816 Myrtle Avenue, Inglewood, CA 90301

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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.


Interior Features

Laundry Information
Location(s) Inside
Bedroom Information
Bedrooms N/A
Bathroom Information
Bathrooms N/A

Listing Information

Address 816 Myrtle Avenue
City Inglewood
State CA
Zip 90301
County Los Angeles
Listing Agent Cameron Samimi DRE #02035763
Co-Listing Agent Michael Padilla DRE #01993341
Courtesy Of Lyon Stahl Investment Real Estate, Inc.
List Price $2,550,000
Status Active
Type Residential Income
Subtype Apartment
Structure Size N/A
Lot Size 10,212
Year Built 1956

Listing information courtesy of: Cameron Samimi, Michael Padilla, Lyon Stahl Investment Real Estate, Inc.. *Based on information from the Association of REALTORS/Multiple Listing as of Oct 23rd, 2024 at 5:05 PM 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.