940 Larch St Inglewood, CA 90301-3951

Property Details for 940 Larch St

Year built

1959

Lot size

0.42 lot acres

Property size

12,665 SF

Zone code

INR3YY

Property type

Apartment buildings

APN

4024-015-026

APU

4024015026

Description

This exceptional 18-unit apartment building presents a compelling investment opportunity in Inglewood, California. Located at 940 Larch St, this property boasts a prime location in the shadow of SoFi Stadium, America's highest-grossing concert venue in 2023, generating $175 million in revenue and employing 2,600 event-day workers. Its proximity to major employers further enhances its appeal: the West Coast NFL headquarters (1,000 employees, $20 billion in 2023 revenue), the YouTube Theater, The Forum, and the new $2 billion Intuit Dome are all within a short distance. The property is also just a block from Centinela Hospital (1,332 employees) and near LAX (57,000 badge holders). Built in 1959, the 13,000 square foot building sits on an expansive 18,000+ square foot lot and features a secured-access, renovated lobby opening to a landscaped courtyard. Upgrades include newer windows throughout and secured-access carport parking in the rear. The unit mix consists of thirteen one-bedroom units and five two-bedroom units. The property currently offers a 4.83% cap rate with a Net Operating Income (NOI) of $250,859, and a pro-forma cap rate of 6.38% with a pro-forma NOI of $331,484. The asking price is $5,199,000, translating to a price per unit of $288,833.33. This value-add opportunity provides an excellent path to a higher market cap rate, with an effective vacancy rate of near zero. The building's size, location, and operational efficiency make it a truly attractive investment.

Location Insight

City

Inglewood

County

Los Angeles

State

California

Longitude

-118.35

Latitude

33.9512

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments