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Multifamily

4115 Normal Ave

4115 Normal Ave, Los Angeles, CA 90029

Listing Price: $5,400,000

Cap Rate
4.65%
Number of Units
12
GRM
13.67
Price/Unit
$450,000
Price/Gross SF
$386.93
Gross SF
13,956

Investment Overview

Marcus and Millichap is pleased to present 4115 Normal Avenue, a 12-unit* value-add apartment building located in Silver Lake. The building was constructed in 1988 so it is not subject to LA City Rent Control (only subject to California State Rent Control). The building consists of (8) two bedroom/one bath units and (4) two bedroom/two bath units. Select units have been remodeled and feature vinyl wood flooring, recessed lighting, new windows, central heat/air-condition, washer/dryers, remodeled bathrooms and kitchens with new shaker cabinets, stone countertops and stainless-steel appliances (gas range oven, refrigerator, dishwasher, microwave). The property features gated entry, secured covered parking and a laundry facility and sits on a 9,299 square foot lot that is LARD 1.5 zoned.
This is a great opportunity for an investor who is looking for a value-add property with a favorable unit mix located in an excellent rental submarket that is not subject to City of Los Angeles Rent Control. Existing ownership has been successful in achieving top of the market rents for renovated units. New ownership has an opportunity to realize remaining potential rental upside by continuing the current renovation program to unit interiors as existing tenants move out.
4115 Normal Avenue is located in trendy Silver Lake, which has long been one of the most sought-after rental submarkets in Los Angeles. The property boasts a Walk Score of 90 as it is just a half block from chic retail, restaurants, bars, cafes and coffee shops along Virgil Avenue. The property is also just a short drive to Koreatown, Hollywood, West Hollywood, Echo Park and Downtown Los Angeles. The property is conveniently located close to the 101 freeway and just 0.5 miles from the Vermont/Beverly Metro D Line Station offering a viable public transportation option for commuters headed to Downtown Los Angeles or North Hollywood.
*Building is made up of 11-units and 1 ADU

Investment Highlights

  • Excellent Assumable Debt - $2,700,000 loan, fixed 3.2% interest-only until April 2027 (6.11% cash-on-cash return on current income/11.61% cash-on-cash return on proforma income)
  • 12-unit* value-add apartment building located in East Hollywood (Silver Lake adjacent) - can be purchased with 639 N. Juanita Avenue (0.6 miles away) as a 21-unit portfolio
  • 1988 Construction – not subject to LA City Rent Control (only subject to California State Rent Control)
  • Favorable unit mix - (8) two bedroom/one bath units and (4) two bedroom/two bath units
  • Select units have been remodeled - feature vinyl wood flooring, recessed lighting, new windows, central heat/air-condition, washer/dryers, remodeled bathrooms and kitchens with new shaker cabinets, stone countertops and stainless-steel appliances
  • Building features - gated entry, secured covered parking and a laundry facility
  • Walk Score of 90 - just half block from chic retail, restaurants, bars, cafes and coffee shops along Virgil Avenue
  • Conveniently located - located close to the 101 freeway and just 0.5 miles from the Vermont/Beverly Metro D Line Station offering a viable public transportation option for commuters headed to Downtown Los Angeles or North Hollywood

Exclusively Listed By

Financing By

Multifamily

4115 Normal Ave

Listing Price: $5,400,000

Cap Rate
4.65%
Number of Units
12
GRM
13.67
Price/Unit
$450,000
Price/Gross SF
$386.93
Gross SF
13,956

Investment Highlights

  • Excellent Assumable Debt - $2,700,000 loan, fixed 3.2% interest-only until April 2027 (6.11% cash-on-cash return on current income/11.61% cash-on-cash return on proforma income)
  • 12-unit* value-add apartment building located in East Hollywood (Silver Lake adjacent) - can be purchased with 639 N. Juanita Avenue (0.6 miles away) as a 21-unit portfolio
  • 1988 Construction – not subject to LA City Rent Control (only subject to California State Rent Control)
  • Favorable unit mix - (8) two bedroom/one bath units and (4) two bedroom/two bath units
  • Select units have been remodeled - feature vinyl wood flooring, recessed lighting, new windows, central heat/air-condition, washer/dryers, remodeled bathrooms and kitchens with new shaker cabinets, stone countertops and stainless-steel appliances
  • Building features - gated entry, secured covered parking and a laundry facility
  • Walk Score of 90 - just half block from chic retail, restaurants, bars, cafes and coffee shops along Virgil Avenue
  • Conveniently located - located close to the 101 freeway and just 0.5 miles from the Vermont/Beverly Metro D Line Station offering a viable public transportation option for commuters headed to Downtown Los Angeles or North Hollywood

Investment Overview

Marcus and Millichap is pleased to present 4115 Normal Avenue, a 12-unit* value-add apartment building located in Silver Lake. The building was constructed in 1988 so it is not subject to LA City Rent Control (only subject to California State Rent Control). The building consists of (8) two bedroom/one bath units and (4) two bedroom/two bath units. Select units have been remodeled and feature vinyl wood flooring, recessed lighting, new windows, central heat/air-condition, washer/dryers, remodeled bathrooms and kitchens with new shaker cabinets, stone countertops and stainless-steel appliances (gas range oven, refrigerator, dishwasher, microwave). The property features gated entry, secured covered parking and a laundry facility and sits on a 9,299 square foot lot that is LARD 1.5 zoned. This is a great opportunity for an investor who is looking for a value-add property with a favorable unit mix located in an excellent rental submarket that is not subject to City of Los Angeles Rent Control. Existing ownership has been successful in achieving top of the market rents for renovated units. New ownership has an opportunity to realize remaining potential rental upside by continuing the current renovation program to unit interiors as existing tenants move out. 4115 Normal Avenue is located in trendy Silver Lake, which has long been one of the most sought-after rental submarkets in Los Angeles. The property boasts a Walk Score of 90 as it is just a half block from chic retail, restaurants, bars, cafes and coffee shops along Virgil Avenue. The property is also just a short drive to Koreatown, Hollywood, West Hollywood, Echo Park and Downtown Los Angeles. The property is conveniently located close to the 101 freeway and just 0.5 miles from the Vermont/Beverly Metro D Line Station offering a viable public transportation option for commuters headed to Downtown Los Angeles or North Hollywood. *Building is made up of 11-units and 1 ADU

Exclusively Listed By

Financing By

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