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$5,975,000

Est. payment - /mo

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18 BD

18 BA

8,677 SqFt

Active

201 N Normandie AVE Los Angeles, CA 90004

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Nathan King Real Estate Group

info@kingrealestate.group +1(559) 396-0000

UPDATED:

10/02/2024 12:12 PM

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 8,677 sqft

Price per Sqft $688

MLS Listing ID 24444651

Bedrooms 18

HOA Y/N No

Year Built 1923

Lot Size 7,701 Sqft

Property 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.

Location

State CA

County Los Angeles

Area C17 - Mid-Wilshire

Zoning LAR3

Interior

Heating Wall Furnace

Cooling None

Fireplace No

Exterior

Garage None

Pool None

Porch None

Parking Type 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

Listed by Armin Soleimani • Global Platinum Properties, Inc.

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Nathan King Real Estate Group

Broker | License ID: 01878277

+1(559) 396-0000

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