Sapphire Crest: 6.36% Current Cap Rate | 823 Lagoon Ave
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Sapphire Crest: 6.36% Current Cap Rate 823 Lagoon Ave
7 Unit Apartment Building $2,544,359 CAD ($363,480 CAD/Unit) 6.36% Cap Rate Wilmington, CA 90744
Investment Highlights
- Lucrative investment opportunity with a cap rate of 6.36%
- Architectural drawings completed for a 2+2 ADU unit. The unit is not built and the property is being sold only with the drawings
- Prime location in the thriving submarket of Wilmington
- HACLA’s Section 8 Voucher Payment Standard: $2,407 for a 1-bedroom, $3,052 for a 2-bedroom in this zip code
- Recently renovated apartment building with modern finishes
- Fully remodeled interiors for all units
Executive Summary
Lucrum is proud to present The Sapphire Crest, a stunning 2-story, 7-unit multifamily investment property located at 823 Lagoon Ave. Wilmington, CA. This garden-style apartment building boasts curb appeal, totals ±5,301 building square feet on a ±7,512 square foot lot, and is zoned LARD1.5.
The property was built in 1965 and tastefully renovated in 2023, including a remodel of all interior units, a new roof, windows, and drought-tolerant landscaping. In addition, all the electrical sub-panels are new and recently installed in May 2024. The unit mix is comprised of 4 one-bedroom/one-bath units, 1 two-bedroom/two-bath unit, and 2 two-bedroom/one and one half-bath townhome-style units. These well-appointed apartment units include wall A/C units, new flooring, kitchens, bathrooms, and plenty of cabinet and storage space. In addition, drawings have been completed for an ADU comprised of 1 two-bedroom/two-bath unit totaling +/- 760 square feet. The building construction is comprised of a wood frame and stucco exterior with brick accents, a flat roof, and a freshly painted exterior. The property is separately metered for gas & electricity. Building amenities include laundry room and garage parking for 7 cars on-site via 2 two-car garages and 3 one-car garages.
This investment opportunity presents an ideal turnkey, high-income-producing asset with stabilized rents, a 6.36% Cap Rate, and attractive day-1 cash flow for an investor looking to acquire a low-maintenance stabilized asset.
Aesthetically, the property gushes with pride of ownership and charm and offers some of the nicest apartment rentals in Wilmington for a few lucky tenants to be proud to call their home.
The Sapphire Crest 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. Situated near cities like Long Beach, San Pedro, Carson, Torrance, and Lakewood, this property benefits from a convenient location within proximity to various shopping centers, restaurants, entertainment venues, and recreational facilities. The building is a short-distance drive to the 110 and 1 Freeways. It is a roughly 15-minute drive to Long Beach Harbor and the Queen Mary. Nearby destinations include Los Angeles Harbor College and Ken Malloy Harbor Regional Park, which is approximately one and a half miles away for residents to enjoy some recreation time.
The property itself boasts a 98 Walk Score and 86 Bike Score as it is near many stores and restaurants.
Location Highlights
+ Easy Access to Major Freeways such as the I-710 and I-110, allowing for easy commuting and travel throughout the region
+ The area is served by various public transportation options, including bus routes and nearby Metro stations, providing convenient access to different parts of Los Angeles County
+ Easy access to Wilmington train station
+ 98 Walk Score and 86 Bike Score
The property was built in 1965 and tastefully renovated in 2023, including a remodel of all interior units, a new roof, windows, and drought-tolerant landscaping. In addition, all the electrical sub-panels are new and recently installed in May 2024. The unit mix is comprised of 4 one-bedroom/one-bath units, 1 two-bedroom/two-bath unit, and 2 two-bedroom/one and one half-bath townhome-style units. These well-appointed apartment units include wall A/C units, new flooring, kitchens, bathrooms, and plenty of cabinet and storage space. In addition, drawings have been completed for an ADU comprised of 1 two-bedroom/two-bath unit totaling +/- 760 square feet. The building construction is comprised of a wood frame and stucco exterior with brick accents, a flat roof, and a freshly painted exterior. The property is separately metered for gas & electricity. Building amenities include laundry room and garage parking for 7 cars on-site via 2 two-car garages and 3 one-car garages.
This investment opportunity presents an ideal turnkey, high-income-producing asset with stabilized rents, a 6.36% Cap Rate, and attractive day-1 cash flow for an investor looking to acquire a low-maintenance stabilized asset.
Aesthetically, the property gushes with pride of ownership and charm and offers some of the nicest apartment rentals in Wilmington for a few lucky tenants to be proud to call their home.
The Sapphire Crest 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. Situated near cities like Long Beach, San Pedro, Carson, Torrance, and Lakewood, this property benefits from a convenient location within proximity to various shopping centers, restaurants, entertainment venues, and recreational facilities. The building is a short-distance drive to the 110 and 1 Freeways. It is a roughly 15-minute drive to Long Beach Harbor and the Queen Mary. Nearby destinations include Los Angeles Harbor College and Ken Malloy Harbor Regional Park, which is approximately one and a half miles away for residents to enjoy some recreation time.
The property itself boasts a 98 Walk Score and 86 Bike Score as it is near many stores and restaurants.
Location Highlights
+ Easy Access to Major Freeways such as the I-710 and I-110, allowing for easy commuting and travel throughout the region
+ The area is served by various public transportation options, including bus routes and nearby Metro stations, providing convenient access to different parts of Los Angeles County
+ Easy access to Wilmington train station
+ 98 Walk Score and 86 Bike Score
Financial Summary (Actual - 2024) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$250,756
|
$47.30
|
| Other Income |
$4,916
|
$0.93
|
| Vacancy Loss |
$7,670
|
$1.45
|
| Effective Gross Income |
$248,002
|
$46.78
|
| Taxes |
$31,805
|
$6.00
|
| Operating Expenses |
$54,431
|
$10.27
|
| Total Expenses |
$86,236
|
$16.27
|
| Net Operating Income |
$161,766
|
$30.52
|
Financial Summary (Actual - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $250,756 |
| Annual Per SF | $47.30 |
| Other Income (CAD) | |
|---|---|
| Annual | $4,916 |
| Annual Per SF | $0.93 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $7,670 |
| Annual Per SF | $1.45 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $248,002 |
| Annual Per SF | $46.78 |
| Taxes (CAD) | |
|---|---|
| Annual | $31,805 |
| Annual Per SF | $6.00 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $54,431 |
| Annual Per SF | $10.27 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $86,236 |
| Annual Per SF | $16.27 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $161,766 |
| Annual Per SF | $30.52 |
Property Facts
| Price | $2,544,359 CAD | Building Class | C |
| Price Per Unit | $363,480 CAD | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 5,301 SF |
| Cap Rate | 6.36% | Average Occupancy | 86% |
| Gross Rent Multiplier | 9.95 | No. Stories | 2 |
| No. Units | 7 | Year Built/Renovated | 1965/2023 |
| Property Type | Multifamily | Parking Ratio | 1.32/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $2,544,359 CAD |
| Price Per Unit | $363,480 CAD |
| Sale Type | Investment |
| Cap Rate | 6.36% |
| Gross Rent Multiplier | 9.95 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 5,301 SF |
| Average Occupancy | 86% |
| No. Stories | 2 |
| Year Built/Renovated | 1965/2023 |
| Parking Ratio | 1.32/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Kitchen
- Tub/Shower
Site Amenities
- Laundry Facilities
- Gas Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $2,746 CAD | - |
| 2+1.5 | 2 | $3,331 CAD | - |
| 2+1 | 1 | $3,253 CAD | - |
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Walk Score ®
Walker's Paradise (90)
Bike Score ®
Very Bikeable (86)
PROPERTY TAXES
| Parcel Number | 7416-025-027 | Total Assessment | $1,706,007 CAD |
| Land Assessment | $1,156,615 CAD | Annual Taxes | $31,805 CAD ($6.00 CAD/SF) |
| Improvements Assessment | $549,392 CAD | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
7416-025-027
Land Assessment
$1,156,615 CAD
Improvements Assessment
$549,392 CAD
Total Assessment
$1,706,007 CAD
Annual Taxes
$31,805 CAD ($6.00 CAD/SF)
Tax Year
2024
zoning
| Zoning Code | LARD1.5 |
| LARD1.5 |
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Sapphire Crest: 6.36% Current Cap Rate | 823 Lagoon Ave
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