632 -636 & 644-646 Aerick Street

Description

IMPROVED INCOME. A 22-unit apartment portfolio located at 632-636 Aerick Street (10 units) and 644-646 Aerick Street (12 units) in Inglewood, CA. On the market for the first time in over 40 years, the properties total 13,498 SF, sit on 24,354 SF of land, and consists of ample parking for both properties. 632-636 Aerick Street is comprised of (2) two bedroom / one bathroom units, (4) one bedroom / one bathroom units, (3) studio units, and (1) bachelor unit. All units are individually metered, with the exception of one studio unit and the bachelor unit. The building has newer paint, landscaping, staircases, and has been well maintained by the current owner. 644-646 Aerick Street consists of (12) one bedroom / one bathroom units. All units are individually metered. This property has a new asphalt parking surface and has also been well maintained. With over 30% in rental upside and zoned for the possibility of future multifamily redevelopment, this well maintained 22-unit portfolio offers an investor the unique opportunity to own two apartment communities separated by one parcel of land, thus providing flexibility for future opportunities. Additionally, the properties provide the opportunity for new ownership to increase the total unit count and rental income through the addition of multiple ADUs (Buyer to Verify). The single family residence located at 650 Aerick Street is also available to a prospective buyer. Contact the listing agents for more information. 632-636 and 644-646 Aerick Street benefit from their proximity to several key developments and economic hubs in the area. The properties are located near the revitalized Hollywood Park neighborhood, home of SoFi Stadium, the NFL West Coast Headquarters, the Kia Forum, the YouTube Theater, and the newly constructed Intuit Dome. The properties' central location provides convenient access to public transportation being just a short walk away from the newly completed K Line of the Los Angeles area light rail line system and is near major highways, LAX, and the surrounding Los Angeles communities such as the Beach Cities and West LA. With ongoing revitalization projects and economic development in the area along with the upcoming 2028 Summer Olympics, Inglewood has and continues to experience robust job growth and maintains a strong rental market with future growth to rental rates, making these properties an excellent addition to any investment portfolio. *Buyer to do their own investigation on the legal number of units at the property. Additionally, over 60% of the units are below Inglewood's fair market rental figures and may be increased 8.9% in June 2025, according to Inglewood's FY Current Allowable Rent Increase Figures. This brings the offering at nearly a 6% Cap Rate (at list price) merely by giving rental increase notices.

Listing information courtesy of: Charlsey Zyne, Marcus & Millichap 310-909-5470. *Based on information from the Association of REALTORS/Multiple Listing as of 11/13/2024 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.