816 Myrtle Ave
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816 Myrtle Ave
11 Unit Apartment Building $2,550,000 ($231,818/Unit) 6.10% Cap Rate Inglewood, CA 90301
Investment Highlights
- 11 units situated on 19,250sqft lot
- Unit mix of (10) 1Bed+1Bath units, and (1) 2Bed+1Bath units
- Located only 1,200 ft from SoFi Stadium
- Currently operating at a 6.10% cap rate and 11.06 GRM
- Each unit has laundry hookups and are separately metered for utilities
- After building the ADUs, the property will operate at a 10.75% cap rate and 6.97 GRM
Executive Summary
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.
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.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$230,652
|
$37.43
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$6,920
|
$1.12
|
| Effective Gross Income |
$223,732
|
$36.31
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$68,085
|
$11.05
|
| Net Operating Income |
$155,647
|
$25.26
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $230,652 |
| Annual Per SF | $37.43 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $6,920 |
| Annual Per SF | $1.12 |
| Effective Gross Income | |
|---|---|
| Annual | $223,732 |
| Annual Per SF | $36.31 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $68,085 |
| Annual Per SF | $11.05 |
| Net Operating Income | |
|---|---|
| Annual | $155,647 |
| Annual Per SF | $25.26 |
Property Facts
| Price | $2,550,000 | Property Subtype | Apartment |
| Price Per Unit | $231,818 | Apartment Style | Garden |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.10% | Lot Size | 0.45 AC |
| Gross Rent Multiplier | 11.06 | Building Size | 6,162 SF |
| No. Units | 11 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1937 |
| Price | $2,550,000 |
| Price Per Unit | $231,818 |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| Gross Rent Multiplier | 11.06 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.45 AC |
| Building Size | 6,162 SF |
| No. Stories | 2 |
| Year Built | 1937 |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Pantry
1 of 1
Walk Score ®
Very Walkable (82)
PROPERTY TAXES
| Parcel Number | 4024-005-018 | Improvements Assessment | $267,947 (2024) |
| Land Assessment | $1,058,428 (2024) | Total Assessment | $1,326,375 (2024) |
PROPERTY TAXES
Parcel Number
4024-005-018
Land Assessment
$1,058,428 (2024)
Improvements Assessment
$267,947 (2024)
Total Assessment
$1,326,375 (2024)
-
Cameron Samimi -
Michael Padilla -
Lyon Stahl Investment Real Estate
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816 Myrtle Ave
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