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1848 N Normandie Ave
Los Angeles, CA 90027
Multifamily Property For Sale
·
7 Units
Investment Highlights
- Prime Los Feliz Locaiton
- Two Units Delivered Vacant
- New Roof
- Good Unit Mix
- Solid Remaining Rental Upside Potential (+45%)
- On-Site Tuck-Under Parking - Needs to be Retrofitted
Executive Summary
Marcus and Millichap is pleased to present a seven (7) unit apartment building located at 1848 N Normandie Ave in Los Angeles, California. The subject property is located in a prime Los Feliz location, south of Los Feliz Blvd and west of Vermont Ave.
Located in prime Los Feliz, this seven-unit asset features a strong unit mix of six one-bedroom and one two-bedroom units, with two units delivered vacant and approximately 45% remaining rental upside. Recent improvements include a new roof, while the soft story retrofit will be completed by the buyer which will have a lower cost by building the front ADU at the same time. The property offers on-site tuck-under parking with ADU conversion potential, lush landscaping, a peaceful rear patio, and on-site laundry. It benefits from dominant access to Hollywood Boulevard, Franklin Avenue, Los Feliz Boulevard, and Sunset Boulevard, as well as immediate proximity to the 101 Freeway and the Metro B Line at Hollywood/ Western. Nearby attractions include Barnsdall Art Park, Fern Dell Nature Trail, Griffith Observatory, Upright Citizens Brigade Theatre, Hollywood Walk of Fame, Hollywest Promenade, and Jemma Hollywood.
With two vacant units, solid remaining rental upside, and potential ADU conversion of the existing tuck-under parking, the property presents a compelling value-add investment opportunity.
Located in prime Los Feliz, this seven-unit asset features a strong unit mix of six one-bedroom and one two-bedroom units, with two units delivered vacant and approximately 45% remaining rental upside. Recent improvements include a new roof, while the soft story retrofit will be completed by the buyer which will have a lower cost by building the front ADU at the same time. The property offers on-site tuck-under parking with ADU conversion potential, lush landscaping, a peaceful rear patio, and on-site laundry. It benefits from dominant access to Hollywood Boulevard, Franklin Avenue, Los Feliz Boulevard, and Sunset Boulevard, as well as immediate proximity to the 101 Freeway and the Metro B Line at Hollywood/ Western. Nearby attractions include Barnsdall Art Park, Fern Dell Nature Trail, Griffith Observatory, Upright Citizens Brigade Theatre, Hollywood Walk of Fame, Hollywest Promenade, and Jemma Hollywood.
With two vacant units, solid remaining rental upside, and potential ADU conversion of the existing tuck-under parking, the property presents a compelling value-add investment opportunity.
Property Facts
| Price Per Unit | $342,198 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.50% | Lot Size | 0.16 AC |
| Gross Rent Multiplier | 11.7 | Building Size | 7,892 SF |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 1.01/1,000 SF |
| Zoning | LAR3 | ||
| Price Per Unit | $342,198 CAD |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| Gross Rent Multiplier | 11.7 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 7,892 SF |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.01/1,000 SF |
| Zoning | LAR3 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | - |
| 2+1 | 1 | - | - |
Property Taxes
| Parcel Number | 5589-036-020 | Improvements Assessment | $158,361 CAD |
| Land Assessment | $87,208 CAD | Total Assessment | $245,569 CAD |
Property Taxes
Parcel Number
5589-036-020
Land Assessment
$87,208 CAD
Improvements Assessment
$158,361 CAD
Total Assessment
$245,569 CAD
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