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.
|
DAYS ON MARKET
|
55
|
LAST UPDATED
|
8/21/2024
|
|
YEAR BUILT
|
1923
|
COMMUNITY
|
Mid-Wilshire
|
|
COUNTY
|
Los Angeles
|
STATUS
|
Active
|
|
PROPERTY TYPE(S)
|
Residential Income
|
|
|
|
Prior to Aug 21, '24
|
$6,100,000
|
| Aug 21, '24 - Today |
$5,975,000 |
| AIR |
None |
| AREA |
Mid-Wilshire |
| CONSTRUCTION |
Stucco |
| GARAGE |
None |
| HEAT |
Wall Furnace |
| LOT |
7702 sq ft |
| PARKING |
None |
| POOL DESCRIPTION |
None |
| STORIES |
2 |
| ZONING |
LAR3 |
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Listed with Global Platinum Properties, Inc.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 9/7/24 5:03 PM PDT and /or other sources. 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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