837 S Normandie Ave

837 S. Normandie Ave, Los Angeles CA 90005

OFFERING PRICE: $3,395,000

MVP Commercial Investment Real Estate is pleased to present the Normandie Apartments located at 837 S Normandie Ave. The subject property is a sixteen (16) unit multifamily investment opportunity located in Koreatown, a high rental demand sub-market in the city of Los Angeles. This two-story, wood frame stucco building was constructed in 1925 and consists of 10,252 SF of living area. The property features sixteen (16) spacious one bedroom/one bath units and is situated on a 7,445 SF lot zoned R4-2.

The owners of 837 S Normandie Ave have been meticulous over their renovations to the interior and exterior of the property. Over half of the units have been extensively remodeled with new high gloss laminate flooring, quartz countertops, glass backsplash, new stainless steel appliances, new paint, recessed lighting, new fixtures, energy efficient LED lighting, and modern cabinets in the kitchens and bathrooms. The property’s common areas were modernized with new tile flooring, new paint, recessed LED lighting, and new paint and fixtures. The property exterior was also updated with a new roof, new paint, and attractive landscaping. The new landscaping is designed with a new drought-tolerant design allowing the owner to cut utility expenses and receive tax deductions. Further, the property is separately metered for electricity and master metered for gas and features on-site laundry that is currently leased by the owner.

837 S Normandie Avenue presents the opportunity for a new investor to purchase a strong cash flow property with remaining upside in rental income in the very strong rental pocket of Koreatown. Since the majority of the exterior and interior renovations have been completed, a new investor will be able to capture higher market rents while saving on additional renovation costs.

INVESTMENT HIGHLIGHTS

  • Prime Koreatown Location
  • 4.68% CAP Rate on Current Rents
  • 9 of 16 Units Extensively Renovated
  • Modernized Common Areas – New Flooring, New Paint, and Recessed Lighting
  • New Roof, New Stainless Steel Appliances, Modern Kitchen Cabinets, Quartz Counter Tops, Glass Backsplash, High-Gloss Laminate Flooring, Ceramic Tiles in Kitchen and Bathrooms, New Paint and Drywall and Energy Efficient LED Recessed Lighting
  • New Drought Tolerant Landscaping
  • Individually Metered for Electricity

LOCATION HIGHLIGHTS

  • The Subject Property is a Walker’s Paradise as it scored a 93 on www.walkscore.com
  • The property is located on S. Normandie Ave. Just north of James M. Wood Blvd and south of W. 8th St
  • Few minutes from entertainment venues, restaurants, LA Live, the Wilshire/Western Metro Station, Downtown Los Angeles and the multiple Los Angeles freeways Major Development Hub of Los Angeles
  • Highly Sought after Investment Location for Local and Foreign Investors

MVP Commercial Investment Real Estate does not guarantee the accuracy of square footage, lot size or other information concerning the condition or features of the property provided by the seller or obtained from public records or other sources and the buyer is advised to independently verify the accuracy of that information through personal inspection with appropriate licensed professionals. If your home is currently listed with another broker, this is not intended to solicit that listing. CalBRE 01816119, 01483131.