201 N Normandie Avenue, Los Angeles, CA, 90004

  • $5,600,000
  • $5,600,000
201 N Normandie Avenue , Los Angeles, CA 90004
Active For Sale
201 N Normandie Avenue , Los Angeles, CA 90004
  • $5,600,000
  • $5,600,000

Description

Huge 400k Price Reduction! 100% Vacant and Fully renovated 16-unit apartment building with permits cash flowing at an amazing 6% Cap Rate and 12.1 GRM from day 1! Additionally, there are fully approved RTI plans to add two detached ADUs in the garages (Under Construction) to achieve a remarkable 7% Cap Rate and 10.7 GRM. 201 North Normandie Avenue is a sixteen-unit apartment community in Los Angeles, CA. The offering provides investors with a unique opportunity to purchase a premium asset that is completely vacant and lease out at market rates. 201 N Normandie Avenue was built in 1923 and boasts sixteen stylish apartment homes. Ownership has conducted a complete property restoration with permits. It features an attractive unit composition of sixteen (16) spacious and well-designed One-Bedroom | One-Bathroom units. In all, 201 North Normandie Avenue features 7,956 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. 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, modern fixtures, along with sleek shower stalls. And the cherry on top is ownership has Ready-to-Issue plans for two detached 1-bedroom ADUs where the garages currently are, providing an additional stream of income. 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.

  • Address 201 N Normandie Avenue
  • City Los Angeles
  • State/county CA
  • Zip/Postal Code 90004

Details

Updated on February 19, 2024 at 11:30 am
  • Property ID: 24345093
  • Price: $5,600,000
  • Land Area: 0.1768 Acres
  • Year Built: 1923
  • Property Type: Residential Income
  • Property Status: Active

Additional details

  • Zone: LAR3
  • Parking: Covered
  • Days On Market: 42
  • LotSize SquareFeet: 7702.00

Features

Listed by

KW Commercial Studio City
Agent Name : Nick Astrupgaard
Agent State License : 01893466

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