Under contract
433 Venice WAY
INGLEWOOD CA, 90302
$1,595,000
$315.22 per sqft
Under contract
5 Beds
4 Baths
5,060 sqft
Multi-family
Built in 1960
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. Utilities: Individual Hot Water Heaters and Separately Metered for Gas and Electric for each tenant (provides for low cost of ownership). Location: NW Inglewood (highly desired), Unique Character: Some units have oversized windows, vaulted ceilings, balconies, and the asset also benefits from an amazing curb appeal with is unique corner lot. Amenities: Common area Laundry Room with no lease, plus covered parking for all 7 units.
SB24123984MR
MLSⓇ ID
June 17, 2024
Listed
August 23, 2024
Updated
Map
433 Venice WAY
INGLEWOOD CA, 90302
Interior Features
Total Stories
2
Bedrooms
5
Total Bathrooms
4
Laundry Description
Laundry Area
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.16 Acres
Sewer
Public Sewer
Other Property Details
Area Name
North Inglewood
Days on Market
31
Garage
Yes
Garage Spaces
7
Parking Total
7
View
No
County
Los Angeles
Water Source
Public
Pool
No
Pool Features
None
Zoning
INR3YY
Listed by David Holstein with The Holstein Group
Listing Contact: 310-891-3339
Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Stormie Leoni shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
©2024 Combined L.A./Westside MLS. All rights reserved.
Data last updated 8/23/2024