucrative opportunity for investors looking to acquire a value-added asset.
The 2-story building was built in 1956 and is constructed of wood frame and stucco exterior with natural wood accent. The property was recently renovated in 2023, offering numerous improvements including a new roof, fresh exterior paint, new windows, modern light fixtures, two new staircases, cedar siding, and beautifully landscaped drought-resistant grounds.
The total lot square footage is ±7,878 sq. ft. Building square footage totals ±4,664 sq. ft. with a zoning classification of LAR1. Each of the spacious units features two bedrooms and one bathroom, providing comfortable and functional living spaces for residents.
Common area amenities include a laundry room and 8 on-site parking spaces. Each unit is separately metered for gas & electricity. Aesthetically, the property grounds and building offer tremendous charm and curb appeal.
The building is accessible off a driveway entry off Eubank Ave.
1114 Eubank Avenue is situated in the vibrant residential community of Wilmington within Los Angeles County. This apartment building benefits from a prime location within proximity to various amenities and attractions. It is near commercial strip centers on the main thoroughfare of Anaheim St. The apartment building is a short distance drive to the 110 and 1 Fwys. It is roughly 15 minutes drive to Long Beach Harbor and the Queen Mary.
The property itself has a 65 Walk Score and 79 Bike Score as it is within reasonable distance to many stores and restaurants. The surrounding area offers a harmonious blend of residential tranquility and urban conveniences.
Property Highlights:
+ Pro-forma cap rate of 12.11%
+ 96% rental upside potential
+ Charming apartment building with 8 two-bedroom/one-bath units
+ New roof, windows, and staircases
+ Recently renovated exterior with modern improvements
+ Convenient on-site parking and laundry room
Location
State CA
County Los Angeles
Area 195 - West Wilmington
Rooms
Ensuite Laundry Common Area, See Remarks
Interior
Laundry Location Common Area,See Remarks
Fireplace No
Laundry Common Area, See Remarks
Exterior
Garage On Site, One Space, See Remarks
Pool None
Community Features Fishing, Park, Sidewalks, Urban
Parking Type On Site, One Space, See Remarks
Total Parking Spaces 8
Private Pool No
Building
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7423027022
Acceptable Financing Cash, Cash to New Loan, Conventional, Contract
Listing Terms Cash, Cash to New Loan, Conventional, Contract
Financing Cash to Loan
Special Listing Condition Standard
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Bought with Guillermo Rodriguez • Guillermo Rodriguez, Broker
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
Scott Greenspan
Broker Owner