816 Myrtle Avenue
Description
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...6.10% Cap Rate and 11.06 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 6.10% cap rate and 11.06 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.
- Listed by Cameron Samimi • DRE #02035763 • Brokerage DRE #01972083 • Lyon Stahl Investment Real Estate, Inc. • 310-259-7556
- Listed by Michael Padilla • DRE #01993341 • Brokerage DRE #01972083 • Lyon Stahl Investment Real Estate, Inc.
Property Details for 816 Myrtle Avenue
Property Details for 816 Myrtle Avenue
| Status | Active |
|---|---|
| MLS # | SB24178799 |
| Days on Market | 116 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1956 |
| County | Los Angeles County |
Building Information for 816 Myrtle Avenue
Property Information for 816 Myrtle Avenue
- Gross Income: $230,652
- Gross Scheduled Income: $230,652
- Net Operating Income: $155,647
- Gross Multiplier: 11.06
- Cap Rate: 6.1
- Operating Expense: $68,085
- Fuel Expense: $0
- Electric Expense: $0
- Insurance Expense: $0
- Professional Management Expense: $0
- Trash Expense: $0
- Water Sewer Expense: $0
- Total Expenses: $68,085
- Tax Tract Number: 1234
- Tax Census Tract: 4011.01
- CFD/Mello-Roos Fee: $0
- Tax Lot: 1234
- Community Features: Urban
- Laundry: Yes
- Laundry Features: Inside
- Heating Type: Central
- Heating: Central
- Entry Location: 1
- Pool Features: None
- Pool Description: None
- Pool: N/K
- Lot Features: 0-1 Unit/Acre
- Number Of Units: 11
- Land Lease: No
- Land Lease Type: Fee
- Levels: One
- Water: Public
- Sewer: Public Sewer
- Water Source: Public
- Garage Spaces: 4
- Parking Garage Spaces: 4
- Carport Spaces: 0
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 1
- Unit Type Actual Rent: $2,500
- Unit Type Total Rent: $2,500
- Unit Type Pro Forma: 2500
- Unit Type Type: 1
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Actual Rent: $1,995
- Unit Type Total Rent: $1,995
- Unit Type Pro Forma: 1995
- Unit Type Type: 10
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Actual Rent: $1,995
- Unit Type Total Rent: $1,995
- Unit Type Pro Forma: 1995
- Unit Type Type: 11
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Actual Rent: $1,581
- Unit Type Total Rent: $1,581
- Unit Type Pro Forma: 1995
- Unit Type Type: 2
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Actual Rent: $1,581
- Unit Type Total Rent: $1,581
- Unit Type Pro Forma: 1995
- Unit Type Type: 3
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Actual Rent: $1,524
- Unit Type Total Rent: $1,524
- Unit Type Pro Forma: 1995
- Unit Type Type: 4
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Actual Rent: $1,481
- Unit Type Total Rent: $1,481
- Unit Type Pro Forma: 1995
- Unit Type Type: 5
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Actual Rent: $1,653
- Unit Type Total Rent: $1,653
- Unit Type Pro Forma: 1995
- Unit Type Type: 6
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Actual Rent: $1,541
- Unit Type Total Rent: $1,541
- Unit Type Pro Forma: 1995
- Unit Type Type: 7
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Actual Rent: $1,759
- Unit Type Total Rent: $1,759
- Unit Type Pro Forma: 1995
- Unit Type Type: 8
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Actual Rent: $1,536
- Unit Type Total Rent: $1,536
- Unit Type Pro Forma: 1995
- Unit Type Type: 9
- Rent Controlled: Yes
- Number Of Buildings: 7
- Number Of Separate Electric Meters: 11
- Number Of Separate Gas Meters: 11
- Number Of Separate Water Meters: 1
Property History for 816 Myrtle Avenue
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Schools near 816 Myrtle Avenue
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 6 | |||
| Public - | 7 to 8 | |||
| Public - | 9 to 12 | |||
| Charter - | K to 5 |
Rating | School | Distance |
|---|---|---|
Kelso (William H.) Elementary School PublicK to 6 | ||
Crozier (George W.) Middle School Public7 to 8 | ||
Morningside High School Public9 to 12 | ||
Icef Inglewood Elementary Charter Academy CharterK to 5 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of Lyon Stahl Investment Real Estate, Inc., Cameron Samimi, DRE #02035763; Lyon Stahl Investment Real Estate, Inc., Michael Padilla, DRE #01993341
Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.