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259 S Normandie Ave

Los Angeles, CA 90004
  • $2,500,000
  • STATUS: Active
  • ON SITE: 114 Days
  • MLS #: 22-122777
UPDATED: 6 min ago
$2,500,000
  • 8
    BEDS
  • 0.18
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 7,638
    SQFT
  • $327
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1958
County:
Area:

School Ratings & Info

Description

The property is situated in the heart of Koreatown, offering a location with compelling fundamentals, abundant entertainment, dining amenities and easy access to numerous employment centers and retail/entertainment venues. The asset is a two-story building situated on a 7,927 square foot lot consisting of four studios, six one-bedroom units, and two two-bedroom units. By bringing in-place rents to market rates and capturing the estimated 69% rental upside along with streamlining expenses, a savvy investor can generate healthy returns for this investment. The subject property allows an investor to acquire a value-add apartment asset in a desirable location. The continued gentrification of the surrounding area along with the value-add potential for a new owner to renovate the units and achieve superior future returns make 259 South Normandie Avenue an excellent acquisition opportunity. Soft-story Retrofit is completed.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-23T10:42:43.49. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.markwiseproperties.com/homes/125181930
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259 S Normandie Ave Los Angeles, CA 90004

  • Price: $2,500,000
  • Status: Active
  • On Site: 114 Days
  • Updated: 6 min ago
  • MLS #: 22-122777
8
Beds
0
Baths
0
½ Baths
0.18
Acres
7,638
SQFT
$327
$/SQFT
1958
Built
Neighborhood:
Mid-Wilshire
County:
Los Angeles
Area:
Mid-Wilshire
Property Description
The property is situated in the heart of Koreatown, offering a location with compelling fundamentals, abundant entertainment, dining amenities and easy access to numerous employment centers and retail/entertainment venues. The asset is a two-story building situated on a 7,927 square foot lot consisting of four studios, six one-bedroom units, and two two-bedroom units. By bringing in-place rents to market rates and capturing the estimated 69% rental upside along with streamlining expenses, a savvy investor can generate healthy returns for this investment. The subject property allows an investor to acquire a value-add apartment asset in a desirable location. The continued gentrification of the surrounding area along with the value-add potential for a new owner to renovate the units and achieve superior future returns make 259 South Normandie Avenue an excellent acquisition opportunity. Soft-story Retrofit is completed.
Exterior Features

Lot Size Area 7927 Other Structures None Parking Garage Driveway Total Parking 14

Interior Features

Baths Total 14.00 Cooling Other Equipment Other Heating Other

Property Features

Assessed Total Value 1997238 Gross Income 144858 Gross Operating Income 141713 Like Units1 3 Like Units2 1 Like Units3 6 Like Units4 2 Net Operating Income 62675.00 Number Of Buildings 1 Number Of Units 12 Sale Type Standard Source Living Area Assessor Source Lot Size Area Assessor Source Lot Size Dimensions Assessor Total Annual Expense 79037 Type Of Units Residential Year Built Source Assessor Zoning Lar3

Listing provided courtesy of Sean Rosenzweig DRE#01406343 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-23T10:42:43.49. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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Mark Wise | Bennion Deville Homes
71691 Highway 111
Rancho Mirage CA, 92270