644 N Normandie Avenue

    Los Angeles (City), CA 90004
    • $6,000,000
    • STATUS: Active
    • ON SITE: 16 days
    • ID#: 20578224
    UPDATED: 35 min ago
    $6,000,000
    • 0
      BEDS
    • 0.17
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    2019
    County:

    School Ratings & Info

    Description

    Welcome to 644 N. Normandie Avenue, a new construction 13 unit apartment building, featuring 12 townhouses and one studio unit built in 2019 by Schon Tepler Group, Inc. located in LA's trendy East Hollywood neighborhood. The subject offering presents an investor with an opportunity to purchase best value new construction. Only 15.49 GRM, which is below the market average for new construction. The subject building features 12 one-bedroom + loft units, each with their own balcony and parking space. Owner is in the process of creating an additional ground-floor +/- 400 square foot unit which is projected to bring an additional $1,900/month in rent. It is currently 100% leased and stands-out as a solid and stable investment opportunity given that 100% of tenants have paid rent in April and May 2020 when on average only +/- 70% of Los Angeles residential tenants paid rent in April 2020. Additionally, an investor can anticipate lower operational costs given the building is brand-new.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-05-29T12:27:29.09. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Crudo & Associates | Willis Allen Real EstateLa Jolla. Licensed in the State of California, USA.

    www.sdluxe.com/homes/105789705

    644 N Normandie Avenue Los Angeles (City), CA 90004

    • Price: $6,000,000
    • Status: Active
    • Updated: 35 min ago
    • ID#: 20578224
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.17
    Acres
    2019
    Built
    Neighborhood:
    C17 - Mid-Wilshire
    County:
    Los Angeles
    Area:
    C17 - Mid-Wilshire
    Property Description
    Welcome to 644 N. Normandie Avenue, a new construction 13 unit apartment building, featuring 12 townhouses and one studio unit built in 2019 by Schon Tepler Group, Inc. located in LA's trendy East Hollywood neighborhood. The subject offering presents an investor with an opportunity to purchase best value new construction. Only 15.49 GRM, which is below the market average for new construction. The subject building features 12 one-bedroom + loft units, each with their own balcony and parking space. Owner is in the process of creating an additional ground-floor +/- 400 square foot unit which is projected to bring an additional $1,900/month in rent. It is currently 100% leased and stands-out as a solid and stable investment opportunity given that 100% of tenants have paid rent in April and May 2020 when on average only +/- 70% of Los Angeles residential tenants paid rent in April 2020. Additionally, an investor can anticipate lower operational costs given the building is brand-new.
    Exterior Features

    Lot Size Dimensions 50X150 Lot Size Source Other Lot Size Units Square Feet Parking Features Subterranean Parking YN Yes

    Interior Features

    Appliances Refrigerator Appliances YN Yes Heating Central Heating YN Yes

    Property Features

    Builder Name Schon Tepler GroupInc. Country Us Gross Income 387120.00 Gross Multiplier 15.49 Gross Operating Income 387120.00 Insurance Expense 2500.00 Net Operating Income 273381.00 New Taxes Expense 75000.00 Professional Management Expense 10929.00 Rent Control YN No Senior Community YN No Special Listing Conditions Standard Total Expenses 113738.00 Trash Expense 3049.00 Vacancy Allowance Rate 0.00 Water Sewer Expense 3500.00 Zoning Lar3

    Listing provided courtesy of Oron Maher of California Real Property, Inc


    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-05-29T12:27:29.09. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Crudo & Associates | Willis Allen Real EstateLa Jolla. Licensed in the State of California, USA.

     
    Crudo & Associates | Willis Allen Real EstateLa Jolla
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    La Jolla CA, 92037