SOLD OFF-MARKET! - North Inglewood multifamily building with parking
Hello all! As Inglewood continues to draw the attention of investors all over the country with the recent announcement of the new NFL stadium that will coincide with the Hollywood Park redevelopment project, multifamily properties are becoming very attractive investment opportunities. The addition of the 'under construction' Two billion dollar Metro Expo Line project coming down Crenshaw Blvd is an extremely vital boost to the economic stability of Inglewood.
The south bay has become increasingly expensive due to the expanding development of what is known as Silicon Beach, which with big hitters such as Google and other startup brands setting up shop by the ocean, rental values have seen a massive uptick in the past few years. As many 'would be' renters are priced out of prime markets such as Santa Monica, areas further south have become ideal places to find accommodating values for housing. The northern parts of Inglewood are very much within close proximity to employees that drive in daily to the Westside and beach cities.
Inglewood has long been perceived as a cash flow city, thanks in part to not being subject to any rent control ordinances. A lot of investors tend to like the 'set it and forget it' nature of owning these types of assets, and Inglewood provides a great value in this regard. You can still find 'value-add' deals if you look hard enough, and most buildings have a very critical component that is much more of a challenge in other parts of Los Angeles: Parking.
As we prepare for the return of the Rams and the NFL to the city of angels, the development and massive amounts of capital being placed into Inglewood can only signal the inevitable increase in property values and and stronger rental market to meet the demand that will undoubtedly take hold. My recent closing indicates how value and growth potential in the city will look going forward. If you're looking for a solid product in an area where cash flow will remain strong, Inglewood must be on your list to consider. Take a look below for more on my recent closing!
Details of transaction:
820 Cory Drive - Inglewood 90302
Sold Price: $1,075,000
Number of Units: Four 1bd/1ba - Two 2bd/1ba
Price per unit: $179,167
Price per square foot: $234.51
13.62 GRM | 4.44% CAP