720 King, Wilmington, California 90744, Wilmington, 90744 - 0 bed, 0 bath
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Wilmington, California 90744
This High-Potential Multifamily Asset represents a Prime Investment Opportunity listed at $1,100,000—positioned well below the $1,126,941 Fair Market Value by 2%. This strategic acquisition offers $26,941 in Instant Equity. While maintaining a Fair Condition Rating, the value is driven by the massive 11,218 SF lot and LARD1.5 Zoning, which supports the development of 7+ additional ADUs. Proximity to the 9/10 rated Taper Avenue Elementary ensures sustained rental demand. This value-add play is ideal for Buy-and-Hold Investors and Developers targeting long-term density growth.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 720 King Subject | $1,100,000* List Price | 0 | 0 | 2,288 | $493 | - |
A 1011 N Wilmington Boulevard Sold | $807,000 | 0 | 0 | 1,742 | $463 | 0.6 mi |
B 1304 N Fries Sold | $780,000 | 0 | 0 | 1,676 | $465 | 0.2 mi |
C 1555 Mcdonald Avenue Active | $879,900 List Price | 3 | 2 | 2,161 | $407 | 0.8 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property, originally built in 1924, is described as being in 'rent-ready' condition, which typically indicates functional but dated interiors. While the vacant units are prepared for immediate occupancy, the overall age of the structures and the lack of mention of a recent comprehensive studs-up renovation suggest that systems, kitchen cabinetry, and bathroom fixtures are likely aged and show signs of wear consistent with a 'fair' rating. The value is primarily in the land and ADU development potential rather than high-end interior finishes.
Elementary School: Taper Avenue Elementary School (9/10).
The expansive 11,218 SF lot zoned LARD1.5 offers a rare opportunity to develop 7+ additional ADUs, providing massive upside for density and rental income growth.
With two units currently vacant and in rent-ready condition, an investor can immediately lease them at market rates to boost cash flow while planning future expansion.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =11218, other record lot size in square feet = 5608. Living area discrepancy between mls listing and other public or private record. mls listing living area = 2288, other record living area = 1408.
Built in 1924, the original structures may require significant capital expenditures for modernization and ongoing maintenance compared to newer developments.
Existing occupied units are generating rents as low as $688 and $915, which may limit initial yield until units can be repositioned or transitioned to market rates.
ADU Development Opportunity – 2plex + 3plex on Adjacent Lots ***Rare opportunity to acquire two properties on two side-by-side APNs with a combined lot size of 11,218 SF zoned LARD1.5, offering significant ADU expansion potential. The site configuration and zoning present the possibility to develop 7+ additional ADUs (buyer to verify with city), making this an attractive value-add and long-term unit expansion play. ***The property currently consists of total 5 units. 2 units are vacant, in rent-ready condition, allowing a buyer to lease at market rents while planning future development. Current rents are $1,424, $915, and $688, with additional income from on-site laundry. Investors benefit from existing cash flow while unlocking substantial upside through ADU development, a rare opportunity to significantly increase density and rental income on a large multifamily lot.
No exterior & parking available.
Grades K-5 • 0.2 mi
Grades K-5 • 0.6 mi
Grades K-5 • 0.6 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 2,288 | 1,742 | 73% |
| Lot Size | 11,218 | 6,209 | 82% |
| Price | $1.10M | $780.0K | 73% |
| Price per sq ft | $481 | $463 | 73% |
| Built year | 1924 | 1947 | 27% |
| HOA | $0 | $0 | 50% |
| Days on market | 43 | 203 | 9% |
Mar 10, 2026
$1,100,000
Initial Listing
Aug 18, 2023
$865,000
Public Record
Dec 29, 2006
$210,000
Public Record