Under Contract

Active Under Contract

906 N Fries Avenue

Wilmington CA, 90744

$1,595,000


$252.69 per sqft

Under Contract

Active Under Contract

6,312 sqft

Condo

Built in 1928

Listed by Vlad Rodov with West Shores Realty, Inc. 310-541-8000

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.

PW24004528

MLS ID

January 16, 2024

Listed

July 8, 2024

Updated

Map

906 N Fries Avenue
Wilmington CA, 90744

Interior Features

Total Stories

2


Laundry Description

Common Area


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.33 Acres


Lot Features

Front Yard


Sewer

Public Sewer

Other Property Details

Area Name

195 - West Wilmington


Days on Market

154


Garage

No


Parking

None


Parking Total

23


View

No


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

LARD1.5


Buyer Agency Compensation

2%

Listing History

Date

Event

Price

6/13/2024

Under Contract

6/7/2024

Active

5/24/2024

Under Contract

4/24/2024

Price Change

$1,595,000

-6%

4/4/2024

Price Change

$1,690,000

-6%

Listing Contact: 310-541-8000 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 7/8/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 7/8/2024 at 9:09 AM UTC

 

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