$1,595,000 Price Analysis   ♡   Inglewood, CA 90302 8 bed 7 bath 5,060 SqFt ($315/SqFt) 6,991SqFt lot. Built 1960 Listed 2024-06-18, Taxes $4,132 | Ⓧ USDA Ineligible due to price & location near Inglewood |
433 Venice Way is a 7-unit Apartment complex that is being sold with significant upside potential due to below market rents.
This invest ment asset is located in the Prime NW Inglewood region of the city of Inglewood. Recent addtions to the City of Inglewood include the new Sofi Stadium (NFL - Home to the Chargers and Rams) and the new Intuit Stadium (NBA - Home to the LA Clippers). In addition to these two gigantic venues and the tremendous new retail and high-end housing developments, the City of Inglewood recently upgraded The Forum and Hollywood Park Casino. The accumulation of all these projects has created a massive income growth, employment base, as well as a huge demand for housing throughout the city and surrounding areas. Although the City of Inglewood has its own rent control division, it is NOT subject to LA City or LA County RSO.
The current annual rent increase potential is 8.9% for qualified rents that are below 80% of FMV and 3.9% for those rents that are above the 80% FMV. Since most of the rents are below this 80% threshold, a new owner could potentially grow their income stream quite rapidly with this investment. Other benefits and reasons to buy this investment offering: Electrical: All units have new Electrical Subpanels. Plumbing: Copper Plumbing replaced. Utilities: Individual Hot Water Heaters and Separately Metered for Gas and Electric for each tenant (provides for low cost of ownership). Location: NW Inglewood (highly desired), Unique Character: Some units have oversized windows, vaulted ceilings, balconies and the asset also benefits from an impressive curb appeal with is unique corner lot. Amenities: Common area Laundry Room with no lease, plus covered parking for all 7 units.
Presented by David Holstein at
The Holstein Group.
Property MLS #SB24123984 from CRMLS
Lot Size Acres: 0.1604913
Lot Size Source: Assessor
Lot Size Square Feet: 6991
Parking Total: 7
Bedrooms in Unit-2: 1
Bedrooms in Unit-3: 2
Bedrooms in Unit-4: 2
Total Bathrooms in Unit-1: 1
Total Bathrooms in Unit-2: 1
Total Bathrooms in Unit-3: 1
Total Bathrooms in Unit-4: 1
Unit-1 Garage Spaces: 1
Unit-2 Garage Spaces: 1
Unit-3 Garage Spaces: 1
Unit-4 Garage Spaces: 1
Vacancy Allowance: 1000
County: Los Angeles
Cap Rate: 4.75
Source Property Type: Residential Income
Insurance Expense: 3995.00
Area: 101 - North Inglewood
Source Neighborhood: 101 - North Inglewood
New Taxes Expense: 21586.00
Number of Separate Electric Meters: 8
Number of Separate Gas Meters: 8
Number of Separate Water Meters: 1
Parcel Number: 4017013016
Pest Control Expense: 600.00
Postal Code Plus 4: 2038
Zoning: INR3YY
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $145,423 + $27,730 $173,153 | $4,132 |
| 2021 | $142,572 + $27,187 $169,759 | $4,097 |
| 2020 | $141,111 + $26,909 $168,020 | $3,985 |
| 2019 | $138,345 + $26,382 $164,727 | $3,932 |
| 2018 | $135,633 + $25,865 $161,498 | $3,803 |
| 2017 | $132,974 + $25,358 $158,332 | $3,676 |
| 2016 | $130,367 + $24,861 $155,228 | $3,540 |
| 2015 | $128,409 + $24,488 $152,897 | $3,503 |
| 2014 | $125,894 + $24,009 $149,903 | $3,530 |
| 2013 | $590,000 + $110,000 $700,000 | $10,786 |
| 2012 | $122,869 + $23,433 $146,302 | $3,397 |
| 2010 | $120,460 + $22,974 $143,434 | $3,213 |
| 2009 | $119,845 + $22,858 $142,703 | $3,145 |
| 2009 | $119,560 + $22,803 $142,363 | $3,145 |
| 2008 | $117,496 + $22,410 $139,906 | $3,015 |
| 2007 | $115,193 + $21,971 $137,164 | $3,154 |
$1,595,000
CRMLS
Sold 2022-06-22
$1,800,000
CRMLS
Sold 1976-08-17
$78,000
Public Record
Year Built: 1960
Building Features: 1
Common Walls: 2+ Common Walls
Entry Level: 1
Entry Location: 1/1
Property Age: 64
Property Attached: Yes
Building Total Stories: 2
Structure Type: Apartment
Year Built Source: Appraiser
Sewer: Sewer: Public Sewer, Water Sewer Expense: 2827.00
Water Source: Public
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.