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943 Broad Ave 2835 Unit Apartment Building $1,899,000 ($670/Unit) 6.61% Cap Rate Wilmington, CA 90744
Investment Highlights
- High-Capacity Living: Three spacious 5-bed, 3-bath units with private balconies and six secured parking spots.
- Low-Overhead Management: All units are separately metered for utilities to minimize landlord expenses.
- Modern 2019 Construction: Features 5,100 sq. ft. of contemporary living space with premium finishes throughout.
- Exceptional 6%+ Cap Rate: A high-yield, turn-key asset offering immediate and strong cash flow.
- Exempt from Rent Control: AB 1482 exemption allows for maximum rental upside and management flexibility.
Executive Summary
Excellent investment opportunity to own a modern triplex built in 2019, boasting an impressive cap rate of over 6%. Notably, this property is NOT subject to rent control (AB 1482 exempt), providing a significant advantage for future rental upside and investment flexibility. This expansive 5,100 sq. ft. property consists of three spacious units, each featuring 5 bedrooms and 3 full bathrooms with bright, open floor plans. The interiors are finished with premium granite countertops, durable tile flooring in the living areas, and stylish laminate in all bedrooms. Designed for low-overhead management, each unit is separately metered for water, electricity, and gas, significantly minimizing owner maintenance expenses. Residents will enjoy private balconies with outside views, individual laundry areas, and a private, intimate green backyard for the detached unit. The property is fully gated and secured with metal screen doors, providing peace of mind and six designated parking spots. This is a rare, turn-key asset perfect for any serious investor's portfolio.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$168,360
|
$33.01
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$168,360
|
$33.01
|
| Taxes |
$23,738
|
$4.65
|
| Operating Expenses |
$19,166
|
$3.76
|
| Total Expenses |
$42,904
|
$8.41
|
| Net Operating Income |
$125,456
|
$24.60
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $168,360 |
| Annual Per SF | $33.01 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $168,360 |
| Annual Per SF | $33.01 |
| Taxes | |
|---|---|
| Annual | $23,738 |
| Annual Per SF | $4.65 |
| Operating Expenses | |
|---|---|
| Annual | $19,166 |
| Annual Per SF | $3.76 |
| Total Expenses | |
|---|---|
| Annual | $42,904 |
| Annual Per SF | $8.41 |
| Net Operating Income | |
|---|---|
| Annual | $125,456 |
| Annual Per SF | $24.60 |
Property Facts
| Price | $1,899,000 | Building Class | C |
| Price Per Unit | $670 | Lot Size | 0.18 AC |
| Sale Type | Investment | Building Size | 5,100 SF |
| Cap Rate | 6.61% | Average Occupancy | 100% |
| Gross Rent Multiplier | 11.28 | No. Stories | 2 |
| No. Units | 2835 | Year Built | 2018 |
| Property Type | Multifamily | Parking Ratio | 1.18/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | LAR3 - Residential Multiple Dwelling | ||
| Price | $1,899,000 |
| Price Per Unit | $670 |
| Sale Type | Investment |
| Cap Rate | 6.61% |
| Gross Rent Multiplier | 11.28 |
| No. Units | 2835 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 5,100 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2018 |
| Parking Ratio | 1.18/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LAR3 - Residential Multiple Dwelling |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 5+3 | 2835 | $4,743 | - |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 7423-005-035 | Total Assessment | $1,894,256 (2026) |
| Land Assessment | $1,082,432 (2026) | Annual Taxes | $23,738 ($4.65/SF) |
| Improvements Assessment | $811,824 (2026) | Tax Year | 2025 |
Property Taxes
Parcel Number
7423-005-035
Land Assessment
$1,082,432 (2026)
Improvements Assessment
$811,824 (2026)
Total Assessment
$1,894,256 (2026)
Annual Taxes
$23,738 ($4.65/SF)
Tax Year
2025
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943 Broad Ave