701 Walnut Street, Inglewood, California 90301, Inglewood, 90301 - bed, bath
ACTIVE$1,275,000
701 Walnut Street, Inglewood, California 90301
0Bed
0Bath
2,775Sqft
9,663Lot
Year Built
1937
Close
-
List price
$1.27M
Original List price
$1.27M
Price/Sqft
$459
HOA
-
Days on market
-
Sold On
-
MLS number
PV25004376
Home ConditionFair
Features
Patio
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $1.27M(75th), sqft - 2775(50th), beds - undefined(50th), baths - undefined(50th).
An exceptional investment opportunity awaits less than 2 miles from SOFI Stadium and the new Los Angeles Clippers Arena. Potential to build 6 or more units in the future (buyer to verify with the city.) Currently this property showcases a triplex on a generous lot. Each unit boasts 2 bedrooms plus a bonus room usable as an extra bedroom/office complemented by 1 bathroom. All units are well-maintained with reliable tenants who pay rent promptly. Additionally, each unit is equipped with washer and dryer hookups.
Price History
Date
Event
Price
06/23/23
Sold
$1,025,000
Condition Rating
Fair
Built in 1937, the property shows its age despite being described as 'well-maintained.' The kitchens feature a mix of older wood cabinetry and some more recently updated white shaker-style cabinets, paired with older tile flooring and functional but not modern appliances. The visible bathroom has received basic updates with a newer vanity and subway-style tile, but it's not a high-end renovation. Flooring is a mix of hardwood and older tile. The overall condition suggests the property is functional and livable, but requires minor updates and repairs to modernize its aesthetic and address potential aging infrastructure, aligning with the 'fair' category.
Pros & Cons
Pros
Development Potential: The property offers significant future development potential, with the possibility to build 6 or more units, making it highly attractive for investors looking to maximize returns.
Strategic Location: Located less than 2 miles from SOFI Stadium and the new Los Angeles Clippers Arena, the property benefits from proximity to major entertainment and economic hubs, enhancing its long-term value and rental demand.
Established Income Stream: Currently operating as a triplex with reliable, promptly paying tenants, providing immediate and stable rental income for the new owner.
Generous Lot Size: The substantial 9663 sqft lot provides ample space for the existing triplex and supports the stated potential for future expansion or redevelopment.
Tenant-Friendly Features: Each unit includes a bonus room (usable as an extra bedroom/office) and washer/dryer hookups, adding value and convenience for tenants, contributing to tenant retention.
Cons
Property Age & Potential Infrastructure Concerns: Built in 1937, the property may have aging infrastructure (e.g., plumbing, electrical, roof) that could necessitate significant capital expenditures in the future, despite current maintenance.
Development Potential Requires Due Diligence: The attractive development potential for 6+ units is explicitly stated as 'buyer to verify with the city,' indicating that the feasibility, costs, and approval processes are not guaranteed and require extensive buyer research.
Significant Price Increase Since Last Sale: The current list price of $1.275M represents a substantial increase from the last recorded sale price of $1.025M in June 2023, which may require strong market justification to potential buyers.