228 Stepney Street, Inglewood, CA 90302

About this property

Huge 200k Price Reduction! Once-in-lifetime opportunity to acquire a 100% Vacant, 9 Unit building with 4 RTI ADUs (under construction) priced at only 276k/door in PrimeNorthwest Inglewood. Incredible current Cap Rate of 7% and 10.9 GRM after renovations. All vacant units are under renovation so buyers can complete them to their own taste and finishes and get top market rents. (Most of the rough construction and heavy lifting have been done). Excellent up-and-coming Inglewood location minutes from the Rams Stadium, Forum, Culver City, and Playa Vista. Individually metered for Gas & Electricity. Approved Plans to convert the garages to 2 attached ADUs and a portion of the carport to 2 detached ADUs for a total of 4 ADUs. Price/Unit, Cap Rate, & GRM are based on Total Price for sake of conservatism, which includes the remaining construction costs of 4 RTI ADUs 1,000 SF at 200/SF (200k).

Listing description from the May 2023 sale, as reported to CRMLS.

Sale history

$2,848,000

Sold May 2023 · listed $3,395,000, on market January 2022 · MLS #23236697 · Source: CRMLS

Listing Agent: Julio Ruiz · Listing Office: Global Platinum Properties, Inc. · Contact: 818-524-0706 · Bought with: Julio Ruiz · Global Platinum Properties, Inc.

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