Just Listed – 8-Unit Building in Inglewood | $2,450,000

Just Listed – 8-Unit Building in Inglewood  | $2,450,000

Nico Rosmarin of Lyon Stahl is pleased to present 909 Beach Avenue, an eight-unit apartment building located in the highly desirable Northwest neighborhood of Inglewood. This turnkey asset is comprised of one (1) 2-bed/2.5-bath unit, three (3) 2-bed/1-bath units, three (3) 1-bed/1-bath units and one (1) studio. The 5,709 SF apartment building sits on a large 9,112 SF lot and features private yards for two of the units and a private garage and entry for unit 2. Additionally, there are seven (7) parking spots for the other units.


909 Beach Avenue is located just east of the 405 Highway, providing convenient access to the Westside, Downtown Los Angeles, LAX International Airport, and Long Beach. The subject property is in close proximity to the future Hollywood Park Redevelopment, the future home of the Los Angeles Rams and Chargers, slated to be the world’s most expensive sports stadium. Along with the stadium, the development will bring approximately 3,000 new housing units, a luxury hotel and 620,000 SF of new retail. 909 Beach Avenue offers an astute investor the opportunity to acquire a turnkey asset located in one of the fastest changing markets in the country. With strong rental income and an irreplaceable location, 909 Beach Avenue offers an excellent investment opportunity.

Investment Highlights

● Fully rehabbed
● Prime Northwest Inglewood
● Features private washer/dryer in units
● Some units feature private garage and yards

Listed at $2,450,000, this duplex was built in 1962, has a GRM of 14.34, a Cap Rate of 4.84%, and a NOI of $118,573.

 

City Overview – Inglewood

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 15% over the past year and the median price of homes currently listed in Inglewood is $533,114. 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.
Also known as the “City of Champions”, Inglewood is one of Los Angeles county’s most historically significant cities. Since its incorporation in 1905, Inglewood has been a global business, transportation, and sports hub for all of LA county. Conveniently located near all major LA freeways, LAX, and now the Metro, transportation is never an issue in this centralized city. Inglewood has seen some major development and economic growth in recent years. A new metro line with 4 stops, a $2.6 billion dollar NFL stadium, luxury housing units, and large shopping & event centers are all underway. As well as these developments, considerable plans for a complete renovation of the downtown area into a commuter friendly arts district are underway as well. Inglewood hopes to revitalize it’s downtown area into a hub for the community and tourists alike. Investors are working alongside the city and the community to ensure the vision is executed properly.
Inglewood is also home to the illustrious Forum, which was designed by architect Charles Luckman, who also designed Madison Square Garden in New York. For decades, the Forum was one of LA’s most prominent concert venues, hosting the likes of Elvis Presley, Led Zeppelin, and the Jackson 5. It was also home to the Los Angeles Lakers before the team moved to the Staples Center in 1999. The Forum is now the largest indoor performance venue in the country with a design focused on music and entertainment.

Inglewood Highlights
● 2 of the NFL’s largest sports franchises will now call Inglewood home with news of the Clippers preparing to take stage in Inglewood as well.
● Expected location of the 2020 Super Bowl, and the 2028 Olympics.
● Hottest market in LA county with appreciation rates upwards of 15% in the last year.

 

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