201 N Normandie Avenue
Los Angeles, CA, 90004 $ 5,600,000
Bedrooms16 Baths16.0 Sq 7,956 Monthly Estimate*
$ 39,118
Listed by KW Commercial Studio City
for $5,600,000 with 16 bedrooms and 16 full baths. This 7,956 square foot home was built in 1923 on a lot size of 0.1768.
Huge 400k Price Reduction! 100% Fully renovated 16-unit apartment building (13 vacant) with permits cash flowing at an amazing 6% Cap Rate and 12 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.
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FeaturesGeneralZoning LAR3
Year Built 1923
Stories 2
Levels Two
Gross Income 462232.0
County Los Angeles
Net Operating Income 337425.0
New Construction N
Property Type ResidentialIncome
HOA / Comm Assn N
Attached Garage N
Garage Y/N Y
Special Listing Conditions Standard
Status Active
Directions Excellent location in Mid-Wilshire and Koreatown sub-market
City Los Angeles
View Y/N N
Senior Community Y/N N
Total Units 16
MLS Area C17 - Mid-Wilshire
Lot Size Square Feet 7702.0
Private Pool N
Waterfront Y/N N
Carport Y/N N
Street Name Normandie
Property Attached Y/N N
Land Lease Y/N N
Home Warranty Y/N N
Lease Renewal Y/N N
Additional Parcels Y/N N
Lease Considered Y/N N
Rent Control Y/N N
Days on Market 8
Standard Status Active
Cap Rate 6.0
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ExteriorParking Features Garage
Total Parking 4.0
Lot Size Area 7702.0
Number of Buildings 2
Spa N
Building Area Total 7956.0
Lot Size Acres 0.1768
Lot Size Units SquareFeet
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
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InteriorTotal Stories 2
Basement (Y/N) N
Air Conditioning Y/N N
Heating Y/N N
Fireplace Y/N N
Full Baths 0
Half Baths 0
1/4 Baths 0
3/4 Baths 0
Street Suffix Avenue
Total Bedrooms 16
Electric On Property Y/N N
Total Baths 16
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* Excluded FeaturesList ByKw Commercial Studio CityBroker
Affordability Calculator
- Monthly Principal & Interest
- $39,118
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Los Angeles, CA
Average List Price $2,000,821
Percent of Sale Price 64%
About Los Angeles, CA 3,920,026 Population
6% Since 2002
$ 55,057 Median Income
36.82 Median Age
27% Households with Children
Trends Information provided by ATTOM Data Solutions.
273443 Elementary School
272636 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
3/8/2024 | $5,600,000 | | Listed Price |