New Listing – 7-Unit Turn-Key Apartment
Nico Rosmarin of Lyon | Stahl Investment Real Estate is pleased to present 218 Stepney Street, a turn-key apartment building in Inglewood
Listed at $1,675,000 this property was built in 1961 and has a cap rate of 5.41% and a GRM of 12.01
This exciting investment opportunity is located just south of Centinela Avenue in the highly desirable Northwest section of Inglewood. The unique location offers easy access to the 405 Freeway, allowing quick access to the Westside of Los Angeles, Downtown Los Angeles, Los Angeles International Airport and Long Beach. Additionally, 218 Stepney is just north of the new Hollywood Park Redevelopment, slated to be the world’s most expensive sports stadium. In addition to the stadium, the development will bring 3,000 new housing units, a luxury hotel and approximately 620,000 SF of new retail.
This unique seven-unit apartment building is comprised of four (4) one-bedroom/one bathroom units, (1) three-bedroom/two bathroom, (1) non-conforming one-bedroom/one bathroom, and (1) non-conforming studio. The units have been fully rehabbed with high-end finishes allowing an investor to minimize their expenses while maximizing their return on their investment.
218 Stepney Street offers an astute investor the opportunity to acquire an asset in excellent condition with strong current rents in place. With room for rental growth and the subject property’s irreplaceable location, 218 Stepney Street offers an excellent investment opportunity in one of the most exciting markets in Southern California.
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.
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.
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