700 Glenway Dr

INGLEWOOD 90302

Eric von Bluecher with Lee & Associates – San Diego Multifamily Advisory Group, represented a repeat client in the purchase of 7 units located at 700 Glenway Dr, Inglewood, CA 90302. The property features all 2 bed, 1.5 bath units with the room to convert the 1.5 baths into full bathrooms, 7 garage spaces, plus three to four additional tandem parking spaces. The asking price was $2,350,000 and purchase price was $1,960,000 which is an estimated 11.41 GRM (73% of the sales comps), 5.24% Cap Rate (121% of the sales comps), $280,000/unit and $295/foot (90% of the sales comps). The building featured average unit sizes of 947/foot, 109% of the average unit size in the area. 700 Glenway is a solid, value add asset with an ideal unit mix for families and roommates in the thriving submarket of Inglewood, plus with the going in cap rate of over 5% and market cap of close to 7%, our client will be able to minimize negative leverage risk on this deal and easily add upside in the near future.