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Value-add and ADU opportunity 720 King Ave 5 Unit Apartment Building $1,100,000 ($220,000/Unit) 6.24% Cap Rate Wilmington, CA 90744
Executive Summary
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.
Property Facts
| Price | $1,100,000 | Apartment Style | Low-Rise |
| Price Per Unit | $220,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.25 AC |
| Cap Rate | 6.24% | Building Size | 3,977 SF |
| Sale Condition | Redevelopment Project | Average Occupancy | 100% |
| Gross Rent Multiplier | 11.42 | No. Stories | 1 |
| No. Units | 5 | Year Built | 1924 |
| Property Type | Multifamily | Parking Ratio | 1.75/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | RD1.5 - Los Angeles City zoning site has this property zoned RD1.5. Los Angeles city has been granting density bonuses for additional units. Buyer to verify. | ||
| Price | $1,100,000 |
| Price Per Unit | $220,000 |
| Sale Type | Investment |
| Cap Rate | 6.24% |
| Sale Condition | Redevelopment Project |
| Gross Rent Multiplier | 11.42 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.25 AC |
| Building Size | 3,977 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1924 |
| Parking Ratio | 1.75/1,000 SF |
| Zoning | RD1.5 - Los Angeles City zoning site has this property zoned RD1.5. Los Angeles city has been granting density bonuses for additional units. Buyer to verify. |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | 500 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $321,300 | |
| Land Assessment | $561,000 | Total Assessment | $882,300 |
Property Taxes
Parcel Numbers
Land Assessment
$561,000
Improvements Assessment
$321,300
Total Assessment
$882,300
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Value-add and ADU opportunity | 720 King Ave
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