Inglewood, CA

The property is a two-story, multi-tenant office building totaling 3,168 square feet of rentable area on a 3,951 square foot site. Located just two blocks from the 405 Freeway, offering excellent accessibility. Built in 1961, the property is in average condition and features a rear asphalt-paved parking lot with six spaces. Currently, the property is 92% occupied by 11 tenants, with one vacant unit. Tenants are on month-to-month leases at an average contract rent of $33.70 per square foot, generating $9,650 per month in gross income. Since acquiring the property in 2021 for $1,500,000, the Borrower has successfully stabilized rents, improving the asset’s performance. The purpose of the requested loan is to refinance the maturing purchase money loan, allowing the Borrower to continue holding the property as a long-term investment. The Borrower’s plan is to refinance into a conventional bank loan prior to maturity.