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Stadium View Apartments 919 S Prairie Ave 50 Unit Apartment Building $13,900,000 ($278,000/Unit) 5.70% Cap Rate Inglewood, CA 90301
EXECUTIVE SUMMARY
Fully remodeled 50-Unit multifamily building comprising of 2x 1-bedroom apartments and 48x large and uniquely laid out studios all with full-sized kitchens, full closets and bathrooms located directly in front of Sofi Stadium and the 300-Acre, $10 Billion dollar mega development!
- Assumable $2.8MM 3.75% interest rate loan fixed through 2030 and seller financing available in second position
-An extensive top to bottom $2MM remodel undertaken in 2021
- $350K plumbing remodel. All new copper plumbing from city meter back, including new individual unit shutoffs for all units, new shower valves for all units, news toilets & tubs for all news, new boiler, all new traps for all units and new sewer horizontals
-Every windows in building changed to double-paned, tempered vinyl windows
-Full building stucco and paint, with smooth-finish stucco in front
-New code controlled access car & pedestrian gates
- 24/7 night-vision cameras throughout
-47 of 50 units fully remodeled with new quartz countertop and real plywood cabinet kitchens, LVP flooring, stainless steel sinks, new tile and tubs, new fixtures, outlets, baseboards, paint!
- Exterior includes new mailboxes, light fixtures, landscaping, deck refresh throughout
-All units fully wired internally with Spectrum CAT 6 wiring, offering revenue share income to owner and high speed internet for tenants to pay for without any external wiring!
-Full onsite laundry with only mobile phone pay
-50 parking spaces, fully gated and covered
-Extreme rent demand. Operating at nearly 0% historical vacancy with waitlist and low delinquency rates. Strong rent roll with qualified tenants
-Prime location directly on the transforming and high vehicle per day Prairie Avenue. Located directly across from Sofi Stadium/Hollywood Park $10 Billion mega development, including 900,000 sq. ft. of luxury retail. Located near Intuit Dome, the Forum, Downtown Inglewood, and LAX/Hawthorne Airports
- Assumable $2.8MM 3.75% interest rate loan fixed through 2030 and seller financing available in second position
-An extensive top to bottom $2MM remodel undertaken in 2021
- $350K plumbing remodel. All new copper plumbing from city meter back, including new individual unit shutoffs for all units, new shower valves for all units, news toilets & tubs for all news, new boiler, all new traps for all units and new sewer horizontals
-Every windows in building changed to double-paned, tempered vinyl windows
-Full building stucco and paint, with smooth-finish stucco in front
-New code controlled access car & pedestrian gates
- 24/7 night-vision cameras throughout
-47 of 50 units fully remodeled with new quartz countertop and real plywood cabinet kitchens, LVP flooring, stainless steel sinks, new tile and tubs, new fixtures, outlets, baseboards, paint!
- Exterior includes new mailboxes, light fixtures, landscaping, deck refresh throughout
-All units fully wired internally with Spectrum CAT 6 wiring, offering revenue share income to owner and high speed internet for tenants to pay for without any external wiring!
-Full onsite laundry with only mobile phone pay
-50 parking spaces, fully gated and covered
-Extreme rent demand. Operating at nearly 0% historical vacancy with waitlist and low delinquency rates. Strong rent roll with qualified tenants
-Prime location directly on the transforming and high vehicle per day Prairie Avenue. Located directly across from Sofi Stadium/Hollywood Park $10 Billion mega development, including 900,000 sq. ft. of luxury retail. Located near Intuit Dome, the Forum, Downtown Inglewood, and LAX/Hawthorne Airports
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PROPERTY FACTS
| Price | $13,900,000 | Apartment Style | Low-Rise |
| Price Per Unit | $278,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.71 AC |
| Cap Rate | 5.70% | Building Size | 26,353 SF |
| Gross Rent Multiplier | 13.74 | Average Occupancy | 100% |
| No. Units | 50 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1959/2021 |
| Property Subtype | Apartment | Parking Ratio | 1.9/1,000 SF |
| Zoning | C2, Inglewood - Favorable C2 Zoning | ||
| Price | $13,900,000 |
| Price Per Unit | $278,000 |
| Sale Type | Investment |
| Cap Rate | 5.70% |
| Gross Rent Multiplier | 13.74 |
| No. Units | 50 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.71 AC |
| Building Size | 26,353 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1959/2021 |
| Parking Ratio | 1.9/1,000 SF |
| Zoning | C2, Inglewood - Favorable C2 Zoning |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Courtyard
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 48 | $1,750 | 468 |
| 1+1 | 2 | $1,950 | 636 |
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Walk Score®
Very Walkable (79)
PROPERTY TAXES
| Parcel Number | 4024-008-020 | Improvements Assessment | $2,816,137 |
| Land Assessment | $8,475,755 | Total Assessment | $11,291,892 |
PROPERTY TAXES
Parcel Number
4024-008-020
Land Assessment
$8,475,755
Improvements Assessment
$2,816,137
Total Assessment
$11,291,892
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Russo Company
Stadium View Apartments | 919 S Prairie Ave
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