Listed by Shield Commercial Real Estate
$2,075,000
614 Myrtle Avenue
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 6,538
Net Rentable (SqFt) 6,538
Units 6
Cap Rate 6.9%
NOI $143,154
Occupancy 100%
Pro-Forma Cap Rate 7.9%
Pro-Forma NOI $164,001
Price per SqFt $317
Buildings 1
Stories 2
Lot Size (SqFt) 9,463
Multifamily | 6 Units | $345,833/unit
Marketing description
OFFERING MEMORANDUM: 614 Myrtle Avenue - Offering Memorandum.pdf
Investment highlights
- Outstanding Inglewood Location – 6 Blocks from SoFi Stadium, The Forum & Upcoming Inglewood Transit Connector (ITC) and Less Than 1 Mile from Intuit Dome
- 6.90% Current Cap Rate & 10.38 Current GRM
- 7.90% Pro-Forma Cap Rate & 9.37 Pro-Forma GRM
- Outstanding Unit Mix of 4-Bedroom, 3-Bedroom & 2-Bedroom Units
- Large 9,463-SF Lot
- Originally Built as 4-Bedroom/2-Bathroom House – Expanded in 1986 (With Permits) to Add 5 Additional Apartment Units
- Four Units Renovated with New Kitchens, Quartz Counters, New Appliances, New Bathrooms, Upgraded Electrical with New Subpanels, HVACs, Ceiling Fans, New Floors & Washer/Dryer Hook-Ups
- Property Enrolled in City of Inglewood Sound Insulation Program Which Would Install New Soundproof Doors, Soundproof Windows & Ducted HVACs at No Cost to Owner (Buyer to Verify)
- Storage Room & Total of 14 Parking Spaces (Including Two Double-Car Garages)
- Desirable Opportunity to Add ADUs – Plans In-Place to Add New 2-Bedroom/2-Bathroom ADU
- Centrally Located Near Hollywood Park, Youtube Theatre, Crenshaw/LAX Metro Line Station, SpaceX, Tesla & LAX Airport
Listing Contacts
Listed by Shield Commercial Real Estate
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$143,154.00
$11,929.50/mo
Valuation Metrics
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DSCR
6.9%
Cap Rate
6.9%
ROI
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