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Listed by Cameron Samimi • Lyon Stahl Investment Real Estate, Inc.
$ 2,550,000
Est. payment /mo
Active
816 Myrtle Avenue Inglewood, CA 90301
6,162 SqFt
UPDATED:
11/20/2024 02:33 PM
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 6,162 sqft
Price per Sqft $413
MLS Listing ID SB-24178799
Year Built 1956
Lot Size 10,212 Sqft
Property 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.
Location
State CA
County Los Angeles
Interior
Heating Central
Laundry Inside
Exterior
Parking Features Gated
Garage Spaces 4.0
Pool None
Community Features Urban
Building
Lot Description 0-1 Unit/Acre
Sewer Public Sewer