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… Read More 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. Read Less
Property listed by Lyon Stahl Investment Real Estate, Inc., Cameron Samimi 310-259-7556
Listing Snapshot
Days Online
115
Last Updated
Property Type
Apartment
Lot Size
0.23 Acres
Year Built
1956
MLS Number
SB24178799
30 Days Snapshot Of 90301
$549k
-29%
(avg) sold price
1
-75%
home sold
119
+23%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1956, Building area total: 6,162, Levels: One, 1 story, 7 buildings, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Urban
Expenses
Operating expense: $68,085
Garage
4 spaces
Heating
Central
Income
Gross income: $230,652, Net operating income: $155,647
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. 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.
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