906 N Fries Avenue
Wilmington,
CA
90744
Property Details
List Price: |
$1,595,000 |
Beds: |
8 |
Baths: |
10 |
Status: |
Pending |
SqFt: |
6312 |
Agency: |
West Shores Realty |
Description/Comments
Lot Size: |
14,491 sqft |
Property Type: |
MultiFamily |
Year Built: |
1928 |
Notes: |
Development opportunity. Cash cow building + Value add! 2 lots with 2 APNs. (7416-032-028 - 7,247sf per assessor) and (7416-032-027 - 7,244sf per assessor) Building sits on one APN, buyer can re-develop or sell the other APN. City says minimum 3 (non-rent controlled) units can be added to the vacant lot. Buyer to check. Beautiful character Spanish style building with tile roof. Bread and butter pride of ownership well-maintained 10 units. Significant RENTAL UPSIDE (raise rents, rent out parking spaces) + add laundry machines for more income. See for yourself - the last rental - apt 4 was rented in December 2023 for $1,500. Market rent is about $16,400/ month, or $196,800/ year.<br />
<br />
2023-2024 upgrades - exterior paint, stairs, upper and lower decks refinished, new fence, landscaping, auto sprinklers. Capital improvements since purchase in August 2015 - new main drain line from the building to the street (apx 150 feet). Fresh water lines (copper and pex combination) from main meter.<br />
<br />
New electrical wiring from meters to subpanels, new subpanels, panels, main breakers, Edison meters (10 units + house meter). Permits will be uploaded to supplements. Parking lot re-paved in 2015. Note -units #5,10 are bigger than the rest. Units #4,9 are studios. |
MlsNumber: |
PW24004528 |
Estimate Your Monthly Payment
Listing Provided By: |
West Shores Realty, original listing |
Name: |
West Shores Realty |
Phone: |
(310) 541-8000 |
Office Name: |
West Shores Realty, Inc. |
Office Phone: |
(310) 541-8000 |
Agent Name: |
Vlad Rodov |
Disclaimer: |
Copyright © 2024 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified. |