313 E. Hazel Street
Multifamily | 6 Units | $274,167/unit
Marketing description
ASSET
6 single-story units on a large 15,508-SF lot in north Inglewood. The property is comprised of (1) 3-bedroom/1-bathroom unit, (2) 2-bedroom/1-bathroom units, (2) 1-bedroom/1-bathroom units and (1) studio/1-bathroom unit. The 3-bedroom unit is spacious and has a large private backyard and new washer/dryer hook-ups. Three of the units have been recently renovated and the studio unit is currently vacant. Each unit has individual hot water heaters and updated electrical subpanels. The property features a new roof, new electrical, new drought-tolerant landscaping, an on-site laundry facility, 6 garage spaces and a large parking area at the rear. The large lot and parking areas present a desirable opportunity to add up to 6 ADUs or redevelop the property to an 11-unit apartment (Buyer to verify).
LOCATION
313 E. Hazel Street is located approximately 1.5 miles from SoFi Stadium and The Forum, and 2 miles from Intuit Dome. It is also conveniently located near Hollywood Park, Youtube Theatre, Crenshaw/LAX Metro Line Station, SpaceX, Tesla, LAX Airport and Upcoming $1 Billion Inglewood Transit Connector Project.
FINANCIALS
This 4,886-SF apartment presents stable in-place rents as well as legitimate rental upside. The asset contains a current cap rate of 6.76% and current GRM of 10.51 and a pro-forma cap rate of 8.43% and pro-forma GRM of 8.90.
Investment highlights
- Outstanding North Inglewood Location: Well-positioned asset located 1.5 miles from SoFi Stadium and The Forum, and 2 miles from Intuit Dome.
- Single-Story Units on Large Lot: Six single-story units situated on a 15,508-SF lot.
- Exceptional ADU Opportunity: Large rear parking area presents the opportunity to add up to 6 ADUs or redevelop the property into an 11-unit apartment project (Buyer to Verify).
- Unit Composition: Outstanding unit mix with 3 of the units being recently renovated and a 3-bedroom unit which features a large private backyard and new washer/dryer hook-ups.
- Capital Improvements & Attractive Amenities: Property features a new roof, new electrical, updated electrical subpanels, individual hot water heaters, on-site laundry facility, new drought-tolerant landscaping, 6 garage spaces and a large rear parking area.
- Strong Cash Flow & Rental Upside: Offering a 6.76% current cap rate and 10.51 GRM with upside to an 8.43% pro-forma cap rate and 8.90 GRM, providing investors with both stable income and meaningful upside potential.
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