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946 W. Beach Avenue

946 W. Beach Avenue,Inglewood, CA 90302

18

Unit

$6,700,000

Price

Property Details

Price Per Unit

$372,222

Price per SF

$313

Current Cap Rate

5.1%

Market Cap Rate

6.1%

Current GRM

11.8

Market GRM

10.5

946 W. Beach Avenue

946 W. Beach Avenue,Inglewood, CA 90302

$6,700,000

Price

Property Details

Price per SF

$313

Price Per Unit

$372,222

Price per SF

$313

Current Cap Rate

5.1%

Market Cap Rate

6.1%

Unit

18

Current GRM

11.8

Market GRM

10.5

Description

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.

Fourteen 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 12% .

Highlights

  • 3.650% Interest-Only Assumable Loan
  • Seismic Retrofitting Completed
  • New Roof Installed on Both Buildings in 2022
  • Large Units, 14 Fully Renovated
  • Nearly 12% Rental Upside Potential
  • Three Miles to Hollywood Park Development, NFL Stadium & The Forum

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