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816 Myrtle Avenue, Inglewood, CA 90301
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816 Myrtle Avenue
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  • MLS#: SB24178799 ( Apartment )
  • Street Address: 816 Myrtle Avenue
  • Viewed: 1
  • Price: $2,550,000
  • Price sqft: $0
  • Waterfront: No
  • Year Built: 1956
  • Bldg sqft: 0
  • Days On Market: 143
  • Additional Information
  • County: LOS ANGELES
  • City: Inglewood
  • Zipcode: 90301
  • Provided by: Lyon Stahl Investment Real Estate, Inc.
  • Contact: Cameron Cameron
  • California Regional MLS IDX
  • DMCA Notice
  • 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.
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Features
Building Area Total
  1. 6162.00
Commoninterest
  1. Community Apartment
Common Walls
  1. 2+ Common Walls
Country
  1. US
Days On Market
  1. 103
Electric Expense
  1. 0.00
Fuel Expense
  1. 0.00
Garage Spaces
  1. 4.00
Heating
  1. Central
Insurance Expense
  1. 0.00
Laundry Features
  1. Inside
Levels
  1. One
Lot Features
  1. 0-1 Unit/Acre
Netoperatingincome
  1. 155647.00
Number Of Separate Electric Meters
  1. 11
Number Of Separate Gas Meters
  1. 11
Parcel Number
  1. 8649018033
Pool Features
  1. None
Professionalmanagementexpense
  1. 0.00
Property Type
  1. Apartment
Sewer
  1. Public Sewer
Sourcesystemid
  1. CRM
Sourcesystemkey
  1. 422005389:CRM
Totalexpenses
  1. 68085.00
Trash Expense
  1. 0.00
Water Sewer Expense
  1. 0.00
Water Source
  1. Public
Year Built
  1. 1956
Year Built Source
  1. Assessor