713 Edgewood St

05-13-2022
05-13-2022

713 Edgewood St, Inglewood, CA 90302

Property Description

Matthews™ is pleased to present 713 Edgewood Street, an 8-unit apartment building located in prime Inglewood, one of the hottest up-and-coming markets in Los Angeles. The property was built in 1972 and is comprised of (6) one bed, one bath units and (2) two bed, one bath units. The property sits on a huge lot, nearly 9,000 square feet, and is zoned R3. Both of the two bedroom units have spacious balconies. Additionally, Unit #1 has a balcony and Unit #5 has a large private patio. Significant capital improvements have gone into the building, including new mainline sewer pipes, updated electrical components, and extensive interior renovations in 4 out of the 8 units. These tasteful renovations included new flooring, new kitchen/bathroom cabinets & fixtures, new stainless-steel appliances, bathroom tiling, recessed lighting, as well as new blinds and fans. The property also features 8 parking spaces and a community laundry area for additional income. Located just 2.5 miles from massive developments like the new SoFi Stadium and Intuit Dome NBA Arena, 713 Edgewood offers investors a rare opportunity to acquire a value-add multifamily asset in one of the most opportunistic pockets of LA.

The building is located in the heart of Inglewood on a quiet residential block. Inglewood is a city in the South Bay region of Los Angeles bordered by Hawthorne, Westchester/LAX, and Ladera Heights. Inglewood has recently emerged as one of the hottest real estate markets in Southern California, and real estate values have increases 10.1% over the past year. Much of
Inglewood’s property appreciation is due to a massive amount of investment taking place in the region, with multi-billion-dollar sports and entertainment projects like SoFi Stadium, the Inuit Dome NBA Arena and the Hollywood Park Development. Inglewood is also home to the famous Forum arena, one of LA’s most prominent concert venues. Additionally, the $2.1 billion Crenshaw-LAX Light Rail Line expansion project is set for completion in 2022, which will connect Mid-City to Inglewood and the South Bay with eight new stops.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 2,700,000
No. of Units
8
Cap Rate
3.64%
GRM / GIM
16.88
Year Built
1972
Building Size
6,220 Sq ft
Lot Size
8,915 Sq ft
No. of Stories
2
Opportunity Zone
Off
Price per unit
$ 337,500
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33.973054, -118.354664

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