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203 W Opp Street, Wilmington, CA 90744
$1,815,000
203 W Opp Street, Wilmington, CA 90744View this property at 203 W Opp Street, Wilmington, CA 90744
203 W Opp StreetWilmingtonCA90744
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Property Description
*** Palm View Terrace 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 Palm View Terrace, a stunning 2 story, 9-unit multifamily investment property. This garden-style, corner lot apartment building boasts curb appeal, totals ±6,424 building square feet on a ±7,234 sq. ft. lot and is zoned LARD1.5.
The building construction is made of wood frame and stucco exterior with brick accent. The building was built in 1964 and tastefully renovated in 2023 including a full remodel of 5 of the 9 units, new lighting fixtures, windows, newer roof, drought resistant landscaping, and freshly painted exterior. The unit mix is comprised of 7 one-bedroom/one-bath units, 1 two-bedroom/one-bath unit, and 1 two-bedroom/two-bath unit. Apartment units include wall A/C units and are separately metered for gas & electricity. Unit #1 features a large private gated patio and garners a premium rent. In addition, drawings have been completed for an ADU comprised of 1 two-bedroom/one-bath unit totaling +/- 749 square feet.
Common area amenities include a laundry room and 9 on-site parking spaces (2×2 Carport+5 Tuck-under). Access to parking is via gated entry from an alley off W Opp St. There is additional storage space beneath the stairwells for potential added income. Aesthetically, the property gushes with pride of ownership, charm and offers some of the nicest apartment rentals in Wilmington for a few lucky tenants to be proud to call their home.
Palm View Terrace is ideally located in a desirable residential community of Wilmington within Los Angeles County, offering residents easy access to a host of amenities and nearby cities.
The property itself boasts a 91 Walk Score and 84 Bike Score as it is near many stores and restaurants.
Property Highlights:
+ 50% rental upside potential
+ Quality investment with a current cap rate of 5.26% and a projected stabilized cap rate of 9.48%
+ Renovated in 2023, ensuring modern and attractive units
+ Drawings completed for a 2+1 ADU unit
+ Well-maintained with new roof, exterior paint, windows, light fixtures, and landscaping
+ Attractive unit mix, catering to diverse tenant preferences
+ Coveted Wilmington submarket with high demand for multifamily properties
+ On-site parking and laundry room
+ Plenty of storage space
Full Property Details
Full Property Details for 203 W Opp St
General
- Sold For: $1,815,000
- Status: Closed
- Type: Multi-Family
- MLS ID: SR23121024
- Added to Site: 344 day(s) ago
Rooms
Other Rooms
- Laundry: Common Area, See Remarks
Additional Information
- Pool Description: None
Parking
- Parking Features: Carport, On-Site, Parking Space, See Remarks
- Parking: Carport, On-Site, Parking Space, See Remarks
Location
- Area: 195 - West Wilmington
- County: Los Angeles
- Development Name: 195 - West Wilmington
- Driving Directions: 203 W Opp St. Wilmington, CA 90744
Utilities
- Sewer: Public Sewer
- Water: Public
- # Water Meters: 1
- # Gas Meters: 9
- # Electric Meters: 9
Structural Information
- Entry Location: Ground Level w/ Steps
- Square Feet: 6,424
- Year Built: 1964
Unit Information
Unit 1
- Number of Units: 6
- Total Bathrooms: 1
- Bedrooms: 1
Unit 2
- Number of Units: 1
- Total Bathrooms: 1
- Bedrooms: 1
Unit 3
- Number of Units: 1
- Total Bathrooms: 1
- Bedrooms: 2
Unit 4
- Number of Units: 1
- Total Bathrooms: 2
- Bedrooms: 2
Lot Features
- Lot Size (Acres): 0.1661
- Lot Size Source: Public Records
- Lot Description: Lot 6500-9999
Financial Considerations
- Price Per Sq. Ft.: $282.53
- Price Per Unit: 213889
Disclosures and Reports
- Buyer’s Brokerage Compensation: 2%
Listed by Keller Williams Realty Calabasas, Raymond Rodriguez
Sold by Lyon Stahl Investment Real Estate, Inc., Olga Wright
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Schools
Schools serving 203 W Opp St
School District:Los Angeles Unified School District
Rating | Name | Grades | Distance |
---|---|---|---|
1235 Broad Ave, Wilmington, CA 90744 | K-8 | 0.3 mi | |
1527 Lakme Ave, Wilmington, CA 90744 | 9-12 | 0.7 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 203 W Opp St
Date
Details
Price
Change
Source
10/20/2023
Sold
$1,815,000
-5.71%
MLS
8/07/2023
Price Reduced
$1,925,000
-6.1%
MLS
7/07/2023
Listed
$2,050,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
203 W Opp Street, Wilmington, CA 90744 (MLS# SR23121024) is a Multi-Family property that was sold at $1,815,000 on October 20, 2023. Want to learn more about 203 W Opp Street? Do you have questions about finding other Multi-Family real estate for sale in Wilmington? You can browse all Wilmington real estate or contact a Coldwell Banker agent to request more information.