Apartment Building with Renovated
For Sale
$4,650,000
516 Evergreen St, Inglewood, CA 90302
Renovated residences and varied floor plans include townhouse-style living.
Property Size14,610 SF
Days on Market144
Property Features for 516 Evergreen St
General Information
Standard status
Active
Size
14,610 SF
Property subtype
Multifamily
Occupancy
100%
Additional Details
Cap Rate
5.38%
Highway Access
Yes
Multifamily Units
16
Amenities
Strong Value-Add with Majority Renovated Units
Highly Desirable & Diverse Unit Mix
Spacious Floor Plans with Above-Average Unit Size
Excellent Accessibility & Central Location
Building Details
Building Size
14,610 SF
Units
16
Listing Agency:
South Bay Office
(424) 405-3900
Listed By:
Jonathan Weir · License #CA: 02038545
(424) 405-3855
Source:
Marcusmillichap
Added: Apr 15
Changed: Aug 30
Last Checked: Aug 30 at 2:57AM
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 South Bay Office
Investment Insights
Based on property information with market context.
This 16-unit apartment property includes a mix of one-, two-, and three-bedroom residences, along with two townhouse-style homes. Approximately 12 units have been renovated, while the floor plans average approximately 865 square feet. The configuration provides a range of residential layouts within one multifamily asset.
The property is near the 405 Freeway, with access to employment centers across Los Angeles. Retail corridors along Centinela Avenue and La Cienega Boulevard are also nearby, as are SoFi Stadium, Intuit Dome, and Hollywood Park.
The property is near the 405 Freeway, with access to employment centers across Los Angeles. Retail corridors along Centinela Avenue and La Cienega Boulevard are also nearby, as are SoFi Stadium, Intuit Dome, and Hollywood Park.
Key Highlights
- 16‑unit apartment property with one-, two-, and three‑bedroom residences
- Approximately 12 of 16 units have been renovated
- Two townhouse‑style residences included
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
$180,969
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
3.89%
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%
$3,619,380
$3.6M
Cap Rate 7%
$2,585,271
$2.6M
Cap Rate 9%
$2,010,767
$2.0M
Market Conditions
NOI Build-Up for 14,610 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
$331.4K $22.68/SF
− Vacancy
−$2.3K −$0.16/SF
EGI
$329.0K $22.52/SF
− OpEx
−$148.1K −$10.13/SF
NOI
$181.0K $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%
$3,619,380
Cap Rate 7%
$2,585,271
Cap Rate 9%
$2,010,767
Alternative Uses
Best Use
Apartment 5plus
$2.59M
$2.26M – $3.02M
NOI $180,969 @ 7.0% cap · market cap 3.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.96M
$5.22M – $6.95M
NOI $417,262 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,532
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated residences and varied floor plans include townhouse-style living.
Where is this apartment building located?
The property is located at 516 Evergreen St Inglewood, CA.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: 16‑unit apartment property with one-, two-, and three‑bedroom residences; Approximately 12 of 16 units have been renovated; Two townhouse‑style residences included
