Closed – 6 Units in Inglewood | $1,275,000
Congratulations to Dan Shieh for closing 10329 S Inglewood Ave, a 6-unit apartment building in Inglewood!
This property sold for $1,275,000
Located in an Opportunity Zone, the new owner can not just defer, but eliminate, paying taxes on any capital gains on their 1031 exchange proceeds, depending on the length of ownership.
The 4,248 sq ft building sits on a 8,161 sq ft lot, and boasts a strong unit mix of six (6) 2 bedroom, 1 bathroom units. New windows were installed last year. The roof was replaced less than five years ago. Copper plumbing has been installed in all but one unit. Each unit has one dedicated garage parking spot with storage. While not currently in use, the property provides a laundry room that can generate additional income. The apartments are separately metered for gas and electricity and have individual water heaters.
Located less than 2 miles from the new City of Champions Revitalization Initiative, this property is set to benefit from the stimulation and energy the 890,000 square feet of retail space, 25 acres of park and open space, revamped casino, performing arts venue and numerous fine dining restaurants it will bring. Conveniently situated just few short blocks from Century Blvd, 405 Freeway, and 105 Freeway, tenants will enjoy quick and easy access to all that Los Angeles metro has to offer.
Median home sales prices in the area have increased over 35% since January 2015, making it more difficult for home ownership and ensuring a continued strong rental market. With overall rent increases of 40% over the same time period and vacancy rates at near all-time lows, multifamily appreciation has seen a similar trend in value.
The $2.6 billion Los Angeles Stadium at Hollywood Park is under construction in Inglewood and when completed in 2020, it will be the home of both the Los Angeles Rams and Los Angeles Chargers. The Los Angeles Stadium is also expected to host the Super Bowl in 2021 and the 2028 Summer Olympics. The Light Rail Metro Expansion is expected to add 4 new Inglewood stops by 2019. There are plans to revamp the Downtown Arts District by 2020.
Inglewood is a city in the South Bay region of Los Angeles that is bordered by Westchester/LAX, Hawthorne, and Ladera Heights. Spanning 8 square miles with a population of 109,670, Inglewood has emerged as one of the hottest real estate markets in Southern California. Real estate values have increased 10.1% over the past year and the median price of homes currently listed in Inglewood is $480,000.
The majority of residents are served by the Inglewood Unified School District. Wilder’s Preparatory Academy Charter School is the best public elementary school in the city, and high schools include Inglewood High, Morningside High, City Honors High, and Hillcrest High School. The private schools in the area include St. Mary’s Academy and St. John Chrysostom Elementary School.
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