7-Unit Apartment Building for sale in Inglewood | $1,699,000
Lyon Stahl & Pacific Peak Investment Real Estate Group are proud to offer for sale a two-story, seven-unit apartment building located at 217 E. Ivy, Inglewood, CA. This property consisits of 7 units and a non-confirming unit in highly desirable area of Inglewood. 217 E Ivy was constructed of wood frame and stucco built in 1955 with a total rentable square footage of 5,051 on a 9,997 – square foot lot.
The property consists of 6 – one Bedroom -One Bath Units, 1 one two bedroom unit and a non-conforming studio unit. The property is separately metered for Gas and Electric and tenants enjoy the convenience of easy parking. This property includes an asphalt paved parking area that provides for seven garage spaces. Street parking is available on the east side of the street. Additionally, tenants enjoy use of the laundry room consisting of two coin-operated washers and dryers. The property is located in a densely populated location with a high rental demand. The property is close to 405, 105, and 110 freeway.
Listed at $1,699,000, this building was built in 1955, has a GRM of 15.19, a Cap Rate of 4.12%, and a NOI of $71,289.
City Overview – Inglewood
Inglewood is a city in the South Bay region of Los Angeles that is bordered by Westchester/LAX, Hawthorne, and Ladera Heights. Spanning 8 square miles with a population of 109,670, Inglewood has emerged as one of the hottest real estate markets in Southern California. Real estate values have increased 10.1% over the past year and the median price of homes currently listed in Inglewood is $480,000.
The majority of residents are served by the Inglewood Unified School District. Wilder’s Preparatory Academy Charter School is the best public elementary school in the city, and high schools include Inglewood High, Morningside High, City Honors High, and Hillcrest High School. The private schools in the area include St. Mary’s Academy and St. John Chrysostom Elementary School.
Inglewood is also home to the illustrious Forum, which was designed by architect Charles Luckman, who also designed Madison Square Garden in New York. For decades, the Forum was one LA’s most prominent concert venues, hosting the likes of Elvis Presley, Led Zeppelin, and the Jackson 5. It was also home to the Los Angeles Lakers before the team moved to the Staples Center in 1999. The Forum is now the largest indoor performance venue in the country with a design focused on music and entertainment.
The Los Angeles Stadium at Hollywood Park is under construction in Inglewood and when completed in 2020, it will be the home of both the Los Angeles Rams and Los Angeles Chargers. The Los Angeles Stadium is also expected to host the Super Bowl in 2021 and the 2028 Summer Olympics.
● $2.6 Billion NFL Stadium, accompanied by neighborhood development is already underway
● Light Rail Metro Expansion expected to add 4 new Inglewood stops by 2019
● Plans to revamp Downtown Arts District by 2020
The most heavily populated county in the country is Los Angeles County with approximately 9.9 million people, including about 1 million that live in unincorporated areas of the county. The metropolis – formed by the six neighboring counties of Los Angeles, Ventura, Kern, San Bernardino, Riverside, and Orange – is home to approximately 19 million residents. Los Angeles County is home to one of the most educated labor pools in the country and offers a labor force of more than 4.7 million, of which more than 1.5 million are college graduates. Los Angeles County has the largest population of any county in the nation, exceeded only by eight states. According to the United States Conference of Mayors, Los Angeles County boasts a GDP among the twenty largest in the world. Los Angeles County’s continued economic growth, in contrast to other areas of the state and nation, is due to its diversified economy and abundant, well-trained workforce.
● Los Angeles County is the world’s 18th largest economy.
● Los Angeles part of the “Tech Coast” and is regarded as the of the main entrepreneurial regions of the world. It has approximately 200,000 small businesses, which is twice as many small businesses as can be found in any other region of the United States.
● If Los Angeles’ five county area were a state, it would be the fourth largest in the United States.
● Los Angeles has more than 80 stage theaters and 300 museums, more than any other U.S city.
To learn more about this property:
- Download the marketing package here
- View the listing here
- Contact Hythum Kiswani at Hythum@lyonstahl.com – (310) 431 5411