Property Detail

Description

308 Stepney Street presents an attractive eight-unit multifamily investment opportunity in a desirable pocket of North Inglewood. Offered at $1,925,000, the property features a strong in-place 6.05% CAP rate and 9.31 GRM, with projected market rents supporting a pro forma 7.93% CAP rate and 7.86 GRM. The unit mix consists of one 4-bedroom/2-bath unit, three 2-bedroom/1-bath unit, two 2-bedroom/2-bath units, and two 1-bedroom/1-bath units, providing a desirable combination of spacious floor plans. Built in 1966, the property consists of 8,571 square feet of improvements situated on a 9,997-square-foot lot. The building offers ample on-site parking with 14 total spaces, including ten covered spaces, two driveway spaces, and two-car garage. Current rental rates are approximately 18% below projected market rents, providing new ownership with an opportunity to increase income over time through rent growth and potential unit improvements. Ideally located in North Inglewood, the property provides convenient access to major employment centers throughout Los Angeles and the South Bay, including LAX, Culver City, and the surrounding aerospace and technology industries. Residents also benefit from proximity to SoFi Stadium, Intuit Dome, Hollywood Park, and the Kia Forum, as well as convenient access to the 405 and 105 freeways. With strong in-place income, an attractive unit mix, ample parking, and additional rental upside, 308 Stepney Street offers investors an opportunity to acquire a well-located multifamily asset in an established Inglewood neighborhood.