Description

The subject property has an outstanding unit mix of (11) Two Bedrooms and (2) Three Bedroom units and is located in one of the best sections of the city of Inglewood. The parking is approximately 1 space for each unit with half covered spaces by carports and the other half assigned and open. In addition to a great unit mix and preferred location in the city, the subject property other amenities including a community laundry room, separate meters for Electric and Gas, as well as a grass frontage for the residents to enjoy. The city of Inglewood is a preferred city for investment due to the recent growth of the NFL Stadium as well as being located next to the LAX Airport, local beaches, employment, and massive influx of new development. Although there is a city established rent control, owners can increase rents between 3.6%-8.6% annually based on the current & reasonable rental caps established. 8.6% is available for rents below 80% of the FMV which currently is $1635 for 2 bedrooms and $2154 for 3 bedrooms. Thus, many investors would consider Inglewood, "investor friendly" as well as "tenant friendly" - which is substantially better many other surrounding cities. Current rents are relatively low and have some immediate upside potential. Some (4) residents are also benefitting from Housing is Key Covid Relief funds - which have been regularly received as applied for.