946-950 W Beach Avenue

    Inglewood, CA 90302
    • $6,950,000
    • STATUS: Active
    • ON SITE: 10 days
    • ID#: PW20032918
    UPDATED: 43 min ago
    $6,950,000
    • 0
      BEDS
    • 0.57
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 21,420
      SQFT
    • $324
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1963
    County:

    School Ratings & Info

    Description

    946-950 Beach Ave is an 18-unit multifamily asset located in rapidly developing Inglewood, California. Situated on a 25,013 sq ft lot, the property offers a desirable mix of sizable (16) three-bedroom and (2) two-bedroom units, with an average unit size of 1,190 sq ft. Twelve of the 18 units are fully renovated with new flooring, modern kitchens and baths, and upgraded fixtures throughout. The property also provides onsite laundry facilities and ample parking of 27 secured spaces. VALUE ADD OPPORTUNITY. This asset is offered at a 4.24% going-in cap rate and 6.32% market cap rate. The new owner can take advantage of the value-add opportunity in renovating the remaining six units. In total the property offers significant rental upside potential of 32% . Inglewood is home to the brand new $4.5 billion, 70,000-seat NFL stadium currently under construction; a proposed arena for the LA Clippers NBA team; and the massive 238-acre Hollywood Park Development, which will feature 2,500 units of housing, 620,000 sq ft of retail space and a 300-room luxury hotel. The city is investing in infrastructure projects to connect Inglewood to all parts of Los Angeles and support the new development drawing international attention. Los Angeles International Airport itself is also undergoing a massive expansion to accommodate the expected influx of new travelers. Local property values have increased by 37% since 2016 and the city continues to be a desirable rental and investment location.

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-02-25T18:30:42.79. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or RE/MAX Masters. Licensed in the State of California, USA.

    www.bestlahomefinder.com/homes/103262553

    946-950 W Beach Avenue Inglewood, CA 90302

    • Price: $6,950,000
    • Status: Active
    • Updated: 43 min ago
    • ID#: PW20032918
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.57
    Acres
    21,420
    SQFT
    $324
    $/SQFT
    1963
    Built
    Neighborhood:
    101 - North Inglewood
    County:
    Los Angeles
    Area:
    101 - North Inglewood
    Property Description
    946-950 Beach Ave is an 18-unit multifamily asset located in rapidly developing Inglewood, California. Situated on a 25,013 sq ft lot, the property offers a desirable mix of sizable (16) three-bedroom and (2) two-bedroom units, with an average unit size of 1,190 sq ft. Twelve of the 18 units are fully renovated with new flooring, modern kitchens and baths, and upgraded fixtures throughout. The property also provides onsite laundry facilities and ample parking of 27 secured spaces. VALUE ADD OPPORTUNITY. This asset is offered at a 4.24% going-in cap rate and 6.32% market cap rate. The new owner can take advantage of the value-add opportunity in renovating the remaining six units. In total the property offers significant rental upside potential of 32% . Inglewood is home to the brand new $4.5 billion, 70,000-seat NFL stadium currently under construction; a proposed arena for the LA Clippers NBA team; and the massive 238-acre Hollywood Park Development, which will feature 2,500 units of housing, 620,000 sq ft of retail space and a 300-room luxury hotel. The city is investing in infrastructure projects to connect Inglewood to all parts of Los Angeles and support the new development drawing international attention. Los Angeles International Airport itself is also undergoing a massive expansion to accommodate the expected influx of new travelers. Local property values have increased by 37% since 2016 and the city continues to be a desirable rental and investment location.
    Exterior Features

    Carport Spaces 12.00 Garage Spaces 15.00 Lot Features 16-20 Units/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Features Subterranean Parking Total 27.00 Parking YN Yes Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Laundry Features Common Area Levels Two

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Community Features CurbsStreet LightsUrban Country Us Electric Expense 6656.00 Elevation Units Feet Fuel Expense 6656.00 Gardener Expense 1800.00 Gross Income 473003.00 Gross Scheduled Income 487632.00 Insurance Expense 8295.00 Land Lease YN No Laundry YN Yes Licenses Expense 900.00 Maintenance Expense 13500.00 Net Operating Income 294708.00 New Construction YN No New Taxes Expense 94737.00 Number Of Separate Electric Meters 18 Number Of Separate Gas Meters 18 Number Of Separate Water Meters 1 Operating Expense 178295.00 Other Expense 2419.00 Other Expense Description Reserves Pest Control Expense 1500.00 Professional Management Expense 18920.00 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Expenses 178295.00 Trash Expense 6656.00 Water Sewer Expense 6656.00 Water Source Public Year Built Source Assessor Zoning Inr3yy

    Listing provided courtesy of Robert Stepp of Keller Williams Pacific Estate and Mark Witsken of Keller Williams-Santa Monica


    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-02-25T18:30:42.79. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or RE/MAX Masters. Licensed in the State of California, USA.

     
    RE/MAX Masters
    475 E. Badillo Street
    Covina CA, 91723