Multifamily Property with ADU
For Sale
$1,100,000
Pending
4928 Lennox, Inglewood, CA 90304
Apartment property with five units, a non-conforming studio, carport area, and LCR3YY zoning.
Property Size4,344 SF
Lot Size0.17 Acres
Days on Market81
Property Features for 4928 Lennox
General Information
Standard status
Pending
Size
4,344 SF
Lot size
0.17 Acres
Property subtype
Apartment
Zoning
LCR3YY
Units
Unit Mix
1 x 3BR/1BA, 3 x 2BR/1BA, 1 x non-conforming studio
Multifamily Units
5
Building Details
Building Size
4,344 SF
Year Built
1941
Listing Agency:
Lyon Stahl Investment Real Estate, Inc.
(310) 259-7556
Listed By:
Cameron Samimi · License #02035763
Source:
Archetyperealty
Added: Jun 10
Changed: Aug 26
Last Checked: Aug 29 at 2:17PM
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 Lyon Stahl Investment Real Estate, Inc.
Investment Insights
Based on property information with market context.
The property at 4928 Lennox Blvd in Inglewood is an apartment asset on a 7,512-square-foot LCR3YY-zoned lot. Built in 1941, it includes one 3+1 unit, three 2+1 units, and one non-conforming studio, for five existing units in total. The property is currently recognized as a four-unit property with a non-conforming fifth unit.
The existing carport area may support development of up to four new ADUs, subject to independent confirmation of feasibility, zoning, parking, unit-count, and City of Inglewood requirements. Current ownership has maintained rents below market levels, providing an opportunity to review rents as units turn over. Buyers should verify unit status, development potential, and applicable financing eligibility with their lender and the City of Inglewood.
The existing carport area may support development of up to four new ADUs, subject to independent confirmation of feasibility, zoning, parking, unit-count, and City of Inglewood requirements. Current ownership has maintained rents below market levels, providing an opportunity to review rents as units turn over. Buyers should verify unit status, development potential, and applicable financing eligibility with their lender and the City of Inglewood.
Key Highlights
- Five existing units: one 3+1, three 2+1 units, and one non‑conforming studio
- 7,512 SF LCR3YY‑zoned lot in Inglewood
- Existing carport area may allow up to four new ADUs, subject to City verification
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
$53,808
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
4.89%
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%
$1,076,160
$1.1M
Cap Rate 7%
$768,686
$768.7K
Cap Rate 9%
$597,867
$597.9K
Market Conditions
NOI Build-Up for 4,344 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
$98.5K $22.68/SF
− Vacancy
−$690 −$0.16/SF
EGI
$97.8K $22.52/SF
− OpEx
−$44.0K −$10.13/SF
NOI
$53.8K $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%
$1,076,160
Cap Rate 7%
$768,686
Cap Rate 9%
$597,867
Alternative Uses
Best Use
Apartment 5plus
$768.7K
$672.6K – $896.8K
NOI $53,808 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.77M
$1.55M – $2.07M
NOI $124,065 @ 7.0% cap · market cap 11.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,382
Businesses Nearby
Explore this area
Business Placement
Demographics for 90304, CA
26,058
Population
7,673
Households
3.4
Avg Household Size
33
Median Age
14%
College-Educated
56%
High-School Grad
1.6 sq mi
ZIP Area
16,286
Density / Sq Mi
$63,317
Median Household Income
$31,385
Median Earnings
$1,499
Median Rent
$696,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Apartment property with five units, a non-conforming studio, carport area, and LCR3YY zoning.
Where is this multifamily property located?
The property is located at 4928 Lennox Inglewood, CA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Five existing units: one 3+1, three 2+1 units, and one non‑conforming studio; 7,512 SF LCR3YY‑zoned lot in Inglewood; Existing carport area may allow up to four new ADUs, subject to City verification
