713 Edgewood St, Inglewood, CA 90302

8 Units in Inglewood | Buyer assumed existing Chase loan at 4.7%

Sold: $2,250,000

Property Highlights

8 Units Built in 1972
6,220 Total SqFt; units average 778 SqFt each
12.10 GRM | 5.47% Cap Rate
Solid mix of (6) 1+1 and (2) 2 +1 units
Huge R3 lot, almost 9,000 Square Feet
Fully parked with eight spaces
New sewer mainlines and updated electrical
Buyer assumed existing Chase loan at 4.7%
Fully occupied with approximately 17% upside
Ability to add 3-4 ADUs on property
Prime Inglewood location
Extensive interior renovations in 4 of the 8 units
Just 2 miles from SoFi Stadium & Intuit NBA Arena

The Deal Story

The Glaser Group & The Group CRE are thrilled to announce the successful sale of 713 Edgewood Street, an 8-unit apartment building situated in the rapidly appreciating market of Inglewood, Los Angeles. This asset, which initially sold to our clients two years ago for $2,050,000, has now been sold for $2,250,000. We were able to generate multiple offers, ultimately closing with a local physician eager to expand his private real estate portfolio in the area. The buyer assumed an attractive $1.18 million Chase loan at a 4.7% interest-only rate, locked through August 2027, securing a 6.32% cash-on-cash return. Our clients, meanwhile, plan to leverage their proceeds for a 1031 exchange into their next value-add project in Los Angeles.

Built in 1972, this R3-zoned property features a mix of (6) one-bedroom/one-bath units and (2) two-bedroom/one-bath units, with the two-bedroom units boasting spacious balconies. The front-facing one-bedroom unit also enjoys a private balcony. Significant capital improvements have been made to the building, including the installation of new mainline sewer pipes, updated electrical components, and comprehensive interior renovations in four of the eight units. The updates include new flooring, modern kitchen and bathroom cabinets, stainless-steel appliances, new bathroom tiling, recessed lighting, and stylish new blinds and fans. The property sits on a nearly 9,000 square foot lot and offers 8 parking spaces along with a community laundry area, creating additional income streams.

A standout feature of the property is its potential for expansion, with ample room to construct at least 3 to 4 Accessory Dwelling Units (ADUs) in the tuck-under parking area, detached garage, and attached storage spaces. Located just 2 miles from major developments such as the new SoFi Stadium and the Intuit Dome NBA Arena, 713 Edgewood Street is strategically positioned in a quiet residential block at the heart of Inglewood. The city has become one of Southern California’s hottest real estate markets, bolstered by a wave of multi-billion-dollar investments including the Hollywood Park Development and the newly opened $2.1 billion Crenshaw-LAX Light Rail Line, which seamlessly connects Inglewood with Mid-City and the South Bay through eight new stops. Inglewood is also home to the iconic Forum arena, one of Los Angeles’ premier concert venues.