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4928 Lennox Inglewood, CA 90304
7,514 Sqft Lot
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Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB26124346
HOA Y/N No
Year Built 1941
Lot Size 7,514 Sqft
Property Sub-Type Apartment
Property Description
4928 Lennox Blvd presents a unique opportunity to acquire a well-located apartment property in the heart of Inglewood, one of Southern California's fastest-growing rental markets. Situated on a 7,512 SF LCR3YY-zoned lot, the property consists of (1) 3+1 unit, (3) 2+1 units, and (1) non-conforming studio unit, offering investors a compelling combination of current income, rental upside, and future development potential.
A key investment advantage is that the property is currently recognized as a 4-unit property with a non-conforming fifth unit, potentially allowing qualified buyers access to residential financing options that are often unavailable on traditional 5+ unit multifamily properties. This structure may provide more favorable financing terms, lower down payment requirements, and greater buyer accessibility. Buyers should independently verify financing eligibility with their lender.
In addition to its attractive financing profile, the property offers a significant ADU value-add opportunity. The existing carport area may provide the ability to develop up to four new ADUs, creating a rare opportunity to substantially increase rental income and long-term property value. Combined with the property's existing rental upside, the ADU potential creates multiple paths to enhance returns. Buyer to independently verify all ADU potential, development feasibility, zoning requirements, parking requirements, and unit count with the City of Inglewood.
Current ownership has maintained rents substantially below market levels, creating an opportunity for a new investor to increase income through unit turnover and strategic rent repositioning. Based on market rents outlined in the offering, the property offers over $69,000 in projected annual rental upside, providing a clear path toward increased cash flow even before pursuing any future development.
A key investment advantage is that the property is currently recognized as a 4-unit property with a non-conforming fifth unit, potentially allowing qualified buyers access to residential financing options that are often unavailable on traditional 5+ unit multifamily properties. This structure may provide more favorable financing terms, lower down payment requirements, and greater buyer accessibility. Buyers should independently verify financing eligibility with their lender.
In addition to its attractive financing profile, the property offers a significant ADU value-add opportunity. The existing carport area may provide the ability to develop up to four new ADUs, creating a rare opportunity to substantially increase rental income and long-term property value. Combined with the property's existing rental upside, the ADU potential creates multiple paths to enhance returns. Buyer to independently verify all ADU potential, development feasibility, zoning requirements, parking requirements, and unit count with the City of Inglewood.
Current ownership has maintained rents substantially below market levels, creating an opportunity for a new investor to increase income through unit turnover and strategic rent repositioning. Based on market rents outlined in the offering, the property offers over $69,000 in projected annual rental upside, providing a clear path toward increased cash flow even before pursuing any future development.
Location
State CA
County Los Angeles
Area 105 - Lennox
Interior
Fireplace No
Laundry None
Exterior
Parking Features Assigned, Carport
Carport Spaces 5
Pool None
Community Features Curbs, Street Lights, Sidewalks, Urban
Total Parking Spaces 7
Private Pool No
Building
Lot Description 0-1 Unit/Acre, Near Public Transit, Paved, Yard
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 4039024006
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
Listed by Cameron Samimi Lyon Stahl Investment Real Estate, Inc. #02035763