Located at the intersection of Normandie and 6th, just one block from the iconic Quarters KBBQ, this 12-unit apartment building offers an exceptional opportunity to acquire a value-add asset in one of Los Angeles' most vibrant and high-demand rental markets. The property consists of one bachelor, three singles, and eight… Read More one-bedroom units only one of which has been renovated in the past 30 years, (light touch up in others) making it a perfect candidate for a comprehensive renovation strategy. This provides a clear path to capturing substantial upside through targeted unit upgrades and improved management. The building also features a garage at the front, which could be considered for future ADU conversion, as well as a rear parking area and an on-site laundry room with owner-owned washer/dryers, providing additional income. The property benefits from a charming side garden that is well-maintained by tenants, enhancing the building's curb appeal and offering a welcoming environment. Despite a current in-place cap rate of just 3.73%, the property's proforma cap rate exceeds 10.5%, even under conservative underwriting assumptions. This significant upside potential makes it a rare find in today's market, with the ability to create substantial value and unlock a high return on investment. With the location, strong rental demand, and numerous avenues for growth, this Koreatown asset offers a rare opportunity to reposition and capitalize on long-term appreciation and income growth. Read Less
Courtesy of Keller Williams Beverly Hills 310-432-6400
Listing Snapshot
Days Online
66
Last Updated
Property Type
Other
Beds
8
Square Ft.
7,481
Lot Size
0.17 Acres
Year Built
1955
MLS Number
25541707
30 Days Snapshot Of 90020
$2.48M
-52%
(avg) sold price
4
+100%
homes sold
87
+26%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Cooktop - Gas, Refrigerator, Range/Oven
Building
7,481 sq ft, Built in 1955, Levels: Multi/Split
Cooling
Ceiling Fan
Disclosures
None
Garage
Carport Detached
Heating
Wall
Laundry
Garage
Lot
LotAcreage: 0.1724, LotSizeArea: 7,509
Parking
TotalParking: 11
Property
NumberOfUnits: 12, Zoning: LAR4
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