126 W D St, Wilmington, CA
28-Unit SRO With Strong Cash Flow on Current Rents
Reliable Product Type - SRO’s Perform Amazingly Well During the Toughest of Times
Recent Improvements Include a Remodeled Kitchen, Remodeled Bathrooms, a Newer Roof, Updated Plumbing and Electrical, a New Security Camera System, and More
Located Within a Half-Mile of the $71 Million Wilmington Waterfront Promenade Development and Proximate to the Ports of Los Angeles and Long Beach, Both Major Employers
126 West D Street
List Price: $2,100,000
Cap Rate: 6.08%
The Bogie Group of Marcus & Millichap is pleased to present to market 126 West D Street, a 28-room single room occupancy (SRO) hotel in Wilmington, California. This offering is great opportunity to acquire an asset of a reliable product type with great current cash flow and upside potential in a dense market.
126 West D Street is a two-story, 5,544-square foot building that boasts numerous recent improvements, including: new exterior and interior paint, an extensive security camera system, remodeled bathrooms, a remodeled kitchen with a new stove, new security gates, a newer roof, updated electrical and plumbing, and select units feature new vinyl flooring and a new vanity. The building also offers on-site coin-operated laundry facilities.
The property is located near the intersection of D Street and Marine Avenue, less than a half-mile from the $71 Million Wilmington Waterfront Promenade development project that is anticipated to be completed in 2023. The 12-acre project will transform an industrial site into a park, a waterfront promenade, and other recreational spaces. Furthermore, the property is near the ports of Los Angeles and Long Beach, both major employers in the region.