Multifamily

142 Normandie Ave

142 Normandie Ave, Los Angeles, CA 90004

Listing Price: $1,700,000

Cap Rate
3.70%
Number of Units
7
GRM
15.18
Occupancy
97.0%
Price/Unit
$242,857
Price/Gross SF
$308.53
Gross SF
5,510

Investment Overview

Marcus and Millichap is pleased to present a seven (7) unit apartment building located at 142 South Normandie Avenue in Los Angeles, California. The property is situated in a great Mid-Wilshire/Koreatown location, south of Beverly Boulevard and east of South Western Avenue.
Mid-Wilshire is a diverse, centrally located district with several museums. The renowned Los Angeles County Museum of Art (LACMA) has a vast, diverse collection. Nearby is the slick Peterson Automotive Museum and the La Brea Tar Pits with its famous asphalt pools and Ice Ageera fossils. The Little Ethiopia stretch on Fairfax Avenue offers traditional eateries, while Pico Boulevard has taquerias and soul-food cafes. The subject property is situated in the northeast portion of Mid-Wilshire, just two (2) blocks north of Koreatowns Little Bangladesh. Koreatowns many bars and casual 24/7 dining makes for a buzzing late-night scene. There are Korean BBQ restaurants with tabletop grills, plus karaoke joints, hip speakeasies and flashy clubs, as well as the landmark Wiltern Theatre, an art deco music venue. K-towns dense mix of historic buildings and contemporary complexes also features traditional spas, bubble tea cafes and specialty grocery stores. Little Bangladesh is a neighborhood is Los Angeles surrounded by Koreatown. It is the cultural and culinary hub of LAs Bangladeshi community and its main street dominates a large portion of West 3rd Street. The subject property is located a mere two (2) blocks north of Little Bangladeshs main street. The area provides residents with easy access to commercial corridors.
Built in 1985, this offering is not subject to LA rent control and contains a good unit mix of one (1) studio/one-bathroom unit, five (5) one-bedroom/one-bathroom units, and one (1) three-bedroom/two-bathroom unit. The units feature plenty of windows letting in immense natural light and some even include balconies overlooking Normandie Ave. These units sit in one (1) large 5,510 square foot building on a near 5,500 square foot lot. This gated building features fresh paint, driveway access to the full on-site covered parking, and a fenced-in, grassy front yard. The well-maintained property offers tenants with a
mixture of livability, quality and comfort. Residents enjoy the easy access to commercial corridors on Little Bangladeshs main street; West 3rd Street. The closest portion of this street is less than a five (5) minute walk from the subject property and is home to Yerim Korean BBQ, Deshi Restaurant & Groceries, Jons International Marketplace, Marielas Tacos, Asian Mart, Spl. Coffee, California Ramen Factory, and Giant Dollar. These walkable amenities have earned this area a walk score of 89.
Situated in a great Mid-Wilshire/Koreatown location, this offering presents an excellent opportunity for an astute investor to capitalize on strong rental upside in a building that is exempt from Los Angeles rent control.

Investment Highlights

  • Strong Rental Upside Potential
  • Each Unit Comes with Covered On-Site Parking
  • Great Mid-Wilshire/Koreatown Location
  • Built in 1985 - Not Subject to LA Rent Control (Subject to AB1482)
  • Only Subject to Statewide Rent Control - Allows for 5% + Inflation Increases Annually
  • Located in an Opportunity Zone

Exclusively Listed By

Listing Price: $1,700,000

Cap Rate
3.70%
Number of Units
7
GRM
15.18
Occupancy
97.0%
Price/Unit
$242,857
Price/Gross SF
$308.53
Gross SF
5,510

Investment Highlights

  • Strong Rental Upside Potential
  • Each Unit Comes with Covered On-Site Parking
  • Great Mid-Wilshire/Koreatown Location
  • Built in 1985 - Not Subject to LA Rent Control (Subject to AB1482)
  • Only Subject to Statewide Rent Control - Allows for 5% + Inflation Increases Annually
  • Located in an Opportunity Zone

Investment Overview

Marcus and Millichap is pleased to present a seven (7) unit apartment building located at 142 South Normandie Avenue in Los Angeles, California. The property is situated in a great Mid-Wilshire/Koreatown location, south of Beverly Boulevard and east of South Western Avenue.
Mid-Wilshire is a diverse, centrally located district with several museums. The renowned Los Angeles County Museum of Art (LACMA) has a vast, diverse collection. Nearby is the slick Peterson Automotive Museum and the La Brea Tar Pits with its famous asphalt pools and Ice Ageera fossils. The Little Ethiopia stretch on Fairfax Avenue offers traditional eateries, while Pico Boulevard has taquerias and soul-food cafes. The subject property is situated in the northeast portion of Mid-Wilshire, just two (2) blocks north of Koreatowns Little Bangladesh. Koreatowns many bars and casual 24/7 dining makes for a buzzing late-night scene. There are Korean BBQ restaurants with tabletop grills, plus karaoke joints, hip speakeasies and flashy clubs, as well as the landmark Wiltern Theatre, an art deco music venue. K-towns dense mix of historic buildings and contemporary complexes also features traditional spas, bubble tea cafes and specialty grocery stores. Little Bangladesh is a neighborhood is Los Angeles surrounded by Koreatown. It is the cultural and culinary hub of LAs Bangladeshi community and its main street dominates a large portion of West 3rd Street. The subject property is located a mere two (2) blocks north of Little Bangladeshs main street. The area provides residents with easy access to commercial corridors.
Built in 1985, this offering is not subject to LA rent control and contains a good unit mix of one (1) studio/one-bathroom unit, five (5) one-bedroom/one-bathroom units, and one (1) three-bedroom/two-bathroom unit. The units feature plenty of windows letting in immense natural light and some even include balconies overlooking Normandie Ave. These units sit in one (1) large 5,510 square foot building on a near 5,500 square foot lot. This gated building features fresh paint, driveway access to the full on-site covered parking, and a fenced-in, grassy front yard. The well-maintained property offers tenants with a
mixture of livability, quality and comfort. Residents enjoy the easy access to commercial corridors on Little Bangladeshs main street; West 3rd Street. The closest portion of this street is less than a five (5) minute walk from the subject property and is home to Yerim Korean BBQ, Deshi Restaurant & Groceries, Jons International Marketplace, Marielas Tacos, Asian Mart, Spl. Coffee, California Ramen Factory, and Giant Dollar. These walkable amenities have earned this area a walk score of 89.
Situated in a great Mid-Wilshire/Koreatown location, this offering presents an excellent opportunity for an astute investor to capitalize on strong rental upside in a building that is exempt from Los Angeles rent control.

Exclusively Listed By

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