808 W Anaheim, Wilmington, CA 90744

Property Description

808 West Anaheim Street, a 44-unit apartment complex in Wilmington, California presents an excellent opportunity for an investor to acquire an 80's construction mid-size asset with a strong going-in cap rate and low price per unit in a rental submarket seeing significant ongoing development. 808 West Anaheim Street is a 1987 construction on a corner lot with 44 one-bedroom/one-bath units, laundry facilities, controlled access, and ample garage parking. The building features a new roof, eliminating a major potential capital expense for a prospective investor, as well as new exterior paint, new landscaping, and updated elevated decks and walkways that have cleared SB721 inspection (buyer to verify). The units are master-metered for water and gas; a new investor may want to explore implementing RUBS to recoup utility costs and maximize cash flow. The property is adjacent to the site of the 50-unit Safe Harbor development project, which is under construction and slated for completion by Winter 2027. The project is one of numerous major developments in Wilmington in recent years. Significant investments have been made to redevelop Wilmington's waterfront, including the recent completion of the $77 Million promenade at Wilmington Waterfront Park. Wilmington continues to be a d