228 Stepney Street

Inglewood, CA 90302

$2,848,000
Last Sold Price
20
Beds
15
Baths
7,464 Sq. Ft.
$382 / Sq. Ft.
7,464
Sq. Ft.
$382
per Sq. Ft.

Description

Huge 200k Price Reduction! Once-in-lifetime opportunity to acquire a 100% Vacant, 9 Unit building with 4 RTI ADUs (under construction) priced at only 276k/door in PrimeNorthwest Inglewood. Incredible current Cap Rate of 7% and 10.9 GRM after renovations. All vacant units are under renovation so buyers can complete them to their own taste and finishes and get top market rents. (Most of the rough construction and heavy lifting have been done). Excellent up-and-coming Inglewood location minutes from...Huge 200k Price Reduction! Once-in-lifetime opportunity to acquire a 100% Vacant, 9 Unit building with 4 RTI ADUs (under construction) priced at only 276k/door in PrimeNorthwest Inglewood. Incredible current Cap Rate of 7% and 10.9 GRM after renovations. All vacant units are under renovation so buyers can complete them to their own taste and finishes and get top market rents. (Most of the rough construction and heavy lifting have been done). Excellent up-and-coming Inglewood location minutes from the Rams Stadium, Forum, Culver City, and Playa Vista. Individually metered for Gas & Electricity. Approved Plans to convert the garages to 2 attached ADUs and a portion of the carport to 2 detached ADUs for a total of 4 ADUs. Price/Unit, Cap Rate, & GRM are based on Total Price for sake of conservatism, which includes the remaining construction costs of 4 RTI ADUs 1,000 SF at 200/SF (200k).
  1. Listed by Julio Ruiz • DRE #01911261 • Brokerage DRE #01911261 • Global Platinum Properties, Inc.

Property Details for 228 Stepney Street

Zoning
INR3YY
Style
Traditional
Parcel Number
4016017012
Total Units
13.0
Living Area
7464
Source Living Area
Owner
Area
North Inglewood (101)
Vacancy Rate
100

Location

Listing Courtesy of Global Platinum Properties, Inc., Julio Ruiz, DRE #01911261

Sold By Global Platinum Properties, Inc., Julio Ruiz, DRE #01911261; Global Platinum Properties, Inc., Armin Soleimani, DRE #01846872

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LISTING UPDATED: 05/30/2023 11:25 AM

Property Details for 228 Stepney Street

StatusSold
MLS #23-236697
Days on Market420
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1962
Lot Size0.23 AC / 10,012 SF
CountyLos Angeles County

Location

Listing Courtesy of Global Platinum Properties, Inc., Julio Ruiz, DRE #01911261

Sold By Global Platinum Properties, Inc., Julio Ruiz, DRE #01911261; Global Platinum Properties, Inc., Armin Soleimani, DRE #01846872

Add your commute

Building Information for 228 Stepney Street

Stories2Residences-Year Built1962Building Size-Lot Size0.23 AC / 10,012 SF

Payment Calculator

$18,070 per month

30 year fixed, 7.25% Interest

Principal and Interest

$15,543

Property Taxes

$2,527

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 228 Stepney Street

Community / Development
Community / Development
  • Number Of Units: 13
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 2
  • Type Of Units: Low Rise
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Scheduled
  • Gross Operating Income: $329,220
  • Net Operating Income: $521,148.00
  • Gross Income: $329,220
  • Cap Rate: 7.00%
  • Gross Rent Multiplier: $10.92
  • Total Annual Expense: 68196
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.2299
  • Lot Size Square Feet: 10012
  • Lot Size Dimensions: 50x200
  • Source Lot Size Dimensions: Vendor Enhanced
Parking Details
Parking Details
  • Parking Garage: Uncovered
  • Total Parking: 9
  • Parking Features: Uncovered
Interior Features
Interior Features
  • Cooling Type: Wall Unit(s)
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: None
  • Common Walls: Attached
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: Accessory Dwelling Unit, Accessory Bldgs
Lease Terms
Lease Terms
  • Entry Date: 01-27-2023
Unit Details
Unit 1 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,295.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $2,295.00
  • Like Units: 6
Unit 2 Information
  • Unit Beds: 3
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,695.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $2,695.00
  • Like Units: 2
Unit 3 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,495.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $1,495.00
  • Like Units: 4
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $958,800.00
  • Assessed Improvement Percent: 46.08
  • Assessed Land Value: $1,122,000.00
  • Assessed Land Percent: 53.92
  • Assessed Total Value: $2,080,800.00

Property History for 228 Stepney Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 228 Stepney Street

Taxable ValueLand$1,144,440Additions$1,066,276Total$2,210,716
Tax Record2023$30,330 ($2,527 / month)
Home Facts
Total Finished SqFt6,464 SqFtAbove Grade Finished SqFt6,464 SqFtLot Size10,012 SqFtStyleMulti-Family Res (5+ Units)Year Built1962ZoningINR3YYCountyLOS ANGELESAPN4016-017-012

Schools near 228 Stepney Street

This home is within Inglewood Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 6
Public - 7 to 8
Public - 9 to 12
Charter - K to 5
Rating
School
Distance
Highland Elementary School
PublicK to 6

Crozier (George W.) Middle School
Public7 to 8

Inglewood High School
Public9 to 12

Wilder's Preparatory Academy Charter
CharterK to 5

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Global Platinum Properties, Inc., Julio Ruiz, DRE #01911261

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.