8-Bedroom Residential Income - 916 S Normandie Avenue, Los Angeles, CA

$1,600,000

916 S Normandie Avenue, Los Angeles, CA

916 S Normandie Avenue, Los Angeles, CA 90006 - $1,600,000 · 8 bd 13 ba Multi-Family Home for Sale, photo 3

916 S Normandie Avenue, Los Angeles, CA 90006 - $1,600,000 · 8 bd 13 ba Multi-Family Home for Sale, photo 4

916 S Normandie Avenue, Los Angeles, CA 90006 - $1,600,000 · 8 bd 13 ba Multi-Family Home for Sale, photo 5

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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.

Property details

Bedrooms

Bathrooms

Square feet

5,872

Year built

1957

Property type

Residential Income

Lot size

6,402 sqft

Location

916 S Normandie Avenue • Los Angeles, CA 90006

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Listed by

William James · Lyon Stahl Investment Real Estate, Inc.

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Closed sales reported in 90006, nearest first, last 12 months. All recent sales in Los Angeles →