816 Myrtle AveInglewood, CA 90301

Property Details for 816 Myrtle Ave

Year built

1937

Property size (Sq ft)

6,162 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 11-unit apartment building, located at 816 Myrtle Ave in Inglewood, CA 90301, presents a compelling value-add investment opportunity. The property boasts a substantial 19,250 square foot lot, zoned INR3, offering significant upside potential. Currently generating a 6.10% cap rate and $155,647 NOI, the property features a mix of ten 1-bedroom, 1-bathroom units and one 2-bedroom, 1-bathroom unit, each with laundry hookups and separately metered utilities. Built in 1937, the two-story building comprises 6,162 square feet of net rentable space, currently priced at $413.83 per square foot and $231,818 per unit. The property's prime location, just a short distance from SoFi Stadium, The Forum, and the Intuit Dome, ensures strong rental demand. A pro-forma analysis projects a 10.85% cap rate and $276,768 NOI, achievable through the addition of accessory dwelling units (ADUs), permitted by the city. This presents a unique chance to increase cash flow and property value. The property's current cash flow, combined with its development potential, makes it an attractive investment for both seasoned and emerging investors seeking strong returns in a rapidly growing market. The substantial lot size allows for future expansion, further enhancing the long-term value proposition.

Location Insight

City

Inglewood

County

Los Angeles

State

California

Latitude

33.9533

Longitude

-118.348

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