ASSET
6-unit apartment in Inglewood. The asset is comprised of (4) 2-bedroom/1-bathroom units and (2) 1-bedroom/1-bathroom units. Each unit contains individual hot water heaters. Four of the units are currently vacant and have undergone renovations. Situated on a 6,631-SF lot, the property was recently painted and features new drought-tolerant landscaping, an on-site laundry facility and a total of 6 parking spaces.Furthermore, the property is eligible for the City of Inglewood Sound Insulation Program, which will replace all the exterior doors and windows with soundproof versions and install ducted HVAC at no cost to the owner (Buyer to verify). The large lot and parking areas present a desirable opportunity to add ADUs.
LOCATION
The asset is located less than 1 mile from Intuit Dome, SoFi Stadium, Hollywood Park Casino, Cosm Los Angeles, Cinepolis Luxury Cinemas, Youtube Theatre and upcoming $1 Billion Inglewood Transit Connector project. The property is also located within a few blocks of many retail shops and shopping centers of Century Boulevard including, Costco, In-N-Out Burger, Aldi, Target, Home Depot and The Village at Century Shopping Center.
FINANCIALS
This 5,192-SF property has a current cap rate of 7.46% cap rate and 9.62 GRM. The asset also provides upside potential in rents with a pro-forma cap rate of 7.97% and pro-forma GRM of 9.15.
*Title records show the property as 4 units. Buyer to verify and investigate independently.