746 Cory Dr
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746 Cory Dr
8 Unit Apartment Building $1,850,000 ($231,250/Unit) 6.05% Cap Rate Inglewood, CA 90302
Investment Highlights
- Upgraded Electrical, Roof approx 10 yrs old, Individual Hot Water Heaters
- Upside potential on rents with a city that affords reasonable rent increases
- Amazing NW Inglewood Location.
Executive Summary
NOTE: Holiday Update... Agent will be travelling Nov 23rd- Dec 2nd. No offers will be responded to until Dec 5th (Thursday). We will be hosting an open house on Wednesday December 4th from 12-2pm with access to all units. Please drive by during the holidays. This is a unique Pride of Ownership asset.
PRIME NW Inglewood Location. 8 unit apartment complex with recently upgraded Electrical panels (2024), and Roof (approx 10 yrs old). Great unit mix with a mix of Large One Bedrooms (5) and Two Bedroom One Bath units (3).
Price to Sell with a potential 6%+ Cap, Upside Potential in rents, 10.94 GRM, $290's per/ft., Long Term tenants (Rent Roll attached). City of Inglewood allows a generous annual rent increase of 8.9% when rents are below their 80% FMR (Fair Market Value) which applies to all of the residents. This asset is NOT subject to LA City or LA County rent control.
Low Cost of operations as each tenant pays their own Hot Water with individual Hot Water Heaters in each unit and individual electric meters. Tenants also benefit from a gas servicing each unit (as with individual meters). Common area laundry on site with a month to month agreement in place. Parking area consists of Open Spaces (3), Carports (3), 2 car enclosed garage, plus an additional single car enclosed garage.
Amazing street presence. Pride of Ownership asset. Seller (and partners) have owned this asset for 24+ years !!! (Retiring / dissolving the partnership - No Seller carrybacks of financing offers are considered).
SB 326 Balcony requirements: Inspected and Repairs completed with permits by National Deck. All railings also brought up to code.
Main Gas Meters updated with Earthquake Shut off Valves.
PRIME NW Inglewood Location. 8 unit apartment complex with recently upgraded Electrical panels (2024), and Roof (approx 10 yrs old). Great unit mix with a mix of Large One Bedrooms (5) and Two Bedroom One Bath units (3).
Price to Sell with a potential 6%+ Cap, Upside Potential in rents, 10.94 GRM, $290's per/ft., Long Term tenants (Rent Roll attached). City of Inglewood allows a generous annual rent increase of 8.9% when rents are below their 80% FMR (Fair Market Value) which applies to all of the residents. This asset is NOT subject to LA City or LA County rent control.
Low Cost of operations as each tenant pays their own Hot Water with individual Hot Water Heaters in each unit and individual electric meters. Tenants also benefit from a gas servicing each unit (as with individual meters). Common area laundry on site with a month to month agreement in place. Parking area consists of Open Spaces (3), Carports (3), 2 car enclosed garage, plus an additional single car enclosed garage.
Amazing street presence. Pride of Ownership asset. Seller (and partners) have owned this asset for 24+ years !!! (Retiring / dissolving the partnership - No Seller carrybacks of financing offers are considered).
SB 326 Balcony requirements: Inspected and Repairs completed with permits by National Deck. All railings also brought up to code.
Main Gas Meters updated with Earthquake Shut off Valves.
Financial Summary (Pro forma - 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 |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 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 | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,850,000 | Apartment Style | Low Rise |
| Price Per Unit | $231,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 6.05% | Building Size | 6,170 SF |
| Gross Rent Multiplier | 10.94 | Average Occupancy | 95% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1953 |
| Property Subtype | Apartment | Parking Ratio | 0.63/1,000 SF |
| Price | $1,850,000 |
| Price Per Unit | $231,250 |
| Sale Type | Investment |
| Cap Rate | 6.05% |
| Gross Rent Multiplier | 10.94 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 6,170 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1953 |
| Parking Ratio | 0.63/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- High Speed Internet Access
- Refrigerator
- Tub/Shower
- Smoke Free
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | $1,495 | - |
| 2+1 | 3 | $2,007 | - |
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PROPERTY TAXES
| Parcel Number | 4017-021-020 | Total Assessment | $465,327 |
| Land Assessment | $324,996 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $140,331 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
4017-021-020
Land Assessment
$324,996
Improvements Assessment
$140,331
Total Assessment
$465,327
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
zoning
| Zoning Code | R3, Inglewwod (Buyer to verify Zoning . Per assessor, INR3YY) |
| R3, Inglewwod (Buyer to verify Zoning . Per assessor, INR3YY) |
-
David Holstein -
The Holstein Group Inc.
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746 Cory Dr
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