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751 S Normandie Ave

Los Angeles, CA 90005
  • $9,250,000
  • STATUS: Active
  • ON SITE: 93 Days
  • MLS #: 22-129201
UPDATED: 37 min ago
$9,250,000
  • 17
    BEDS
  • 0.24
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 34,291
    SQFT
  • $270
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1928
County:
Area:

School Ratings & Info

Description

The Richelieu Apartments, in the heart of the Koreatown neighborhood of Los Angeles, is a 56-unit multifamily building built in 1928. The property is located at 751 S Normandie Avenue and is comprised of a high demand mix of 14 Bachelors, 33 studios, 6 one-bedroom/one-bath apartments, and 3 two-bedroom/one-bath apartments across +/-34,291 square feet of improvements on +/-10,659 square feet of land. The Richelieu Apartments is a 5-story elevator building constructed of brick and stone. Amenities include on-site laundry facilities, elevator, gated controlled access and door-to-door trash pickup.On the market for the first time in almost 30 years, the Richelieu Apartments are a virtual time capsule of 1920's style, ripe for repositioning and cosmetic updating to serve the upscale tenant base of the renewed Koreatown community in the heart of Los Angeles. The Richelieu Apartments are an ideal investment opportunity for all renovation-oriented buyers. New ownership has the opportunity to capture a higher-income tenant base and top-of-market rents with a nearly 30% upside (in rents) by extensively renovating the units as the units turn. Located in the heart of the Koreatown neighborhood, just south of Wilshire Boulevard, The Richelieu offers tenants access to major employment centers, and a broad range of entertainment and recreation opportunities accessible by a short walk or drive. With a "Walker's Paradise" Walk Score of 96, the Richelieu Apartments are a short walk (.3 mile) to the Wilshire/Vermont Purple Line Metro Station. Within a short driving distance is Downtown Los Angeles, Los Feliz, Miracle Mile, Hollywood, Silverlake and Glendale.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-23T18:43:30.103. 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/125965695
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751 S Normandie Ave Los Angeles, CA 90005

  • Price: $9,250,000
  • Status: Active
  • On Site: 93 Days
  • Updated: 37 min ago
  • MLS #: 22-129201
17
Beds
0
Baths
0
½ Baths
0.24
Acres
34,291
SQFT
$270
$/SQFT
1928
Built
Neighborhood:
Mid-Wilshire
County:
Los Angeles
Area:
Mid-Wilshire
Property Description
The Richelieu Apartments, in the heart of the Koreatown neighborhood of Los Angeles, is a 56-unit multifamily building built in 1928. The property is located at 751 S Normandie Avenue and is comprised of a high demand mix of 14 Bachelors, 33 studios, 6 one-bedroom/one-bath apartments, and 3 two-bedroom/one-bath apartments across +/-34,291 square feet of improvements on +/-10,659 square feet of land. The Richelieu Apartments is a 5-story elevator building constructed of brick and stone. Amenities include on-site laundry facilities, elevator, gated controlled access and door-to-door trash pickup.On the market for the first time in almost 30 years, the Richelieu Apartments are a virtual time capsule of 1920's style, ripe for repositioning and cosmetic updating to serve the upscale tenant base of the renewed Koreatown community in the heart of Los Angeles. The Richelieu Apartments are an ideal investment opportunity for all renovation-oriented buyers. New ownership has the opportunity to capture a higher-income tenant base and top-of-market rents with a nearly 30% upside (in rents) by extensively renovating the units as the units turn. Located in the heart of the Koreatown neighborhood, just south of Wilshire Boulevard, The Richelieu offers tenants access to major employment centers, and a broad range of entertainment and recreation opportunities accessible by a short walk or drive. With a "Walker's Paradise" Walk Score of 96, the Richelieu Apartments are a short walk (.3 mile) to the Wilshire/Vermont Purple Line Metro Station. Within a short driving distance is Downtown Los Angeles, Los Feliz, Miracle Mile, Hollywood, Silverlake and Glendale.
Exterior Features

Lot Size Area 10659 Other Structures None Parking Garage None Total Parking 0

Interior Features

Baths Total 48.00 Cooling Wall/Window Equipment None Heating Wall

Property Features

Assessed Total Value 1184413 Gross Income 749658 Gross Operating Income 749658 Like Units1 14 Like Units2 33 Like Units3 6 Like Units4 3 Net Operating Income 370031.00 Number Of Buildings 1 Number Of Units 56 Owner Pays ElectricityGasWater Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Total Annual Expense 369849 Type Of Units Apartments Year Built Source Vendor Enhanced Zoning Lar5

Listing provided courtesy of Adam Zunder DRE#01821053 of Iconic Investments.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-23T18:43:30.103. 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
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