Huge 400k Price Reduction! 100% Fully Renovated 18-unit apartment building with permits cash flowing at an amazing 6.5% Cap Rate and 11.3 GRM from day 1! Most of the units have already been leased at full market rents for +$2,400 per month providing an incredible cash flow. The offering provides… Read More 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. Read Less
Courtesy of Global Platinum Properties, Inc. 424-394-1030
Listing Snapshot
Days Online
11
Last Updated
Property Type
Other
Beds
18
Square Ft.
8,677
Lot Size
0.18 Acres
Year Built
1923
MLS Number
25572079
30 Days Snapshot Of 90004
$2.45M
+12%
(avg) sold price
10
+42%
homes sold
73
-33%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Gas, None
Building
8,677 sq ft, Built in 1923, Levels: Two
Cooling
None
Disclosures
None
Exterior Features
Stucco, None
Foundation
Raised
Garage
None
Heating
Wall
Kitchen
Remodeled
Lot
LotAcreage: 0.1768, LotSizeArea: 7,702
Parking
TotalParking: 0
Pool
PoolYN: False, None
Property
NumberOfUnits: 18, Zoning: LAR3
Roof
Flat
Spa
Has spa, None
Utilities
Cable TV
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