946 W. Beach Avenue, Inglewood

946 W. Beach Avenue, Inglewood, CA 90302

Sale Price

$7,800,000

Investment Overview

Units

18

Year Built

1963

Price Per SF

$364

Price Per Unit

$433,333

Current Cap Rate

3.59%

Market Cap Rate

4.78%

Current GRM

14.46

Market GRM

12.19

The Offering

946-950 Beach Avenue is an 18-unit multifamily asset located in rapidly developing Inglewood, California. Situated on a 25,013-square-foot lot, the property offers a desirable mix of sizable units: sixteen (16) three-bedrooms and (2) two-bedrooms.

Thirteen units are fully renovated with new flooring, modern kitchens and baths, and upgraded fixtures throughout. Two units are partially renovated with new floors. In-unit washer/dryers have been installed in eight units.

The property also provides onsite laundry facilities and 27 secured parking spaces. Seismic retrofitting has been completed and new roofs were installed on both buildings in 2022.
This asset is offered with an interest-only 3.650% assumable loan.

The new owner will be able to take advantage of the value-add opportunity in renovating the remaining units. The property offers significant rental upside potential of approximately 19% .

Investment Highlights

  • 3.650% Interest-Only Assumable Loan
  • Seismic Retrofitting Completed
  • New Roof Installed on Both Buildings in 2022
  • Large Units, 13 Fully Renovated
  • Nearly 20% Rental Upside Potential
  • Three Miles to Hollywood Park Development, NFL Stadium & The Forum