INGLEWOOD, Calif. (2UrbanGirls) – Despite Inglewood’s passage of an ordinance regulating short-term rentals, property owners are now exiting the City due to their properties not passing muster.
Two residential housing complexes located at 4821 and 4949 W. Century Blvd were home to residents, many of which were disabled and/or elderly, up until 2019.
As the multi-billion SoFi Stadium was nearing close to completion the owners evicted all of the tenants from their units. One tenant died from a heart attack while being evicted.
After the last tenant exited their dwelling, both properties underwent massive renovations and reopened as I-WOOD Short-Term Residences to capture the lucrative short-term renters seeking accommodations on either Airbnb or other short-term rental platforms.
As more owners began to convert residential units to short-term rentals the City was forced to take action. Well, kind of.
A tragic mass shooting took place in an Inglewood Airbnb that left four dead a month before Super Bowl 56 which caused the City to ban new Airbnb’s from being listed on the platform.
The City’s approved short-term rental ordinance doesn’t allow property owners to list units in a residential complex with more than five (5) units.
4821 W. Century Blvd. has 24 units and 4949 W. Century Blvd. has 36, however, the two buildings are zoned as Airport Commercial.
In the Airport Commercial Zone you are only allowed to operate as either a motel or hotel with a minimum of fifty (50) guestrooms per facility which wouldn’t include the two I-WOOD properties.
Both properties are now listed with Kidder Matthews and are marketed as “turnkey” properties that can be delivered either furnished or unfurnished.
The property features a dog park, BBQ grill, EV charging station, on-site laundry and is within walking distance to SoFi Stadium and soon-to-be-completed Intuit Dome.
The buildings are believed to be vacant which is unfortunate due to the housing crisis permeating throughout Los Angeles County. The listing agents have been so kind as to include comparables for what other single units are renting for in the immediate area.
The asking price is not listed.
If you are interested in getting into the traditional business of renting to long-term renters, give them a call at 858-369-3083 and to view the full listing click here.
Be sure and tell them 2UrbanGirls sent you!