35
$1,695,000
0.17 Acre Lot

823 N Lagoon Avenue, Wilmington, California 90744

map-entry
  • Residential Income Property Type
  • Garage Cars Garage
  • 1965 Year Built
Property Description

We are 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 6.81% cap rate, and attractive day-one cash flow—perfect for an investor seeking a low-maintenance, stabilized asset. The Seller is highly motivated and all reasonable offers will be considered, making this a compelling opportunity to secure a strong-performing property with potential for negotiation and value.

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.

Basic Details
Residential Income
For Sale
SR24206788
$1,695,000
1965
0.17 Acre
Active
1
Apartment
Features
: None
: Garage
: Common Area
: Public Sewer
$0
Address Map
CA
Los Angeles
Wilmington
90744
Lagoon
823
Avenue
823 N Lagoon Ave. Wilmington, CA 90744
195 - West Wilmington
N
LARD1.5
Additional Information
$0
$0
$0
$0
$0
5301
: Golf, Water Sports
1
7.0
: Two
7
2024-10-04
1795000
2
2
https://youtu.be/kwt-A7Jqs W4
https://my.matterport.com/show/?m=Qfro Kn JYsat&brand=0
: Public
Broker/Agent Information
Equity Union
Raymond Rodriguez
Listing Information
F207057973
SR8595008
Cash,Cash to New Loan,Conventional,Contract
Active
2025-06-24T00:25:15Z
CRMLS
: Standard
2024-12-05T11:41:04Z
Agent info
Ray Millman
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Contact Agent
Contact Us
ray@millmanteam.com 310.375.1069