837 S Normandie Ave - Apartments FOR SALE


Los Angeles, CA 90005- Koreatown
$3,200,000 USD
310-940-8749
837 S Normandie Ave, Los Angeles, CA for Sale
$3,200,000 USD
Apartments - FOR SALE
1/16
null | 6.5% Cap Rate

837 S Normandie Ave
Los Angeles, CA 90005
Koreatown


HIGHLIGHTS

  • Positioned two blocks south of Wilshire Blvd, 837 S. Normandie is a 16-unit complex 9.06 GRM and a 6.50% CAP rate on current income.
  • The building’s highly walkable location is just minutes from three of Koreatown’s major neighborhood hubs (Wilshire Blvd, 6 St, and 8th St).
  • 12 units have undergone modern renovations with wood-laminate floors, quartz countertops, stainless-steel appliances, updated tilework and cabinetry.
  • Units are separately metered for electricity and master-metered for gas - allows for an annual rent increase of 4% (buyer to verify).
  • Notaable building improvements include mostly copper plumbing and $15,000 in waterproofing.
  • The upcoming Purple Line expansion, which includes light-rail stations along Wilshire and is expected to go live later this year (buyer to verify).

OVERVIEW

Located two blocks south of Wilshire Blvd, 837 S. Normandie offers a chance to acquire a 16-unit asset in the heart of Koreatown with exceptional cash flow metrics; 9.06 GRM and a 6.50% CAP rate on current income. The building features (16) 1-bdrm. units averaging 600 SF. 12 of the units have undergone modern renovations featuring wood-laminate floors, quartz countertops, stainless steel appliances, updated tilework and cabinetry, recessed lighting, and ceiling fans. The units are separately metered for electricity and master-metered for gas. This allows for an annual rent increase of 4% (buyer to verify). Most units are home to single tenants, and 10 are leased through Section 8; offering reliable, government-backed income. In addition, there is a RUBS program that generates added income. Notable building improvements include mostly copper plumbing and $15K in waterproofing. The building’s highly walkable location is just minutes from three of Koreatown’s major neighborhood hubs (Wilshire Blvd, Western Ave, 6th St, and 8th St) lined with some of LA’s most popular Korean BBQ joints, dessert cafes, bars, karaoke lounges, retail centers, and cultural institutions. The upcoming Purple Line expansion, which includes light-rail stations along Wilshire and is expected to go live later this year; will further increase accessibility, compress commute times to Downtown and the Westside, and boost rental demand. 837 S. Normandie offers dependable in-place cash flow, and long-term appreciation potential in a constantly developing neighborhood. For the investor seeking yield in a blue-chip urban environment, this is a clear opportunity.

FOR SALE DETAILS

PRICE

$3,200,000 USD

PRICE/SF

$312 USD /SF

# OF UNITS

16

PRICE/UNIT

$200,000

CAP RATE

6.5%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

16 Units @ 9.06 GRM & 6.50% CAP

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1925

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,446 SF

ZONING

R4-2

APN/PARCEL ID

5094-019-008

ASK ABOUT THIS PROPERTY

Kenny StevensCompassMore Info
310-940-8749

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Kenny StevensCompassMore Info
310-940-8749

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.