614 S Myrtle Ave 6 Unit Apartment Building $2,075,000 ($345,833/Unit) 6.80% Cap Rate Inglewood, CA 90301

ASSET
6-unit apartment in Inglewood, just 6 blocks from SoFi Stadium. Situated on a large 9,463-SF lot, the property boasts a unit mix of (1) 4-bedroom/2-bathroom unit, (1) 3-bedroom/2-bathroom unit, (1) 2-bedroom/2-bathroom unit and (3) 2-bedroom/1-bathroom units. The property was originally built as a single-family residence (4-bedroom/2-bathroom house) and was expanded in 1986, with permits, to retain the original house and build 5 additional units.
Four of the units were fully renovated in 2022 with new kitchens, quartz counters, new appliances, new bathrooms, upgraded electrical with new subpanels, HVACs, ceiling fans, new floors and washer/dryer hook-ups. Furthermore, the property has been enrolled in the City of Inglewood Sound Insulation Program, which will replace all the exterior doors and windows with soundproof versions and install ducted HVAC at no cost to the owner.
The asset contains a storage room and 14 parking spaces, four of which are double-car garages. The large lot, storage room and ample parking areas, present a desirable opportunity to add ADUs. There are plans in place to convert the storage and 4 of the carport spaces into a 2-bedroom/2-bathroom ADU.
LOCATION
This 6,538-SF apartment is located just a few blocks from SoFi Stadium, The Forum & the upcoming Inglewood Transit Connector (ITC) and less than 1 mile from Intuit Dome (Clippers Arena). It is also conveniently located near Hollywood Park, Youtube Theatre, Crenshaw/LAX Metro Line Station, SpaceX, Tesla and LAX Airport.
FINANCIALS
The property has stable in-place rents with a current cap rate of 6.80% and current GRM of 10.49. Priced at a pro-forma cap rate of 7.70% and pro-forma GRM of 9.56, the asset also provides spectacular upside potential in an incredibly strong location.

*Front house was built in 1957. The property was expanded in 1986, with permits, keeping the original house and adding 5 units. Buyer to verify independently and conduct their own due diligence and investigation. Title records states the property as 7 units. At some point, the original front house was converted into 2 units (Unit #1 and #2). The units have since been recombined into the original 4-bedroom/2-bathroom configuration which is why there is no Unit #2 on the rent roll. Buyer to verify independently and conduct their own due diligence and investigation. Buyer to conduct their own due diligence and investigation.