$588,000
$650,000
9.5%For more information regarding the value of a property, please contact us for a free consultation.
5,662 Sqft Lot
SOLD DATE : 05/14/2021
Key Details
Sold Price $588,000
Property Type Multi-Family
Sub Type Triplex
Listing Status Sold
Purchase Type For Sale
MLS Listing ID SB21078942
Sold Date 05/14/21
HOA Y/N No
Year Built 1933
Lot Size 5,662 Sqft
Acres 0.13
Property Description
We are pleased to present this Incredibly Rare Opportunity to purchase (3) Units in Inglewood, CA at under $220,000/Unit. With Direct Reference to the MLS, the Year 2021 has seen NO Triplexes in ALL of Inglewood that have either sold, or have been offered for sale, at any price under $240,000/Unit. This - coupled with the fact that the property is located within a half mile of SoFi Stadium, the Hollywood Park Development, and ALL the expansive development therein – should be a strong indicator of the immense value that’s be presented in this offering. In addition to its location, there are ample items to appreciate about the building itself. First, the building boasts a strong Unit Mix of (1) 2 Bed/1 Bath Unit, (1) 1 Bed/1 Bath, and (1) Studio. The 1 Bed/1 Bath unit has recently undergone considerable renovation, and is currently being rented at $1,575/mo. In all, the property is currently operating at a CAP Rate of 3.50%, with significant upside that represents a Pro Forma CAP Rate of 7.50%. From a Value Add Perspective, you will find there to be anywhere from 60%-80% of achievable upside in the Current, In Place Rents. This figure is supported – in large part – by the simple fact that this extraordinary amount of new development is, without question, poised to drive continued rent growth within the submarket in both the Immediate, and Long-Term Forecasts. Further, all (3) Units are Separately Metered for Gas & Electricity, and each is afforded (1) On-Site Parking Space. In total, the (3) Units stretch out to cover 1,510 RSF and sit on 5,818 SF of Highly-Coveted Land. The property is Fully Occupied and will be Delivered As-Is at the Close of Escrow.
Location
State CA
County Los Angeles
Area 102 - South Inglewood
Zoning INR2YY
Rooms
Ensuite Laundry None
Interior
Laundry Location None
Heating None
Cooling None
Fireplaces Type None
Fireplace No
Laundry None
Exterior
Garage Driveway, Paved, One Space
Fence None
Pool None
Community Features Curbs, Gutter(s), Street Lights, Sidewalks
Utilities Available None
View Y/N No
View None
Roof Type Shingle
Accessibility None
Parking Type Driveway, Paved, One Space
Total Parking Spaces 3
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story One
Entry Level One
Foundation Raised
Sewer Public Sewer
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 4034010016
Acceptable Financing Conventional, Contract, Cal Vet Loan, 1031 Exchange, FHA, Fannie Mae, VA Loan
Listing Terms Conventional, Contract, Cal Vet Loan, 1031 Exchange, FHA, Fannie Mae, VA Loan
Financing Cash
Special Listing Condition Standard
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Bought with Mark Wong • Real Estate Source, Inc.