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$1,375,000
Est. payment /mo
8,485 Sqft Lot
UPDATED:
Key Details
Property Type Single Family Home, Multi-Family
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID PW26084807
HOA Y/N No
Year Built 1958
Lot Size 8,485 Sqft
Property Sub-Type Mixed Use
Property Description
1020 Broad Avenue is an excellent investment opportunity for an investor looking for a value-add acquisition with a massive 71 percent rental upside potential and a strong unit mix in a dense rental submarket undergoing significant redevelopment.
1020 Broad Avenue is a 1958 construction with eight two-bedroom/one-bath units that are separately metered for gas and electricity. The building is situated on a 8,483-square foot lot that offers surface parking both in the front and rear of the building. The building also offers shared laundry facilities. The property boasts several recent substantial improvements, including a new roof and water heater in 2020, replacement of the second-story walkway for SB721 compliance in 2021, and the complete remodeling of two unit interiors at a cost of approximately $50,000.
Wilmington is in the midst of a transformation driven by significant public and private investment along the LA Waterfront. The Port of Los Angeles recently delivered the $77 million Wilmington Waterfront Promenade, converting former industrial land into a vibrant nine-acre destination with parks, pedestrian paths, and waterfront access. Construction recently began on the Avalon Pedestrian Bridge and Promenade Gateway, a $150M large-scale project set to add roughly 12 additional acres of open space while physically linking the waterfront to Wilmington's commercial corridors, enhancing foot traffic and neighborhood connectivity. Together, these projects are part of a broader master plan to reposition Wilmington from an industrial-adjacent neighborhood into a more accessible, amenity-rich coastal community.
1020 Broad Avenue is a 1958 construction with eight two-bedroom/one-bath units that are separately metered for gas and electricity. The building is situated on a 8,483-square foot lot that offers surface parking both in the front and rear of the building. The building also offers shared laundry facilities. The property boasts several recent substantial improvements, including a new roof and water heater in 2020, replacement of the second-story walkway for SB721 compliance in 2021, and the complete remodeling of two unit interiors at a cost of approximately $50,000.
Wilmington is in the midst of a transformation driven by significant public and private investment along the LA Waterfront. The Port of Los Angeles recently delivered the $77 million Wilmington Waterfront Promenade, converting former industrial land into a vibrant nine-acre destination with parks, pedestrian paths, and waterfront access. Construction recently began on the Avalon Pedestrian Bridge and Promenade Gateway, a $150M large-scale project set to add roughly 12 additional acres of open space while physically linking the waterfront to Wilmington's commercial corridors, enhancing foot traffic and neighborhood connectivity. Together, these projects are part of a broader master plan to reposition Wilmington from an industrial-adjacent neighborhood into a more accessible, amenity-rich coastal community.
Location
State CA
County Los Angeles
Area 196 - East Wilmington
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Suburban
Total Parking Spaces 8
Private Pool No
Building
Lot Description Rectangular Lot
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7423009009
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
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Listed by Steven Bogoyevac Steven M. Bogoyevac, Broker steve.bogoyevac@marcusmillichap.com, DRE #01332755
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