NOT LISTED FOR SALE

228 Stepney St Inglewood, CA 90302

North Inglewood Neighborhood
20 Beds
15 Baths
7,464 Sq Ft
10,012 Sq Ft Lot

Last Sold May 26, 2023

Last sale price $2,848,000 $382 Per Sq Ft

417 Days on Market

About This Home

As of May 2023

Huge 200k Price Reduction! Once-in-lifetime opportunity to acquire a 100% Vacant, 9 Unit building with 4 RTI ADUs (under construction) priced at only 276k/door in PrimeNorthwest Inglewood. Incredible current Cap Rate of 7% and 10.9 GRM after renovations. All vacant units are under renovation so buyers can complete them to their own taste and finishes and get top market rents. (Most of the rough construction and heavy lifting have been done). Excellent up-and-coming Inglewood location minutes from the Rams Stadium, Forum, Culver City, and Playa Vista. Individually metered for Gas & Electricity. Approved Plans to convert the garages to 2 attached ADUs and a portion of the carport to 2 detached ADUs for a total of 4 ADUs. Price/Unit, Cap Rate, & GRM are based on Total Price for sake of conservatism, which includes the remaining construction costs of 4 RTI ADUs 1,000 SF at 200/SF (200k).

Last Agent to Sell the Property

Julio Ruiz

Global Platinum Properties, Inc. License #01911261 Listed on: 01/27/2022

Last Buyer's Agent

Julio Ruiz

Global Platinum Properties, Inc. License #01911261 Listed on: 01/27/2022

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1962

Lot Details

  • 10,012 Sq Ft Lot
  • Lot Dimensions are 50x200

Home Design

  • Traditional Architecture

Interior Spaces

  • 7,464 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 20 Bedrooms
  • 15 Bathrooms

Parking

  • 9 Parking Spaces
  • Uncovered Parking

Additional Homes

  • Accessory Dwelling Unit (ADU)

Utilities

  • Cooling System Mounted In Outer Wall Opening
  • Heating System Mounted To A Wall or Window

Community Details

  • 2 Buildings
  • 13 Units

Listing and Financial Details

  • Assessor Parcel Number 4016-017-012

Property Details

Home Type

Multi-Family

Year Built

Built in 1962

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Style: Traditional
  • Street Number Display: Yes
  • Advertising Remarks: Huge 200k Price Reduction! Once-in-lifetime opportunity to acquire a 100% Vacant, 9 Unit building with 4 RTI ADUs (under construction) priced at only 276k/door in PrimeNorthwest Inglewood. Incredible current Cap Rate of 7% and 10.9 GRM after renovations. All vacant units are under renovation so buyers can complete them to their own taste and finishes and get top market rents. (Most of the rough construction and heavy lifting have been done). Excellent up-and-coming Inglewood location minutes from the Rams Stadium, Forum, Culver City, and Playa Vista. Individually metered for Gas & Electricity. Approved Plans to convert the garages to 2 attached ADUs and a portion of the carport to 2 detached ADUs for a total of 4 ADUs. Price/Unit, Cap Rate, & GRM are based on Total Price for sake of conservatism, which includes the remaining construction costs of 4 RTI ADUs 1,000 SF at 200/SF (200k).
  • Living Area: 7464
  • Lot Acreage: 0.2299
  • Lot Dimensions: 50x200
  • Stories: 2
  • Year Built: 1962
  • Number Of Photos: 28
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Bedrooms: 20
  • Common Walls: Attached
  • Total Bathrooms: 15.00
  • Price Per S Q F T: 454.85

Exterior Features

  • Other Structures: Accessory Dwelling Unit, Accessory Bldgs

Garage/Parking

  • Parking Garage: Uncovered
  • Total Parking: 9

Utilities

  • Cooling: Wall Unit(s)
  • Heating: Wall

Lot Info

  • Assessed Improvement Percent: 46.08
  • Assessed Improvement Value: 958800
  • Assessed Land Percent: 53.92
  • Assessed Land Value: 1122000
  • Total Assessed Value: 2080800
  • Assessor Parcel Number: 4016-017-012
  • Lot Size Area: 10012

Multi Family

  • Unit Type: 2106, 2107, 2108
  • Gross Rent Multiplier: 10.92
  • Number Of Units: 13
  • Total Annual Expense: 68196
  • Type Of Units: Low Rise
  • Vacancy Rate: 100

Range of Values:

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Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
05/26/2023 05/26/23 Sold $2,848,000 -16.1% $382 / Sq Ft
04/05/2023 04/05/23 For Sale $3,395,000 0.0% $455 / Sq Ft
03/20/2023 03/20/23 Pending -- -- --
01/27/2022 01/27/22 For Sale $3,395,000 -- $455 / Sq Ft
Source: The MLS

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Julio Ruiz

    Seller's Agent in 2023

    Julio Ruiz

    Global Platinum Properties, Inc.

    (818) 524-0706

    1 in this area

    45 Total Sales

    Julio Ruiz
    Section Image
  • Armin Soleimani

    Buyer Co-Listing Agent in 2023

    Armin Soleimani

    Global Platinum Properties, Inc.

    (310) 666-2246

    1 in this area

    57 Total Sales

    Armin Soleimani
    Section Image
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Map

Source: The MLS

MLS Number: 23-236697

The MLS
California Los Angeles County Inglewood 90302 North Inglewood

228 Stepney St, Inglewood, CA

This home is located at 228 Stepney St, Inglewood, CA 90302 since 27 January 2022. This property was built in 1962. 228 Stepney St is a home located in Los Angeles County with nearby schools including Highland Elementary School, Crozier (George W.) Middle School, and Inglewood High School.

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