916 S Normandie Avenue, Los Angeles, CA 90006
List Price: $1.6M
Listing Status: Active
0Days on Market: 23
8 Bedrooms · 13 Bathrooms · 5,872 sq ft
Property Type: ResidentialIncome
Year Built: 1957
Lot Size: 6,402 sq ft
MLS Number: 26934849
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.
Listing provided by: William James DRE #01734419 310-425-9838 will@lyonstahl.com, Lyon Stahl Investment Real Estate, Inc.
Source: CRMLS, MLS #: 26934849
Belmont Brokerage Inc. (DRE #02431308) is not the listing office for this property. We provide buyer representation and consultation. Any “Schedule a Tour” or “Contact” form on this page contacts a Belmont Brokerage agent — not the listing agent above.