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Listed by Andrew McAllister • eXp Realty of Greater L.A
$ 2,195,000
Est. payment /mo
Active
809 Flora Drive Inglewood, CA 90302
7,199 SqFt
UPDATED:
12/12/2024 10:21 AM
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 7,199 sqft
Price per Sqft $304
MLS Listing ID RS-24247822
Year Built 1954
Lot Size 0.264 Acres
Property Description
Rare chance to acquire a meticulously maintained 9-unit complex, offered for the first time in nearly 30 years. Located just blocks from Ladera Heights and steps from Amazon Fresh, Chipotle, and Starbucks, this pride-of-ownership property presents significant upside potential. Amenities include an on-site laundry facility, nine parking spaces, and a common-area pool. Eight of the nine units have been renovated between 2009 and 2021, yet current rents remain approximately 36% below market despite increases in September 2024. Recent Upgrades (2013-2022): - Pool and deck resurfacing, drainage to code - Roof replacement (2014/2019) - New handrails, entry gate, and LED carport lighting - Walkway resurfacing, concrete leveling, and exterior paint - SB721 compliant: owner has completed the required inspections of balconies, decks, and elevated walk ways. Additional Value-Add Potential: Under CA State Bill SB1211, the property qualifies for the addition of (4) 450 sq. ft. 1BD/1BA ADUs, boosting cash-on-cash returns to 8.69% at pro forma rents. Beginning January 2025, rental increase limits will align with California's 5% + CPI cap, providing a pathway to market rents faster.
Location
State CA
County Los Angeles
Zoning INR3YY
Interior
Heating Wall Furnace
Cooling None
Laundry Common Area
Exterior
Parking Features Covered
Pool Private, In Ground
Community Features Sidewalks, Storm Drains, Street Lights, Urban
Utilities Available Sewer Connected, Water Connected, Electricity Connected, Natural Gas Connected
Building
Lot Description Lot 10000-19999 Sqft
Sewer Public Sewer