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Multifamily

259 South Normandie Ave

259 South Normandie Ave, Los Angeles, CA 90004

Listing Price: $2,500,000

Cap Rate
2.51%
Number of Units
12
Price/Unit
$208,333
Price/Gross SF
$327.31
Gross SF
7,638

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale 259 South Normandie Avenue, a 12-unit apartment community located in a prime Koreatown neighborhood. The property is situated in the heart of Koreatown, offering a location with compelling fundamentals, abundant entertainment, dining amenities and easy access to numerous employment centers and retail/entertainment venues. The asset is a two-story building situated on a 7,927 square foot lot consisting of four studios, six one-bedroom units, and two two-bedroom units. By bringing in-place rents to market rates and capturing the estimated 69% rental upside along with streamlining expenses, a savvy investor can generate healthy returns for this investment. The subject property allows an investor to acquire a value-add apartment asset in a desirable location. The continued gentrification of the surrounding area along with the value-add potential for a new owner to renovate the units and achieve superior future returns make 259 South Normandie Avenue an excellent acquisition opportunity.

Investment Highlights

  • Residents are Within Close Proximity to Popular Local Amenities Such as The LINE Hotel, Chapman Plaza, City Center on 6th and Tons of Local Restaurants, Markets and Shops
  • Approximately 69% Rental Upside Through Interior and Exterior Renovations
  • The Government Required Seismic Retrofit Work has Already Been Completed by Current Ownership Which Saves a New Investor Substantially in Capital and Time
  • Priced at $208,333 per Unit and $327 per Square Foot, 259 South Normandie Offers a Low Entry Point to Acquire a Well Located Koreatown Building

Exclusively Listed By

Financing By

Multifamily

259 South Normandie Ave

Listing Price: $2,500,000

Cap Rate
2.51%
Number of Units
12
Price/Unit
$208,333
Price/Gross SF
$327.31
Gross SF
7,638

Investment Highlights

  • Residents are Within Close Proximity to Popular Local Amenities Such as The LINE Hotel, Chapman Plaza, City Center on 6th and Tons of Local Restaurants, Markets and Shops
  • Approximately 69% Rental Upside Through Interior and Exterior Renovations
  • The Government Required Seismic Retrofit Work has Already Been Completed by Current Ownership Which Saves a New Investor Substantially in Capital and Time
  • Priced at $208,333 per Unit and $327 per Square Foot, 259 South Normandie Offers a Low Entry Point to Acquire a Well Located Koreatown Building

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale 259 South Normandie Avenue, a 12-unit apartment community located in a prime Koreatown neighborhood. The property is situated in the heart of Koreatown, offering a location with compelling fundamentals, abundant entertainment, dining amenities and easy access to numerous employment centers and retail/entertainment venues. The asset is a two-story building situated on a 7,927 square foot lot consisting of four studios, six one-bedroom units, and two two-bedroom units. By bringing in-place rents to market rates and capturing the estimated 69% rental upside along with streamlining expenses, a savvy investor can generate healthy returns for this investment. The subject property allows an investor to acquire a value-add apartment asset in a desirable location. The continued gentrification of the surrounding area along with the value-add potential for a new owner to renovate the units and achieve superior future returns make 259 South Normandie Avenue an excellent acquisition opportunity.

Exclusively Listed By

Financing By

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