34% Upside & Potential to Build 4+ ADUs | 809 Flora Dr
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34% Upside & Potential to Build 4+ ADUs 809 Flora Dr
9 Unit Apartment Building $2,195,000 ($243,889/Unit) 4.43% Cap Rate Inglewood, CA 90302
Investment Highlights
- Take Advantage of CA SB1211 and Build at Least (4) new ADU's
- 10.59% Pro Forma Cap Rate & 6.64 GRM (Assumes Stabilized Market Rents & four ADUs)
- Pride of ownership: Meticulously maintained by current ownership (see OM for details)
- Cap Rate All Rents at Market - 6.57% (Without ADU's)
- Value add opportunity. Approximately 34% in Organic Rental Upside
- (9) On-Site Covered Parking Spaces, Remodeled Pool, New Pergola Sitting Area, On-Site Laundry
Executive Summary
Rare chance to acquire a meticulously maintained 9-unit complex, offered for the first time in nearly 30 years. Located just blocks from Ladera Heights and steps from Amazon Fresh, Chipotle, and Starbucks, this pride-of-ownership property presents significant upside potential.
Amenities include an on-site laundry facility, nine parking spaces, and a common-area pool. Eight of the nine units have been renovated between 2009 and 2021, yet current rents remain approximately 36% below market despite increases in September 2024.
Recent Upgrades (2013–2022):
- Pool and deck resurfacing, drainage to code
- Roof replacement (2014/2019)
- New handrails, entry gate, and LED carport lighting
- Walkway resurfacing, concrete leveling, and exterior paint
- SB721 compliant: owner has completed the required inspections of balconies, decks, and elevated walk ways.
Additional Value-Add Potential:
Under CA State Bill SB1211, the property qualifies for the addition of at least (4) 450 sq. ft. 1BD/1BA ADUs, boosting cash-on-cash returns to 7.32% at pro forma rents. Beginning January 2025, rental increase limits will align with California’s 5% + CPI cap, providing a pathway to market rents faster.
Amenities include an on-site laundry facility, nine parking spaces, and a common-area pool. Eight of the nine units have been renovated between 2009 and 2021, yet current rents remain approximately 36% below market despite increases in September 2024.
Recent Upgrades (2013–2022):
- Pool and deck resurfacing, drainage to code
- Roof replacement (2014/2019)
- New handrails, entry gate, and LED carport lighting
- Walkway resurfacing, concrete leveling, and exterior paint
- SB721 compliant: owner has completed the required inspections of balconies, decks, and elevated walk ways.
Additional Value-Add Potential:
Under CA State Bill SB1211, the property qualifies for the addition of at least (4) 450 sq. ft. 1BD/1BA ADUs, boosting cash-on-cash returns to 7.32% at pro forma rents. Beginning January 2025, rental increase limits will align with California’s 5% + CPI cap, providing a pathway to market rents faster.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$329,220
|
$45.73
|
| Other Income |
$1,200
|
$0.17
|
| Vacancy Loss |
$9,877
|
$1.37
|
| Effective Gross Income |
$320,543
|
$44.53
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$88,108
|
$12.24
|
| Net Operating Income |
$232,435
|
$32.29
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $329,220 |
| Annual Per SF | $45.73 |
| Other Income | |
|---|---|
| Annual | $1,200 |
| Annual Per SF | $0.17 |
| Vacancy Loss | |
|---|---|
| Annual | $9,877 |
| Annual Per SF | $1.37 |
| Effective Gross Income | |
|---|---|
| Annual | $320,543 |
| Annual Per SF | $44.53 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $88,108 |
| Annual Per SF | $12.24 |
| Net Operating Income | |
|---|---|
| Annual | $232,435 |
| Annual Per SF | $32.29 |
Property Facts
| Price | $2,195,000 | Apartment Style | Low Rise |
| Price Per Unit | $243,889 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.27 AC |
| Cap Rate | 4.43% | Building Size | 7,199 SF |
| Sale Conditions | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 12.71 | No. Stories | 2 |
| No. Units | 9 | Year Built/Renovated | 1954/2022 |
| Property Type | Multifamily | Parking Ratio | 1.25/1,000 SF |
| Property Subtype | Apartment |
| Price | $2,195,000 |
| Price Per Unit | $243,889 |
| Sale Type | Investment |
| Cap Rate | 4.43% |
| Sale Conditions | 1031 Exchange |
| Gross Rent Multiplier | 12.71 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.27 AC |
| Building Size | 7,199 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1954/2022 |
| Parking Ratio | 1.25/1,000 SF |
Unit Amenities
- Air Conditioning
- Storage Space
- Heating
- Kitchen
- Oven
- Range
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Pool
- Security System
- Tenant Controlled HVAC
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | - |
| 2+1 | 1 | - | - |
| 3+2.5 | 1 | - | - |
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PROPERTY TAXES
| Parcel Number | 4017-020-013 | Improvements Assessment | $463,242 |
| Land Assessment | $286,598 | Total Assessment | $749,840 |
PROPERTY TAXES
Parcel Number
4017-020-013
Land Assessment
$286,598
Improvements Assessment
$463,242
Total Assessment
$749,840
zoning
| Zoning Code | R3, Inglewood |
| R3, Inglewood |
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34% Upside & Potential to Build 4+ ADUs | 809 Flora Dr
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