619 Nectarine Street

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Address: 619 Nectarine St, Inglewood, CA 90301, USA
Created date: July 9, 2024
Date last updated: July 10, 2024

Value Add Opportunity: 12-units located in emerging Inglewood, California.  Current rents are approximately 27% under market providing a new investor the opportunity to renovate units and common areas to maximize rental income

Property Features: Four separate buildings consisting of (12) one-bedroom/one-bathroom units on a large 0.58 acre lot.  Potential to build ADU(s).  The property features (12) covered private enclosed garage spaces and additional uncovered parking spaces in the rear of the property

Unit Features: Units feature front and back doors, hardwood floors, W/D hookups, central A/C and heat and newer windows

Emergence of Inglewood: The property is located within a few miles of several notable recent large development projects such as the refurbished Kia Forum which reopened in 2014, the new Hollywood Park Casino which opened in 2016, SoFi Stadium in which opened in 2020, YouTube Theater which opened in 2021 and Intuit Dome which is scheduled to open later this year

Excellent Central Location: Property conveniently located in northwest Inglewood, situated in a treelined residential neighborhood consisting of mostly single family homes and condos, just west of the 405 freeway and just a short drive to major job centers such as Culver City, Century City, Beverly Hills, Hawthorne and El Segundo

Proximity to Public Transportation – New Metro K Line: The property is also just 0.7 miles from the Westchester/Veterans Metro K Line Station offering a viable public transportation option to many areas of Los Angeles as well is future connectivity to LAX via rail

Property Description

Marcus & Millichap is pleased to present 619 Nectarine Street, a 12-unit value-add apartment building located in emerging Inglewood, California.  Built in 1940, the property is made up of four separate buildings consisting of (12) one-bedroom/one-bathroom units which sits on a large 0.58 acre lot that is INR2YY zoned.  Current rents are approximately 27% under market providing a new investor the opportunity to renovate units and common areas in order to maximize rental income.  The property features (12) covered private enclosed garage spaces and additional uncovered parking spaces in the rear of the property.  Units feature front and back doors, hardwood floors, W/D hookups, central A/C and heat and newer windows. 619 Nectarine Street is located in Inglewood, California, an area that has seen tremendous growth in the past decade.  The property is located within a few miles of several notable recent large development projects such as the refurbished Kia Forum which reopened in 2014, the new Hollywood Park Casino which opened in 2016, SoFi Stadium in which opened in 2020, YouTube Theater which opened in 2021 and Intuit Dome which is scheduled to open later this year.  Inglewood is home to the LA Rams, LA Chargers, LA Clippers and will host several matches of the upcoming 2026 FIFA World Cup. 619 Nectarine Street is located in close proximity to grocery stores, restaurants and retail on Market Street in Downtown Inglewood.  The property is conveniently located a block west of the 405 freeway and just a short drive to major job centers such as Culver City, Century City, Beverly Hills, Hawthorne and El Segundo.  The property is also just 0.7 miles from the Westchester/Veterans Metro K Line Station offering a viable public transportation option to many areas of Los Angeles as well is future connectivity to LAX via rail.

Key Property Information

Listing Status: Available
Property Types: Apartment Buildings
Price: $2,375,000
No. of Units: 12
Cap Rate: 6.48%
GRM /GIM: 10.08
Year Built: 1940
Building Size: 6,560 Sq ft
Lot Size: 25,273.00 Sq ft
No. of Stories: -4
APN: 4018-016-019
Zoning Code: INR2YY
Opportunity Zone: No
Price per unit: $197,917
Address: 619 Nectarine St, Inglewood, CA 90301, USA

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