244 Market St Inglewood, CA 90301
- Retail space
- 8,560 SF
- 0.25 lot acres
Current Use by Public Records
- Style Express / Fashion Accessories Store
- 3 and Out Sports Bar & Lounge / American Restaurant / Sports Bar
- COSMO / School
Property Details for 244 Market St
- Year built
- 1933
- Construction
- TILT-UP CONCRETE
- Lot size
- 0.25 lot acres
- Property size
- 8,560 SF
- Zone code
- INC1*
- Property type
- Retail space
- APN
- 4021-013-017
- APU
- 4021013017
Description
This exceptional value-add retail property, located at 244-268 S Market St in Inglewood, CA 90301, presents a compelling investment opportunity. The 9,168 square foot building boasts a prime location in the heart of downtown Inglewood, just blocks from the new Metro station and the upcoming monorail station, ensuring high visibility and accessibility. Currently housing four tenants, with a 75% occupancy rate, the property features a mix of lease structures, including two recently signed true NNN leases, one month-to-month tenancy, and one vacant unit. Recent lease agreements demonstrate strong rental rates, reflecting the area's growing popularity and influx of trendy businesses. The property's strategic position near major developments, such as the 242-unit Astra development (including a new Target), further underscores its potential for appreciation. This multi-tenant building offers a stable cash flow with a projected 9%+ cap rate upon full occupancy. Its proximity to SOFI Stadium and the Forum, less than a mile away, adds to its desirability. The property benefits from a Walk Score of 94, indicating a highly walkable and vibrant neighborhood. The asking price is $3,400,000, translating to $370.86 per square foot. This is a rare chance to acquire a well-positioned, multi-tenant retail property in a rapidly developing area of Inglewood. The property is situated at a signalized intersection of Market St & Nutwood, offering excellent street visibility. This NNN investment presents a strong value-add opportunity with significant upside potential.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $3,300,000
- ML approach
- $3,300,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $3,605,000
- 6.5%
- $3,330,000
- 7%
- $3,090,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $4,359,000
Market price range: $920k - $4.36M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $3,045,000 Current use
- NEIGHBORHOOD: SHOPPING CENTER
- $5,210,000 Change: +71% Conversion: Moderate
- MEDICAL BUILDING
- $3,890,000 Change: +28% Conversion: Difficult
- OFFICE BUILDING
- $2,875,000 Change: -6% Conversion: Easy
- INDUSTRIAL (GENERAL)
- $2,630,000 Change: -14% Conversion: Difficult
- WAREHOUSE, STORAGE
- $2,515,000 Change: -17% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Inglewood
- County
- Los Angeles
- State
- California
- Longitude
- -118.352
- Latitude
- 33.9608
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
