816 Myrtle Avenue

Description

CALL FOR OFFERS THURSDAY 9/26/24 @ 5PM Massive 19,250 sqft lot zoned R3 with current in place cash flow. A new buyer can develop 18 units by right or 27 units with 50% density bonus allowed through the city. Perfect asset to land bank for future development while achieving great in place cash flow. Property can achieve 63% rental upside by easily adding 3 ADUs. Offered at $135/ft for land and just $236k a units. Incredible value here for any investor. 816 Myrtle is just two blocks away from So-Fi Stadium, The Forum & NEW Intuit Dome! 11 bungalow style units situated on a 19,250 sqft lot! The property is currently operating at a 5.53% cap rate and 11.90 GRM with 67% upside available once the ADUs are built. Each unit is separately metered for gas and electric. The subject property is located only minutes away from Sofi Stadium, YouTube Theater, Intuit Arena, LAX airport, and many more developments.

Listing information courtesy of: Cameron Samimi, Lyon Stahl Investment Real Estate, Inc. . *Based on information from the Association of REALTORS/Multiple Listing as of 09/20/2024 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.