6.24% Cap Rate and 10.89 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 6.24% cap rate and 10.89 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. OM in supplements.
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 6.24% cap rate and 10.89 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. OM in supplements.
Property Details
Price:
$2,550,000
MLS #:
SB25011648
Status:
Active
Baths:
0
Address:
818 Myrtle Avenue
Type:
Residential Income
Subtype:
Apartment
Neighborhood:
699notdefined
City:
Inglewood
Listed Date:
Jan 16, 2025
State:
CA
ZIP:
90301
Lot Size:
19,250 sqft / 0.44 acres (approx)
Year Built:
1937
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Schools
Interior
Exterior
Community Features
Urban
Garage Spaces
4.00
Lot Features
0-1 Unit/ Acre
Parking Spots
4.00
Pool Features
None
Sewer
Public Sewer
Stories Total
2
Water Source
Public
Financial
Map
Community
- Address818 Myrtle Avenue Inglewood CA
- Area699 – Not Defined
- CityInglewood
- CountyLos Angeles
- Zip Code90301
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818 Myrtle Avenue
Inglewood, CA
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