$1,550,000
$1,525,000
1.6%For more information regarding the value of a property, please contact us for a free consultation.
9,635 Sqft Lot
SOLD DATE : 12/15/2023
Key Details
Sold Price $1,550,000
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
MLS Listing ID SR23210133
Sold Date 12/15/23
HOA Y/N No
Year Built 1964
Lot Size 9,635 Sqft
Property Description
711 Walnut Street presents a unique opportunity to acquire a 7-unit multi-family property in Inglewood, CA, strategically positioned at the nexus of the beach cities, LAX, and downtown Los Angeles. Tenants will enjoy immediate access to renowned retail centers and entertainment hubs such as SoFi Stadium, Hollywood Park, KIA Forum, and the upcoming Intuit Dome. The pocket location is nestled in a charming neighborhood on a tree-lined street blending garden apartments with residential housing. Embracing a vintage mid-century modern style architecture characterized by bold lines and overhanging eaves reminiscent of the aesthetics found in Palm Springs. This property boasts a diverse unit mix comprised of: - ONE (1) 3-bedroom | 2-bathroom unit; TWO (2) 2-bedroom | 2-bathroom units; and FOUR (4) 1-bedroom | 1-bathroom units. Rental Units are large (blended avg. over 1,000 SF each) and provide ample natural lighting. The property features semi-subterranean and garaged parking, on-site laundry, pool, and separate gas and electric metering for each unit. The potential for significant value enhancement is substantial, with current rents reflecting potential upside of over 50%. There is also an opportunity for a savvy investor to assume the existing CHASE loan, offering advantageous terms with +/-6 years remaining at a fixed rate of 4.49%. The terms require a 1% assumption fee and a $2,000 processing fee. This property presents an excellent investment prospect for those seeking immediate cash flow and long-term growth potential!
Location
State CA
County Los Angeles
Area 101 - North Inglewood
Zoning INR3YY
Interior
Fireplace No
Laundry Common Area
Exterior
Garage Assigned, Concrete, Covered, Garage
Garage Spaces 12.0
Garage Description 12.0
Pool Association, Community, Fenced, Private
Community Features Urban, Pool
Parking Type Assigned, Concrete, Covered, Garage
Total Parking Spaces 12
Private Pool Yes
Building
Lot Description Level
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 4022025004
Acceptable Financing Cash, Conventional, Contract, 1031 Exchange
Listing Terms Cash, Conventional, Contract, 1031 Exchange
Financing Assumed
Special Listing Condition Standard
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Bought with Matthew Sillaman • LB Property Management Inc
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "