10-Unit Multifamily Income
For Sale
$2,550,000
230 Stepney St, Inglewood, CA 90302
Ten-unit building with copper plumbing and a recently added central hot water heater, offered as part of a 3-building package.
Property Size9,260 SF
Days on Market80
Property Features for 230 Stepney St
General Information
Standard status
Active
Size
9,260 SF
Property subtype
MULTI_FAMILY
Additional Details
Multifamily Units
10
Building Details
Building Size
9,260 SF
Year Built
1960
Listing Agency:
Realty Executives Westside
Listed By:
Eugene Anthony · License #00634953
(310) 737-1992
Source:
Milsteinestates
Added: Jun 25
Changed: Sep 2
Last Checked: Sep 12 at 9:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realty Executives Westside
Investment Insights
Based on property information with market context.
This 10-unit multifamily property offers a unit mix of (1) three-bedroom/1.75-bath, (5) two-bedroom units (some with 1.75 baths), and (4) one-bedroom/1-bath. The building is described as clean and well managed. Copper plumbing is in place throughout, and a new central hot water heater was recently added.
The property is located in the heart of Inglewood near SoFi Stadium, Kia Forum, Hollywood Park Casino, and Intuit Dome. The seller notes the asset is part of a package of three apartment buildings, and it can be purchased individually or as a package (see MLS# 26858763 & 26858415).
Tenants are currently in place; please do not disturb residents.
The property is located in the heart of Inglewood near SoFi Stadium, Kia Forum, Hollywood Park Casino, and Intuit Dome. The seller notes the asset is part of a package of three apartment buildings, and it can be purchased individually or as a package (see MLS# 26858763 & 26858415).
Tenants are currently in place; please do not disturb residents.
Key Highlights
- 10‑unit multifamily building, part of a 3‑building package (can be purchased individually or together).
- Unit mix: 1 three‑bedroom/1.75‑bath; 5 two‑bedroom units (some with 1.75 baths); 4 one‑bedroom/1‑bath units.
- Copper plumbing throughout the building.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$114,701
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.50%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,294,020
$2.3M
Cap Rate 7%
$1,638,586
$1.6M
Cap Rate 9%
$1,274,456
$1.3M
Market Conditions
NOI Build-Up for 9,260 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$210.0K $22.68/SF
− Vacancy
−$1.5K −$0.16/SF
EGI
$208.5K $22.52/SF
− OpEx
−$93.8K −$10.13/SF
NOI
$114.7K $12.39/SF
Area
Inglewood, CA
Vacancy
0.70%
Lease Rate
$22.68 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,294,020
Cap Rate 7%
$1,638,586
Cap Rate 9%
$1,274,456
Alternative Uses
Best Use
Apartment 5plus
$1.64M
$1.43M – $1.91M
NOI $114,701 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.78M
$3.31M – $4.41M
NOI $264,466 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
2,001
Businesses Nearby
Explore this area
Business Placement
Demographics for 90302, CA
29,264
Population
11,366
Households
2.6
Avg Household Size
36
Median Age
30%
College-Educated
81%
High-School Grad
1.9 sq mi
ZIP Area
15,402
Density / Sq Mi
$72,461
Median Household Income
$37,675
Median Earnings
$1,784
Median Rent
$731,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Ten-unit building with copper plumbing and a recently added central hot water heater, offered as part of a 3-building package.
Where is this apartment building located?
The property is located at 230 Stepney St Inglewood, CA.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: 10‑unit multifamily building, part of a 3‑building package (can be purchased individually or together).; Unit mix: 1 three‑bedroom/1.75‑bath; 5 two‑bedroom units (some with 1.75 baths); 4 one‑bedroom/1‑bath units.; Copper plumbing throughout the building.
