916 S Normandie Avenue, Los Angeles, CA 90006
- $1,600,000
- 8
- BD
- 13
- BA
- 5,872
- SqFt
- List Price
- $1,600,000
- Status
- ACTIVE
- MLS#
- 26934849
- Year Built
- 1957
- Bedrooms
- 8
- Bathrooms
- 13
- Living Sq. Ft
- 5,872
- Lot Size
- 6,402
- Acres
- 0.15
- Lot Location
- Rectangular Lot
- Days on Market
- 23
- Property Type
- Multifamily
- Style
- Mid-Century Modern
- Stories
- Multi Level
Property Description
The subject property is a 13-unit apartment building located at 916 S. Normandie Ave in Los Angeles. Built in 1957 and zoned LAR3, the property consists of (3) Bachelors (8) 1 Bed, 1 Bath units, and (2) Studio, 1 Bath units, totaling 8,285 rentable square feet on a 6,399-square-foot lot. The property is offered at an attractive basis of $123,000 per unit and $272 per square foot, while generating a compelling 5.97% in-place cap rate and 8.95 GRM. The asset will be delivered with four vacant units, providing the next owner with an immediate opportunity to lease units at current market rents and enhance cash flow from day one. With approximately 41% rental upside embedded in the existing rent roll, the property offers significant value-add potential, with the pro forma cap rate approaching 11% as rents are brought to market.
Additional Information
- Appliances
- Refrigerator
- Pool Description
- None
- Heat
- Wall Furnace
- Cooling
- Yes
- Cooling Description
- Wall/Window Unit(s)
- View
- City Lights
- Exterior Construction
- Stucco
- Attached Structure
- Attached
- Number Of Units Total
- 13
Listing courtesy of Listing Agent: William James (will@lyonstahl.com) from Listing Office: Lyon Stahl Investment Real Estate, Inc..
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