About 816 Myrtle Ave
CALL FOR OFFERS THURSDAY 9/26/24 @ 5PM 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 63% rental upside by easily adding 3 ADUs. Offered at $135/ft for land and just $236k a units. 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 5.53% cap rate and 11.90 GRM with 67% upside available once the ADUs are built. Each unit is separately metered for gas and electric. The subject property is located only minutes away from Sofi Stadium, YouTube Theater, Intuit Arena, LAX airport, and many more developments.
Features of 816 Myrtle Ave
| MLS® # | SB24178799MR |
|---|---|
| Price | $2,550,000 |
| Bedrooms | 12 |
| Bathrooms | 11.00 |
| Square Footage | 6,162 |
| Acres | 0.23 |
| Year Built | 1956 |
| Type | Residential Income |
| Sub-Type | Apartment |
| Status | Active |
Community Information
| Address | 816 Myrtle Ave |
|---|---|
| Area | Glendora |
| City | INGLEWOOD |
| County | Los Angeles |
| State | CA |
| Zip Code | 90301 |
Amenities
| Parking Spaces | 4 |
|---|---|
| # of Garages | 4 |
| Is Waterfront | No |
| Has Pool | No |
| Pool | None |
Interior
| Heating | Central |
|---|---|
| Fireplace | No |
| # of Stories | 1 |
| Has Basement | No |
Additional Information
| Date Listed | September 3rd, 2024 |
|---|---|
| Days on Market | 41 |
| Foreclosure | No |
| RE / Bank Owned | No |
Listing Details
| Agent | Cameron Samimi (02035763) |
|---|---|
| Office | Lyon Stahl Investment Real Estate, Inc. |