- Value Add Opportunity
- Bungalow Style Units
- Large R3 Parcel
- No Rent Control
Lee & Associates Investment Services Group is pleased to present Walnut Street Apartments. This value add opportunity is located at 703 Walnut Street in the city of Inglewood. The property is an opportunity to acquire rare bungalow style units on a 9,593 R3 parcel. There is no rent control in the city of Inglewood. The unit mix consists of five x one bedroom/one bath apartments, with washer/dryer hookups and individual water heaters. Additionally, the ownership utilized the City of Inglewood Residential Sound Insulation program and upgraded the units with central HVAC, solid core doors, dual pane windows, and additional sound insulation in the attic space.
The city of Inglewood is enjoying a renaissance with the multi-billion dollar development of the new Los Angeles Rams football stadium and the Wilson Meany’s Hollywood Park mixed-use project adjacent to it. This means the creation of new temporary and permanent jobs just blocks away from the property.
The property has been mismanaged for many years and there is approximately 25% upside in rental income. Four of the tenants are month to month, and one tenant is under eviction, with an agreed upon vacate date of 2/1/2018. Currently, the ownership entities are in dispute necessitating a sale. There is a lis pendens recorded on title, which will be expunged prior to close of escrow.
With interest rates still historically low, this is an opportunity for an investor to reposition a well located asset in a city that is reinventing itself for the 21st century.
The City of Inglewood is bordered by Baldwin Hills, Culver City, and the Crenshaw Hyde Park areas to the north, South Los Angeles to the east, Hawthorne and the South Bay Beach Cities to the south, Westchester, LAX, and Marina Del Rey to the west. This incredible Inglewood location is near the Los Angeles Entertainment Center (Future Home of the Los Angeles Rams & Los Angeles Chargers), What makes this neighborhood special is the development of not only the new stadium, but the extension of the new Metro Expo Line, and 10 to 20-minute proximity to all things entertainment; including beaches and Beverly Hills!