Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Bedrooms

13

Building size

5,872 sqft

Lot size

6,402 sqft

Year built

1957

Stories

2

Style

Mid Century Modern

Heating

Wall Furnace

Cooling

Wall/Window Unit(s)

Pool

None

View

City Lights

Status

Active

Days on market

23

MLS #

247423011

About this property

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.

Location

916 S Normandie Avenue

Los Angeles, Los Angeles, CA, 90006