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6.10% Cap Rate and 11.06 GRM on massive 19,250 sqft lotzoned R3 with current in place cash flow. A new buyer candevelop 18 units by right or 27 units with 50% densitybonus allowed through the city. Perfect asset to land bankfor future development while achieving great in placecash flow. Property can achieve 60% rental upside byeasily adding 3 ADUs.Offered at $132/ft for land and just $231k/unit. Incrediblevalue here for any investor.816 Myrtle is just two blocks away from So-Fi Stadium, TheForum & NEW Intuit Dome! 11 bungalow style units situatedon a 19,250 sqft lot! The property is currently operating ata 6.10% cap rate and 11.06 GRM with 60% upside availableonce the ADUs are built. Each unit is separately meteredfor gas and electric.T he subject property is located only minutes away fromSofi Stadium, YouTube Theater, Intuit Arena, LAX airport,and many more developments. OM in supplements.
Property Type(s):
Residential Income
| Last Updated | 1/16/2025 | Year Built | 1937 |
|---|---|---|---|
| Community | Not Defined | Garage Spaces | 4.0 |
| County | Los Angeles |
Additional Details
| AREA | Not Defined |
|---|---|
| GARAGE | Yes |
| LOT | 0.44 acre(s) |
| LOT DESCRIPTION | 0-1 Unit/Acre |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 2 |
| WATER | Public |
Location
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Listed with Lyon Stahl Investment Real Estate, Inc.
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