816 Myrtle Ave 11 Unit Apartment Building $3,645,735 CAD ($331,430 CAD/Unit) 6.24% 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 6.24% cap rate and 10.89 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
6.24% 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.
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.
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$334,910
|
$54.35
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$10,048
|
$1.63
|
| Effective Gross Income |
$324,862
|
$52.72
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$97,341
|
$15.80
|
| Net Operating Income |
$227,521
|
$36.92
|
PROPERTY FACTS
| Price | $3,645,735 CAD |
| Price Per Unit | $331,430 CAD |
| Sale Type | Investment |
| Cap Rate | 6.24% |
| Gross Rent Multiplier | 10.89 |
| 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
Walk Score®
Very Walkable (82)
PROPERTY TAXES
| Parcel Number | 4024-005-018 | Improvements Assessment | $385,128 CAD (2024) |
| Land Assessment | $1,521,310 CAD (2024) | Total Assessment | $1,906,439 CAD (2024) |
ZONING
| Zoning Code | R3 |
