$ 4,650,000
632 -636 & 644-646 Aerick ST Inglewood, CA 90301
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$ 4,650,000
Est. payment /mo
Price Dropped by $140K
632 -636 & 644-646 Aerick ST Inglewood, CA 90301
22 Baths
13,498 SqFt
UPDATED:
10/15/2024 11:35 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 13,498 sqft
Price per Sqft $344
MLS Listing ID 24426823
HOA Y/N No
Year Built 1956
Lot Size 0.570 Acres
Acres 0.57
Property Description
IMPROVED INCOME. A 22-unit apartment portfolio located at 632-636 Aerick Street (10 units) and 644-646 Aerick Street (12 units) in Inglewood, CA. On the market for the first time in over 40 years, the properties total 13,498 SF, sit on 24,354 SF of land, and consists of ample parking for both properties. 632-636 Aerick Street is comprised of (2) two bedroom / one bathroom units, (4) one bedroom / one bathroom units, (3) studio units, and (1) bachelor unit. All units are individually metered, with the exception of one studio unit and the bachelor unit. The building has newer paint, landscaping, staircases, and has been well maintained by the current owner. 644-646 Aerick Street consists of (12) one bedroom / one bathroom units. All units are individually metered. This property has a new asphalt parking surface and has also been well maintained. With over 30% in rental upside and zoned for the possibility of future multifamily redevelopment, this well maintained 22-unit portfolio offers an investor the unique opportunity to own two apartment communities separated by one parcel of land, thus providing flexibility for future opportunities. Additionally, the properties provide the opportunity for new ownership to increase the total unit count and rental income through the addition of multiple ADUs (Buyer to Verify). The single family residence located at 650 Aerick Street is also available to a prospective buyer. Contact the listing agents for more information. 632-636 and 644-646 Aerick Street benefit from their proximity to several key developments and economic hubs in the area. The properties are located near the revitalized Hollywood Park neighborhood, home of SoFi Stadium, the NFL West Coast Headquarters, the Kia Forum, the YouTube Theater, and the newly constructed Intuit Dome. The properties' central location provides convenient access to public transportation being just a short walk away from the newly completed K Line of the Los Angeles area light rail line system and is near major highways, LAX, and the surrounding Los Angeles communities such as the Beach Cities and West LA. With ongoing revitalization projects and economic development in the area along with the upcoming 2028 Summer Olympics, Inglewood has and continues to experience robust job growth and maintains a strong rental market with future growth to rental rates, making these properties an excellent addition to any investment portfolio. *Buyer to do their own investigation on the legal number of units at the property. Additionally, over 60% of the units are below Inglewood's fair market rental figures and may be increased 8.9% in June 2025, according to Inglewood's FY Current Allowable Rent Increase Figures. This brings the offering at nearly a 6% Cap Rate (at list price) merely by giving rental increase notices.
Location
State CA
County Los Angeles
Area 101 - North Inglewood
Zoning INR3YY
Interior
Heating None
Cooling None
Fireplace No
Exterior
Garage Covered, Carport, Detached Carport
Parking Type Covered, Carport, Detached Carport
Attached Garage No
Total Parking Spaces 22
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 4021002009
Special Listing Condition Standard
Listed by Charlsey Zyne • Marcus & Millichap