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.