816 Myrtle Avenue

Inglewood, CA 90301 $50,000.00 (-1.92%) Active for $2,550,000

Overview
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Beds: N/A Baths: N/A Structure Size: N/A sqft Lot Size: 10,212 sqft

Property Facts

MLS	SB24178799
Year Built	1956
Property Type	Apartment
County	Los Angeles
Status	Active
Active	$2,550,000
Structure Size	N/A sqft
Lot Size	10,212 sqft
Beds	N/A
Baths	N/A

Description

6.10% Cap Rate and 11.06 GRM on 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 60% rental upside by easily adding 3 ADUs. Offered at $132/ft for land and just $231k/unit. 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 6.10% cap rate and 11.06 GRM with 60% upside available once the ADUs are built. Each unit is separately metered for gas and electric. T he 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 11/12/2024 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.