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920 N Park Circle, Inglewood
- Turnkey income with upside: Low expense building with 5 of the 6 units were tastefully renovated in 2021, offering investors a strong foundation with minimal immediate improvements needed.
- Value-add potential: 5 single-car garages may provide future ADU conversion potential, creating a possible path to increase unit count and rental income. 5 of 6 units are eligible for immediate rent increases.
- Improved unit mix: Large 1-bedroom units were thoughtfully converted into functional 2-bedroom layouts to maximize rental income and tenant appeal
- Capital improvements in place: New exterior stairs, new water heaters in 4 of 6 units, plus select upgraded breakers & subpanels.
- Attractive property layout: Large lot with a charming central courtyard, creating a more inviting living environment for tenants.
- Prime Long Beach location: Directly across from Drake Park, enhancing walkable neighborhood amenities
- Passed SB721 Balcony Inspection
Property Details
- Units: 6
- Gross Rent Multiplier: 10.99
- Cap Rate: 6.0
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$1,595,000
Annual Income
$142,898
Annual NOI
$96,026
Annual Expense
$41,971
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 2 | 1 | $2,012 | $2,012 | $2,250 | $2,250 |
| 1 | 2 | 1 | $2,250 | $2,250 | $2,250 | $2,250 |
| 1 | 2 | 1 | $2,200 | $2,200 | $2,250 | $2,250 |
| 1 | 2 | 1 | $2,050 | $2,050 | $2,250 | $2,250 |
| 1 | 1 | 1 | $1,745 | $1,745 | $2,250 | $2,250 |
| 1 | 1 | 1 | $1,650 | $1,650 | $2,250 | $2,250 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 6 | 10 | 6 | $11,907 | $13,500 |
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