10329 S Inglewood Ave, Lennox is a 6-unit apartment building built in 1952. 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. This is an opportunity to own a property in a high demand rental market with tremendous growth potential.