433 Venice Way, Inglewood, CA 90302
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Listed Price :
$1,595,000
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Beds :
N/A
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Baths :
N/A
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Property Size :
N/A sqft
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Year Built :
1960
Property Description
433 Venice Way is a 7-unit Apartment complex that is being sold with significant upside potential due to below market rents. This investment asset is located in the Prime NW Inglewood region of the city of Inglewood. Recent additions 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 & 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 amazing curb appeal with is unique corner lot. Amenities: Common area Laundry Room with no lease, plus covered parking for all 7 units.
Interior Features
Laundry Information |
Location(s) |
Common Area |
Bedroom Information |
Bedrooms |
N/A |
Bathroom Information |
Bathrooms |
N/A |
Listing Information
Address |
433 Venice Way |
City |
Inglewood |
State |
CA |
Zip |
90302 |
County |
Los Angeles |
Listing Agent |
David Holstein DRE #01210777 |
Courtesy Of |
The Holstein Group |
List Price |
$1,595,000 |
Status |
Hidden |
Type |
Residential Income |
Subtype |
Apartment |
Structure Size |
N/A |
Lot Size |
6,991 |
Year Built |
1960 |
Listing information courtesy of: David Holstein, The Holstein Group. *Based on information from the Association of REALTORS/Multiple Listing as of Sep 30th, 2024 at 6:50 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.