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Listed by Cameron Samimi • Lyon Stahl Investment Real Estate, Inc.
$ 2,550,000
Est. payment | /mo
0.44 Acres Lot
$ 2,550,000
Est. payment | /mo
0.44 Acres Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRSB25011648
Year Built 1937
Lot Size 0.442 Acres
Source California Regional MLS
Property Description
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.
Location
State CA
County Los Angeles
Area 699 - Not Defined
Interior
Laundry Gas Hookup, 30
Exterior
Garage Spaces 4.0
Pool None
Building
Water District - Public
Others
Tax ID 4024005018
Special Listing Condition Not Applicable
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