The Woodworth Apartments consist of two adjacent 4 unit properties at 10218 and 10222 Woodworth Avenue in the Non Rent Controlled city of Inglewood. Comprised of two separate parcels totalling 13,574 SF of land with a combined building size of 8,866 SF. The properties feature a unit mix of (4) 3 Bedroom, 2 Bathroom and (4) 3 Bedroom, 1 Bathroom units averaging 1,100 SF each. The property has received over $70K in recent renovations including a new exterior paint job of both buildings, common area improvements and upgrades to five units including new hardwood flooring, vanities, kitchen and bathroom tile, lighting and paint. The building enjoys incredibly low expenses by being individually metered for gas and electric, each unit has its own individual water heaters and the tenants pay for trash. There are 12 covered gated parking spaces located behind the property. This bread and butter property offers an astute investor strong immediate cash flow. With 6% rental upside one can easily achieve pro-forma cash on cash returns of 7%. Residential or Commercial financing options are available.
Ideally located to benefit from the coming transformation of the City of Inglewood the property is located just blocks from what is currently Hollywood Park and soon to be Hollywood Park Tomorrow. When this walk-able community is fully developed, Hollywood Park Tomorrow will consist of: a high-quality retail and entertainment district, a 25-acre park system, three newly developed residential areas, modern office space, a 300-room hotel, and a four-acre site for the future development of an elementary school. Hollywood Park Tomorrow will contribute directly to the economic development of the City of Inglewood by providing a $2 billion direct investment in the city.
Updated on March 6, 2017 at 3:09 pm
WOODWORTH APARTMENTS - 10218-10222 Woodworth Ave.
