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Multifamily

Villas at Normandie

1405 Normandie Ave, Los Angeles, CA 90027

Listing Price: $3,250,000

Cap Rate
6.19%
Number of Units
9
GRM
10.99
Price/Unit
$361,111
Price/Gross SF
$324.97
Gross SF
10,001

Investment Overview

Marcus & Millichap is very pleased to exclusively offer for sale The Villas at Normandie, a 1989 built townhouse-style corner lot multi-family property located just steps from Sunset Boulevard and its many popular shops and restaurants, as well as historic and prestigious Los Feliz.
Built in 1989 and only subject to AB1482, which allows for 5% + CPI of 3.8%, total 8.8% max annual increases, The Villas at Normandie is comprised of seven large and bright 2 bedroom, 2.5 bath townhouse units totaling 1,280 square feet, all with gas fireplaces and many with balconies, 4 of which will be delivered vacant at the close and ready to be re-imagined and leased at market by a new owner. Seller has approved plans in hand to convert the current 8th non-conforming studio to a legal ADU unit, plus additional approved plans to also add a 1-bedroom ADU unit, bringing the total number of units to 9. The property features 16 gated parking spaces, which will be reduced to 14 spaces once the 9th unit is added. The townhouse units are bright and spacious, feature central air and heat, are separately metered for gas and electric, have in-unit individual water heaters with plenty of available space in water heater closet to add a stackable washer/dryer in each unit.
Many units feature excellent straight-on views of the Griffith Park Observatory and Hollywood sign. As recent market rents for the 2+2.5 townhouses in the surrounding area are well over $3 per foot for a remodeled unit, a new owner should easily be able to get $3,750 or more per townhouse unit once renovated. Rare opportunity to purchase 1989 construction in a prime location, especially a building comprised of 2-story 2+2.5 TH units, more than half of which are vacant. Once stabilized, this future 9-unit building will be worth well over $4.4 million and offer its owner a very strong cash flow with significant income upside through rent increases into the future.

Investment Highlights

  • 1989 Construction
  • Steps to World Famous Sunset Boulevard
  • Subject to AB 1482
  • Seven 2+2.5 Townhouse Units – Average 1,280 SF Each
  • Separately Metered for Gas Electric
  • Many Units Have Balconies
  • Plans in Hand to Convert NC unit to Studio ADU
  • Large Corner 7,325 SF Lot

Exclusively Listed By

Financing By

Multifamily

Villas at Normandie

Listing Price: $3,250,000

Cap Rate
6.19%
Number of Units
9
GRM
10.99
Price/Unit
$361,111
Price/Gross SF
$324.97
Gross SF
10,001

Investment Highlights

  • 1989 Construction
  • Steps to World Famous Sunset Boulevard
  • Subject to AB 1482
  • Seven 2+2.5 Townhouse Units – Average 1,280 SF Each
  • Separately Metered for Gas Electric
  • Many Units Have Balconies
  • Plans in Hand to Convert NC unit to Studio ADU
  • Large Corner 7,325 SF Lot

Investment Overview

Marcus & Millichap is very pleased to exclusively offer for sale The Villas at Normandie, a 1989 built townhouse-style corner lot multi-family property located just steps from Sunset Boulevard and its many popular shops and restaurants, as well as historic and prestigious Los Feliz. Built in 1989 and only subject to AB1482, which allows for 5% + CPI of 3.8%, total 8.8% max annual increases, The Villas at Normandie is comprised of seven large and bright 2 bedroom, 2.5 bath townhouse units totaling 1,280 square feet, all with gas fireplaces and many with balconies, 4 of which will be delivered vacant at the close and ready to be re-imagined and leased at market by a new owner. Seller has approved plans in hand to convert the current 8th non-conforming studio to a legal ADU unit, plus additional approved plans to also add a 1-bedroom ADU unit, bringing the total number of units to 9. The property features 16 gated parking spaces, which will be reduced to 14 spaces once the 9th unit is added. The townhouse units are bright and spacious, feature central air and heat, are separately metered for gas and electric, have in-unit individual water heaters with plenty of available space in water heater closet to add a stackable washer/dryer in each unit. Many units feature excellent straight-on views of the Griffith Park Observatory and Hollywood sign. As recent market rents for the 2+2.5 townhouses in the surrounding area are well over $3 per foot for a remodeled unit, a new owner should easily be able to get $3,750 or more per townhouse unit once renovated. Rare opportunity to purchase 1989 construction in a prime location, especially a building comprised of 2-story 2+2.5 TH units, more than half of which are vacant. Once stabilized, this future 9-unit building will be worth well over $4.4 million and offer its owner a very strong cash flow with significant income upside through rent increases into the future.

Exclusively Listed By

Financing By

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