Casino Royale II | 617 E 97th St
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Casino Royale II 617 E 97th St
18 Unit Apartment Building $6,250,000 ($347,222/Unit) 5.20% Cap Rate Inglewood, CA 90301
Investment Highlights
- Turnkey Property with Upside
- Proximity to Employment and Major Developments
- Strong Unit Mix with Large Floorplans
- Strong Multifamily Fundamentals
Executive Summary
Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Casino Royale II (the “Property”), an 18-unit multifamily community comprised of (10) 2-Bedroom/2-Bathroom units and (8) 3-Bedroom/2-Bathroom units in Inglewood, CA.
Originally constructed in 1988, current ownership has completed upgrades to 16 of the 18 units consisting of quartz countertops and stainless-steel appliances. Investors will have the opportunity to upgrade the two classic finish units and capture existing loss to lease ($239/unit/month) on renovated units to increase rental income by 11%.
The Property is located in the revitalized city of Inglewood, a city which is home many of the most transformative developments along the West Coast. With over $8 billion of investment spanning across major sporting venues, park and recreation space, Class A office, luxury single family homes, and major infrastructure, Inglewood will be the new center of gravity within Los Angeles County.
Originally constructed in 1988, current ownership has completed upgrades to 16 of the 18 units consisting of quartz countertops and stainless-steel appliances. Investors will have the opportunity to upgrade the two classic finish units and capture existing loss to lease ($239/unit/month) on renovated units to increase rental income by 11%.
The Property is located in the revitalized city of Inglewood, a city which is home many of the most transformative developments along the West Coast. With over $8 billion of investment spanning across major sporting venues, park and recreation space, Class A office, luxury single family homes, and major infrastructure, Inglewood will be the new center of gravity within Los Angeles County.
Data Room Click Here to Access
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $6,250,000 | Building Class | B |
| Price Per Unit | $347,222 | Lot Size | 0.41 AC |
| Sale Type | Investment | Building Size | 19,014 SF |
| Cap Rate | 5.20% | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1988 |
| Property Subtype | Apartment | Parking Ratio | 2/1,000 SF |
| Apartment Style | Low Rise |
| Price | $6,250,000 |
| Price Per Unit | $347,222 |
| Sale Type | Investment |
| Cap Rate | 5.20% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.41 AC |
| Building Size | 19,014 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1988 |
| Parking Ratio | 2/1,000 SF |
Unit Amenities
- Balcony
- Dishwasher
- Disposal
- Fireplace
- Heating
- Granite Countertops
- Range
Site Amenities
- Laundry Facilities
- Gated
- Laundry Service
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 10 | - | 941 |
| 3+2 | 8 | - | 1,201 |
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Walk Score ®
Very Walkable (72)
PROPERTY TAXES
| Parcel Number | 4024-042-035 | Improvements Assessment | $1,160,583 |
| Land Assessment | $3,446,937 | Total Assessment | $4,607,520 |
PROPERTY TAXES
Parcel Number
4024-042-035
Land Assessment
$3,446,937
Improvements Assessment
$1,160,583
Total Assessment
$4,607,520
zoning
| Zoning Code | R3, Inglewood |
| R3, Inglewood |
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Casino Royale II | 617 E 97th St
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