433 Venice Way Inglewood, CA 90302
North Inglewood Neighborhood
5
Beds
4
Baths
5,060
Sq Ft
6,991
Sq Ft Lot
Highlights
- Corner Lot
- Laundry Room
- Garden
About This Home
As of September 2024433 Venice Way is a 7-unit Apartment complex that is being sold with significant upside potential due to below market rents. This investment asset is located in the Prime NW Inglewood region of the city of Inglewood. Recent additions to the City of Inglewood include the new Sofi Stadium (NFL - Home to the Chargers and Rams), and the new Intuit Stadium (NBA - Home to the LA Clippers). In addition to these two gigantic venues & the tremendous new retail and high-end housing developments, the City of Inglewood recently upgraded The Forum and Hollywood Park Casino. The accumulation of all these projects has created a massive income growth, employment base, as well as a huge demand for housing throughout the city and surrounding areas.
Although the City of Inglewood has its own rent control division, it is NOT subject to LA City, or LA County RSO. The current annual rent increase potential is 8.9% for qualified rents that are below 80% of FMV and 3.9% for those rents that are above the 80% FMV. Since most of the rents are below this 80% threshold, a new owner could potentially grow their income stream quite rapidly with this investment.
Other benefits and reasons to buy this investment offering:
Electrical: All units have new Electrical Subpanels. Plumbing: Copper Plumbing replaced. Utilities: Individual Hot Water Heaters and Separately Metered for Gas and Electric for each tenant (provides for low cost of ownership). Location: NW Inglewood (highly desired), Unique Character: Some units have oversized windows, vaulted ceilings, balconies, and the asset also benefits from an amazing curb appeal with is unique corner lot. Amenities: Common area Laundry Room with no lease, plus covered parking for all 7 units.
Last Agent to Sell the Property
The Holstein Group Brokerage Phone: 310-345-9994 License #01210777 Listed on: 06/17/2024
Last Buyer's Agent
The Holstein Group Brokerage Phone: 310-345-9994 License #01210777 Listed on: 06/17/2024
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1960
Lot Details
- 6,991 Sq Ft Lot
- Two or More Common Walls
- Corner Lot
- Garden
Parking
- 7 Car Garage
Home Design
- Apartment
Interior Spaces
- 5,060 Sq Ft Home
- 2-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 5 Bedrooms
- 4 Bathrooms
Listing and Financial Details
- Tenant pays for electricity, gas
- Tax Lot 120
- Tax Tract Number 601303
- Assessor Parcel Number 4017013016
- $1,897 per year additional tax assessments
Community Details
Building Details
- 8 Separate Electric Meters
- 8 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $271
- Fuel Expense $275
- Gardener Expense $750
- Insurance Expense $3,995
- Pest Control $600
- Water Sewer Expense $2,827
- New Taxes Expense $21,586
- Operating Expense $41,068
- Gross Income $116,768
- Net Operating Income $75,700
Additional Features
- 7 Units
- Laundry Facilities
Similar Home in Inglewood, CA
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 09/30/2024 09/30/24 | Sold | $1,400,000 | -12.2% | $277 / Sq Ft |
| 07/15/2024 07/15/24 | For Sale | $1,595,000 | 0.0% | $315 / Sq Ft |
| 07/04/2024 07/04/24 | Pending | -- | -- | -- |
| 06/17/2024 06/17/24 | For Sale | $1,595,000 | -11.4% | $315 / Sq Ft |
| 06/22/2022 06/22/22 | Sold | $1,800,000 | -2.7% | $356 / Sq Ft |
| 06/19/2022 06/19/22 | Pending | -- | -- | -- |
| 04/27/2022 04/27/22 | Price Changed | $1,850,000 | -5.1% | $366 / Sq Ft |
| 04/14/2022 04/14/22 | Price Changed | $1,950,000 | -4.9% | $385 / Sq Ft |
| 03/28/2022 03/28/22 | Price Changed | $2,050,000 | -10.9% | $405 / Sq Ft |
| 03/11/2022 03/11/22 | Price Changed | $2,300,000 | -11.5% | $455 / Sq Ft |
| 02/15/2022 02/15/22 | For Sale | $2,600,000 | -- | $514 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
David Holstein
Seller's Agent in 2024
David Holstein
The Holstein Group
(310) 891-3339
4 in this area
11 Total Sales
-
T
Seller's Agent in 2022
Tuba Ghannadi
RE/MAX
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SB24123984
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