Shield Commercial Real Estate is proud to present this 19,140-square foot, 65-unit SRO property located at 817 North Fries Avenue in Wilmington, California. This asset is located within close proximity to Harbor Park Golf Course and the neighboring schools and colleges. It is also of walking distance to the many retail shops and markets along Avalon Boulevard and Anaheim Street. Just to the north is the historic PCH, with Wilmington Boulevard to the west. This area is a bustling retail hub which includes Food4Less, 99 Cents Only Store, and Rite Aid, along with major banks such as Chase and Wells Fargo. With direct access to the 110 & 405 Freeways, major thorough fares including Anaheim Street, PCH, and Avalon Boulevard. Additionally, the 232 Bus runs from Long Beach Blue Line to LAX. This investment possesses immediate transit to the many surrounding employment hubs of the Port of Los Angeles.
Situated on a 7,512-square foot lot, the offering contains 65 studio/one-bathroom SRO units. The property features common area bathrooms, including eight toilettes and ten showers. The property also includes four storage rooms, a basement kitchenette, and a second-floor kitchen. There currently are two laundry-facilities on-site.
817 North Fries Avenue provides an investor the opportunity to purchase a remodeled SRO property in the dense Wilmington rental market. The asset has a current 6.50% cap rate and 9.00 GRM and a pro-forma 7.88% cap rate and 7.96 GRM. Furthermore, the property is located in a state designated Opportunity Zone, which provides investors for the potential for long-term tax benefits (Buyer to verify).
*Adjacent parcels (APN: 7416-031-015/016) available for purchase for $1,750,000.*
