517 Evergreen StInglewood, CA 90302

Property Details for 517 Evergreen St

Year built

1962

Lot size

0.34 AC

Property size (Sq ft)

12,088 SF

Zone code

INR3YY

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

4017-002-037

APU

4017002037

Description

This exceptional 13-unit apartment building in Inglewood, California, presents a compelling investment opportunity. The property, situated at 517 Evergreen Street, boasts 12,088 square feet on a 15,011 square foot lot and features a desirable mix of unit sizes: one studio, one one-bedroom/one-bathroom, six oversized one-bedroom/one-bathroom units with dens, and five two-bedroom/two-bathroom units. Built in 1962, this two-story building offers a range of amenities including a swimming pool, on-site laundry facilities, ample covered parking, and controlled access. The property's strong location in the Centinela Heights neighborhood provides convenient access to numerous retail options such as Smart & Final, Ralphs, and various restaurants and shops, as well as the 405 Freeway. The current Net Operating Income (NOI) is $183,550, with a pro-forma NOI of $235,284, representing a potential 15% upside in current rents. The asking price is $4,095,000, translating to a price per square foot of $339 and a price per unit of $315,000. The current cap rate is 4.48%, with a pro-forma cap rate of 5.75%. Further potential exists for the development of three additional dwelling units (ADUs), subject to buyer verification and permitting. The property's APN is 4017-002-037 and is zoned INR3YY.

• CAP approach

  CAP return

  Valuation

  6%

  $3,462,932

  6.5%

  $3,196,553

  7%

  $2,968,228

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,562,914

  Geo Method

  $3,562,914

• Alternative Use

  Use

  Valuation

  Residential

  $3,196,553

  Hospitality

  $2,928,026

  Educational

  $2,436,083

  Medical

  $2,519,864

  Retail

  $3,789,462

Location Insight

City

Inglewood

County

Los Angeles

State

California

Latitude

33.9762

Longitude

-118.368

CBSA code

31080

CBSA name

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

Property Tax & Assessments

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