816 Myrtle Avenue, Inglewood, CA 90301

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Glen Henderson

[email protected] +1(619) 889-7646

$2,550,000

Est. payment - /mo

5 Beds

4 Baths

10,212 Sqft Lot

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UPDATED:

11/21/2024 05:14 AM

Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID SB24178799

Bedrooms 5

HOA Y/N No

Lot Size 10,212 Sqft

Type of Financing Cash,Conventional,Exchange

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.
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

Area Inglewood (90301)

Zoning Assessor

Building

Story 1

Lot Size Range 7500-10889 SF

Level or Stories 1 Story

Others

Acceptable Financing Cash, Conventional, Exchange

Space Rent $2,500

Listing Terms Cash, Conventional, Exchange

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Listed by Lyon Stahl Investment Real Estate, Inc.

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Glen Henderson

+1(619) 889-7646

Broker Associate | CA BRE #01384181

Broker Associate CA BRE #01384181

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