Bought with David Holstein • The Holstein Group
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Key Details
Sold Price $1,400,000
Property Type Commercial
Sub Type Other
Listing Status Sold
Purchase Type For Sale
Square Footage 5,060 sqft
Price per Sqft $276
MLS Listing ID CRSB24123984
Sold Date 09/30/24
HOA Y/N No
Originating Board Datashare California Regional
Year Built 1960
Lot Size 6,991 Sqft
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. U
Location
State CA
County Los Angeles
Interior
Fireplace No
Laundry Other
Building
Lot Description Corner Lot, Garden
Water Public
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