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$6,100,000
Est. payment /mo
18 Beds
18 Baths
8,677 SqFt
UPDATED:
09/30/2024 06:49 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 8,677 sqft
Price per Sqft $703
MLS Listing ID 24394451
Bedrooms 18
HOA Y/N No
Year Built 1923
Lot Size 7,701 Sqft
Property Description
Price Reduction! 100% Fully renovated 18-unit apartment building with permits cash flowing at an amazing 6.26% Cap Rate and 11.6 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, 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.
Location
State CA
County Los Angeles
Area C17 - Mid-Wilshire
Zoning LAR3
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Exterior
Parking Features None
Pool None
Porch None
Private Pool No
Building
Story 2
Entry Level Two
Foundation Raised
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5518004008
Special Listing Condition Standard
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Listed by Armin Soleimani • Global Platinum Properties, Inc.
1st Class Real Estate Mavericks
Brokerage | License ID: 02245942
+1(760) 203-3373 | 1stclassmavericks@gmail.com