Property
Beds
16
Full Baths
None
1/2 Baths
None
Year Built
1925
Sq.Footage
10,252
Located two blocks south of Wilshire Blvd, 837 S. Normandie offers a chance to acquire a 16-unit asset in the heart of Koreatown with exceptional cash flow metrics; 9.06 GRM and a 6.50% CAP rate on current income. The building features (16) 1-bdrm. units averaging 600 SF. 12 of the units have undergone modern renovations featuring wood-laminate floors, quartz countertops, stainless steel appliances, updated tilework and cabinetry, recessed lighting, and ceiling fans. The units are separately metered for electricity and master-metered for gas. This allows for an annual rent increase of 4% (buyer to verify). Most units are home to single tenants, and 10 are leased through Section 8; offering reliable, government-backed income. Additionally, there is a RUBS program that generates added income. Notable building improvements include mainly copper plumbing and $15K in waterproofing. The building's highly walkable location is just minutes from three of Koreatown's major neighborhood hubs (Wilshire Blvd, Western Ave, 6th St, and 8th St), lined with some of LA's most popular Korean BBQ joints, dessert cafes, bars, karaoke lounges, retail centers, and cultural institutions. The upcoming Purple Line expansion, which includes light-rail stations along Wilshire and is expected to go live later this year; will further increase accessibility, compress commute times to Downtown and the Westside, and boost rental demand. 837 S. Normandie offers dependable in-place cash flow, and long-term appreciation potential in a constantly developing neighborhood. For the investor seeking yield in a blue-chip urban environment, this is a clear opportunity.
Features & Amenities
Interior
-
Other Interior Features
Ceiling Fan(s)
-
Total Bedrooms
16
Area & Lot
-
Lot Size(acres)
0.171
-
Property Type
Residential Income
Exterior
-
Garage
No
-
Parking
None
Financial
-
Sales Price
$3,200,000
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Location
County
Los Angeles
Elementary School
Middle School
High School
Listing Courtesy of Kenny Stevens , Compass
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