Just Closed- 8-Unit Apartment Complex in Inglewood | $2,625,000
Lyon | Stahl Investment Real Estate is proud to have closed 811 Austin Ave, an eight-unit apartment complex located in the highly sought-after NW corridor of Inglewood.
This property sold for $2,625,000
All eight units are comprised of 2-bedrooms/1.75-bathrooms and are extremely large, averaging more than 1,275 SF per unit! The units are well laid out and feature walk-in closets. Many of the units have been upgraded with vinyl plank flooring and LED lighting. In addition, every unit has its own private patio or balcony (several are enclosed adding even more living space).
The property has gated parking with phone entry allowing tenants access to nine carport spaces (each with a private storage cabinet). Onsite amenities include a laundry room with a washer & dryer and separate storage room. The structure was built in 1961, has a pitched composition shingle roof, and has partial copper plumbing. The annualized gross scheduled income is more than $190,000 and offers potential buyers nearly 15% in rental upside! At $262 PSF this investment opportunity will not last long!
- Eight extremely large 2-bedrooms/1.75-bathrooms units averaging more than 1,275 SF per unit!
- Every unit has a private patio or balcony, walk-in closet & gated carport parking space (9 total carports)
- Several units have been upgraded with vinyl plank flooring and LED lighting
- The annualized gross scheduled income is more than $190,000 and offers potential buyers nearly 15% in rental upside!
- Offered at $262 PSF with approx. 4.5% CAP rate on current income!
- $2.6 billion NFL stadium & neighborhood re-development already underway | Expected to host Super Bowl in 2021 and the Summer Olympics in 2028
- Light Rail Metro Expansion expected to add 4 new Inglewood stops by 2019
- Plans to revamp downtown “arts district” by 2020
- Breaking News: “Inglewood’s City Council will vote on an exclusive negotiating agreement for a Clippers-controlled company to build an arena for the team”
The most heavily populated county in the country is Los Angeles County with approximately 9.9 million people, including about 1 million that live in unincorporated areas of the county. The metropolis – formed by the six neighboring counties of Los Angeles, Ventura, Kern, San Bernardino, Riverside, and Orange – is home to approximately 19 million residents. Los Angeles County is home to one of the most educated labor pools in the country and offers a labor force of more than 4.7 million, of which more than 1.5 million are college graduates. Los Angeles County has the largest population of any county in the nation, exceeded only by eight states. According to the United States Conference of Mayors, Los Angeles County boasts a GDP among the twenty largest in the world. Los Angeles County’s continued economic growth, in contrast to other areas of the state and nation, is due to its diversified economy and abundant, well-trained workforce.
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