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739 S Normandie Avenue

Los Angeles (City), CA 90005
  • $5,250,000
  • STATUS: Active
  • ON SITE: 29 Days
  • ID#: 22179561
$5,250,000
  • 0
    BEDS
  • 0.17
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1927
County:

School Ratings & Info

Listing Agent(s): Noah Pharoah of Colliers International Greater Los Angel (213-532-3205)


Description

Both 454 S Catalina St and 739 S Normandie Ave are offered at an attractive basis of $166,667 and $164,063 price-per-unit, and Pro Forma cap rates of 7.55% and 7.90%, respectively * 80 units across two properties, first time on market in nearly than 20 years* Rental upside of 50% through operational efficiencies, strategic renovations of units and common areas, implementing a RUBs program, and exploring the addition of ADUs * Residents benefit from spacious floor plans, controlled-access buildings, and on-site laundry facilities* Both properties include patio space for a new owner to enhance amenitized space for residents. Koreatown home sale prices have risen 26.3% over the last year* Predicted that Koreatown home values will increase 4.7% in the next year* Submarket asking rents expected to rise 10.4% over the next five years* Koreatown occupancy averaged 95.1% over the past five years* Renters make up 92.3% of housing population within a one-mile radius* Average household income of $79,934 within a five-mile radius and expected to rise 10% over the next five years. Both properties sit within walking distance of major Koreatown nightlife, dining, and shopping attractions, including Chapman Plaza, The LINE Hotel, and City Center on 6th* Koreatown is one of the most historic, diverse, and densely populated areas in Los Angeles* 454 S Catalina St and 739 S Normandie Ave boast incredible Walker's Paradise scores of 94 and 97, respectively* Both properties are less than 15 minutes walking distance to the Wilshire/Normandie B Line and Wilshire/Vermont B and D Line Metro Stations, offering tenants excellent access across the LA metro.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-14T00:28:39.137. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or American Real Estate List & Sell. Licensed in the State of California, USA.
www.americanrealestatehomes.com/homes/130967916
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739 S Normandie Avenue Los Angeles (City), CA 90005

  • Price: $5,250,000
  • Status: Active
  • On Site: 29 Days
  • ID#: 22179561
0
Beds
0
Baths
0
½ Baths
0.17
Acres
1927
Built
Neighborhood:
C17 - Mid-Wilshire
County:
Los Angeles
Area:
C17 - Mid-Wilshire
Property Description
Both 454 S Catalina St and 739 S Normandie Ave are offered at an attractive basis of $166,667 and $164,063 price-per-unit, and Pro Forma cap rates of 7.55% and 7.90%, respectively * 80 units across two properties, first time on market in nearly than 20 years* Rental upside of 50% through operational efficiencies, strategic renovations of units and common areas, implementing a RUBs program, and exploring the addition of ADUs * Residents benefit from spacious floor plans, controlled-access buildings, and on-site laundry facilities* Both properties include patio space for a new owner to enhance amenitized space for residents. Koreatown home sale prices have risen 26.3% over the last year* Predicted that Koreatown home values will increase 4.7% in the next year* Submarket asking rents expected to rise 10.4% over the next five years* Koreatown occupancy averaged 95.1% over the past five years* Renters make up 92.3% of housing population within a one-mile radius* Average household income of $79,934 within a five-mile radius and expected to rise 10% over the next five years. Both properties sit within walking distance of major Koreatown nightlife, dining, and shopping attractions, including Chapman Plaza, The LINE Hotel, and City Center on 6th* Koreatown is one of the most historic, diverse, and densely populated areas in Los Angeles* 454 S Catalina St and 739 S Normandie Ave boast incredible Walker's Paradise scores of 94 and 97, respectively* Both properties are less than 15 minutes walking distance to the Wilshire/Normandie B Line and Wilshire/Vermont B and D Line Metro Stations, offering tenants excellent access across the LA metro.
Exterior Features

Construction Materials Brick Entry Location Ground Level - No Steps Parking Features None Parking Total 0 Pool Features None Pool Private YN No Spa Features None Spa YN No

Interior Features

Appliances Microwave Heating None Heating YN No

Property Features

Association Fee 0 Disclosures Rent Control Gross Income 414928 Listing Agreement Exclusive Right To Sell Listing Service Entry Only Net Operating Income 149828 New Construction YN No Rent Control YN Yes Senior Community YN No Special Listing Conditions Standard Vacancy Allowance Rate 2 Zoning Lar5



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-14T00:28:39.137. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or American Real Estate List & Sell. Licensed in the State of California, USA.
 
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American Real Estate List & Sell
6391 Magnolia Ave., B20
Riverside CA, 92505
Listing Agent(s): Noah Pharoah of Colliers International Greater Los Angel (213-532-3205)