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Key Details
Sold Price $2,450,000
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Sold
Purchase Type For Sale
MLS Listing ID SB25011648
Sold Date 05/30/25
Bedrooms 5
Property Sub-Type Res Income 2-4 Units
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
Zoning Assessor
Direction Off Prairie and Arbor Vitae
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 4024005018
Acceptable Financing Cash, Conventional, Exchange
Listing Terms Cash, Conventional, Exchange
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Bought with Cameron Samimi Lyon Stahl Investment Real Estate, Inc.