201 N Normandie Ave, Los Angeles, CA 90004 | For Sale

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For Sale $5,975,000 ($688.60 per Sq Ft)

$5,975,000 ($688.60 per Sq Ft)
  • (0)
  • 18 Units
  • 8,677 Sq Ft
  • 7,702 Sq Ft
  • Unknown Cap Rate

Description

Huge Price Reduction! 100% Fully Renovated & 100% Occupied 18-unit apartment building with permits cash flowing at an amazing 6.5% Cap Rate and 11.3 GRM from day 1! All the units have already been leased at full market rents for +$2,400 per month providing an incredible cash flow. The offering provides investors with a unique opportunity to purchase a premium asset that was completely vacated and renovated. 201 N Normandie Avenue was built in 1923 and boasts 16 stylish apartment homes renovated in 2023 as well as 2 brand-new detached ADUs built in 2024. Ownership has conducted a complete property restoration with permits. It features an attractive unit composition of eighteen (18) spacious and well-designed One-Bedroom | One-Bathroom units. In all, 201 North Normandie Avenue features ~8,677 square feet of improvements on a collective ~7,700 square feet of land, zoned LAR3. The property is separately metered for gas and electrical utilities to further reduce operating costs. The property has seen a complete restoration, down to every inch. Overall systems were overhauled with a new roof, plumbing, and electrical systems were updated within the last couple of years with a new panel and wiring. Also, there are updated HVAC systems and new windows in each unit. When approaching the property, tenants are invited with a unique and inviting color scheme featuring a fresh paint job and stylish landscaping. The units have undergone gut-level updating with new wood flooring, updated lighting fixtures, and brand-new kitchen and bathrooms. In the kitchen, there are new cabinets, modern countertops, and new water heaters. The bathrooms boast new vanities and modern fixtures along with sleek shower stalls. The location is in the heavily sought-after Koreatown and Wilshire Center sub-markets. 201 N Normandie Avenue is poised to capitalize on the tremendous momentum in the immediate area and neighboring Hollywood and Downtown. The subject property's transit-oriented and highly walkable location offers residents access to a myriad of entertainment venues, cultural destinations, and dining options nearby. Given the property's location and strong income metrics, 201 N Normandie Avenue is an ideal investment for investors seeking immediate returns along with long-term wealth preservation and appreciation.

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Amenities

Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt

Income

Rental Units


The income description goes here to explain

Expenses

Property Details

List Price $5,975,000
Property Type Multi-Family
Usable Sqft 8,677
Number of Stories 2 stories
Parking Spots 0 spots
Year Built 1923
Last Sold Unknown
Sold Price Unknown
APN # 5518004008
MLS # 24444651
Property ID 320882126
Lot Sqft 7,702
Zoning LAR3
Total Units 18
Days on Market 13
Original List Price $5,975,000
Date Updated October 02, 2024
Date Created September 24, 2024
Unit # Beds Baths Current Rent Proforma Rent
Unit #1 1 1.00 $2,595 $2,595
Unit #2 1 1.00 $2,595 $2,595
Unit #3 1 1.00 $2,595 $2,595
Unit #4 1 1.00 $2,595 $2,595
Unit #5 1 1.00 $2,595 $2,595
Unit #6 1 1.00 $2,595 $2,595
Unit #7 1 1.00 $2,595 $2,595
Gross Income (Yr) $ 512,684
Operating Expenses $ 124,526
Net Income (Yr) $ 388,158
Cap Rate 6.50%
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Listing Provided By

Armin Soleimani an agent of Global Platinum Properties, Inc.. Lic #01846872


© 2024 CARETS and TheMLS. All rights reserved. Based on information from CARETS as of October 02, 2024 The information being provided by CARETS 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 CARETS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Any property information referenced on this website comes from the Internet Data Exchange (IDX) program of CRISNet MLS and/or CARETS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.



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