1165 N Normandie Ave 30 Unit Apartment Building $8,092,831 CAD ($269,761 CAD/Unit) 6% Cap Rate Los Angeles, CA 90029

The Normandie Apartments is a 30-unit apartment complex built in 1964, owned & managed by the same investors for 35+ years for under $200k per unit.

1165 N Normandie Ave is comprised of 13 singles, 15 one-bedroom one-bath, and two two-bedroom and two-bath units totaling ±16,542 SF. The two-story building has 30 tuck-under parking spaces, which was recently seismically improved per the city ordinance. Situated on ±15,290 SF of land between Fountain Avenue and Santa Monica Boulevard with easy access to the Hollywood Freeway (101). The property is minutes
from Downtown Los Angeles, in the heart of thriving East Hollywood, and at the entrance of the Little Armenia section of the city.

Normandie Apartments is just steps from Ramona Elementary School and LA City College, earning a walk score of 91 and a transit score of 69. Multiple units in the building have been renovated over time by ownership, along with the building itself. The property is offered at below market pricing of 9.92 times gross and $195,000 per unit. With Echelon Studios under construction, there is a potential of significant upside in rental income upon turnover to market rents for this high demand, affordable rental market for a 10.05 gross rent multiplier. The astute investor will realize the ability in increase revenues while reducing expenses upon new management and ownership. The Normandie Apartments provides affordable workforce housing in one of the most sought-after rental area in Los Angeles.