906 N Fries Avenue, Wilmington, California 90744
- Residential Income Property Type
- 118 Days Time on market
- 1928 Year Built
Development opportunity. Cash cow building + Value add! 2 lots with 2 APNs. (7416-032-028 – 7,247sf per assessor) and (7416-032-027 – 7,244sf per assessor) Building sits on one APN, buyer can re-develop or sell the other APN. City says minimum 3 (non-rent controlled) units can be added to the vacant lot. Buyer to check. Beautiful character Spanish style building with tile roof. Bread and butter pride of ownership well-maintained 10 units. Significant RENTAL UPSIDE (raise rents, rent out parking spaces) + add laundry machines for more income. See for yourself – the last rental – apt 4 was rented in December 2023 for $1,500. Market rent is about $16,400/ month, or $196,800/ year.
2023-2024 upgrades – exterior paint, stairs, upper and lower decks refinished, new fence, landscaping, auto sprinklers. Capital improvements since purchase in August 2015 – new main drain line from the building to the street (apx 150 feet). Fresh water lines (copper and pex combination) from main meter.
New electrical wiring from meters to subpanels, new subpanels, panels, main breakers, Edison meters (10 units + house meter). Permits will be uploaded to supplements. Parking lot re-paved in 2015. Note -units #5,10 are bigger than the rest. Units #4,9 are studios.
