541 S Normandie Avenue,Los Angeles, CA 90020
Los Angeles, CA 90020
Description
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 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.
Details
| MLS # | 25531715 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1955 |
| Days On Site | 54 |
| Listing Provided By | Keller Williams Beverly Hills | Shaya Braverman |
Features
| SQ Feet | 7,481 |
|---|---|
| Story(s) | 2 |
| Units | 14 |
| Building(s) | 1 |
| Zoning | LAR4 |
| Acreage | 0.17 |
Market Activity 90020
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90020 |
| Area | C17 Mid Wilshire |
| Listing VS Median (in 90020) | |
Price: $1,950,000 low | high Med: $435,000 SqFt: 7,481 low | high Med: 715 $ / SqFt: $261 low | high Med: $608 On site: 54 low | high Med: 124.000000 | |
