714 Myrtle Ave Inglewood, CA 90301-3569
- Apartment buildings
- 9,734 SF
- 0.20 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 714 Myrtle Ave
- Year built
- 1964
- Construction
- WOOD
- Lot size
- 0.20 lot acres
- Property size
- 9,734 SF
- Zone code
- INR3YY
- Property type
- Apartment buildings
- APN
- 4021-042-016
- APU
- 4021042016
Description
This exceptional 10-unit apartment building presents a compelling investment opportunity in the thriving city of Inglewood, California. Located at 714 Myrtle Ave, 90301, this property boasts a total net rentable area of 9,600 square feet and offers a diverse unit mix including four one-bedroom/one-bathroom, four two-bedroom/two-bathroom, and two three-bedroom/two-bathroom units. Built in 1964, the property has undergone significant upgrades, with nine of the ten units featuring modern quartz countertops and stainless-steel appliances. The remaining unit presents an immediate opportunity to increase rental income by capitalizing on the existing loss-to-lease. The property enjoys a strong current NOI of $158,173, with a pro-forma NOI projected at $180,063, representing a 5.10% cap rate and a pro-forma cap rate of 5.81%, respectively. The asking price is $3,100,000, or $310,000 per unit. The property features controlled access and ample gated parking (1.3 spaces per unit). Its prime location offers proximity to major employers such as SpaceX and Boeing, and is conveniently situated near transformative developments including SoFi Stadium, Intuit Dome, Hollywood Park, and the Forum. With large floor plans averaging 960 square feet and all units including a full appliance package, this property offers a turnkey investment with significant upside potential. Projected rent growth over the next five years is estimated at 5.84% annually, with occupancy expected to remain above 96.3%. The property's strong in-place income stream allows for a higher leverage acquisition loan. The permitted zoning is INR3YY, and the APN is 4021-042-016.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,010,000
- 6.5%
- $1,855,000
- 7%
- $1,720,000
-
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $2,445,000 Current use
- INDUSTRIAL (GENERAL)
- $2,990,000 Change: +22% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Inglewood
- County
- Los Angeles
- State
- California
- Longitude
- -118.348
- Latitude
- 33.9547
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
