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    1/2 BATHS
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Listing Details

Status
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On Site
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On Market
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MLS #
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Neighborhood
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Type
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School Ratings & Info

Description

Villas Normandie is a 3 story, 21- unit (including 1 non-conforming unit) apartment community that is located on Normandie Ave in Los Angeles. The property is comprised of one residential building totaling 15,000 square feet of rentable space and is situated on a 0.37 - acre lot. Villas Normandie features, studio, one-bedroom and spacious two-bedroom floor plans with an average size of 714 square feet. The property also boasts a beautiful courtyard, covered parking and laundry rooms on each floor. Built in 1988 Villas Normandie is not subject to rent control giving the potential owner the ability to increase rents at market rate. Management has not implemented a Ratio Utility Billing System ("RUBS")while Koreatown is at 97% occupancy and applying RUBS. This provides the potential investor the opportunity to enhance yield in the near - term by enabling RUBS and capturing additional revenue. Villas Normandie is definitely an attractive opportunity for the right investor.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-18T00:28:33.337. 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 The Kohler Group | Zutila. Licensed in the State of California, USA.
www.buysocal.homes/homes/119366187
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229 Normandie Avenue Los Angeles (City), CA 90004

  • Price: $7,800,000
  • Status: Active
  • ID#: OC21149891
0
Beds
0
Baths
0
½ Baths
0.37
Acres
1988
Built
Neighborhood:
C17 - Mid-Wilshire
County:
Los Angeles
Area:
C17 - Mid-Wilshire
Property Description
Villas Normandie is a 3 story, 21- unit (including 1 non-conforming unit) apartment community that is located on Normandie Ave in Los Angeles. The property is comprised of one residential building totaling 15,000 square feet of rentable space and is situated on a 0.37 - acre lot. Villas Normandie features, studio, one-bedroom and spacious two-bedroom floor plans with an average size of 714 square feet. The property also boasts a beautiful courtyard, covered parking and laundry rooms on each floor. Built in 1988 Villas Normandie is not subject to rent control giving the potential owner the ability to increase rents at market rate. Management has not implemented a Ratio Utility Billing System ("RUBS")while Koreatown is at 97% occupancy and applying RUBS. This provides the potential investor the opportunity to enhance yield in the near - term by enabling RUBS and capturing additional revenue. Villas Normandie is definitely an attractive opportunity for the right investor.
Exterior Features

Construction Materials StuccoCopper Plumbing Foundation Details Slab Lot Features Paved Number Of Separate Electric Meters 21 Parking Total 21 Pool Features None Pool Private YN No Property Attached YN Yes Road Surface Type Paved Roof Flat

Interior Features

Appliances Gas OvenGas RangeRefrigeratorRange Hood Common Walls 1 Common Wall Cooling Wall/Window Unit(S) Cooling YN Yes Flooring Laminate Interior Features Ceiling Fan(S)Granite Counters

Property Features

Additional Parcels YN No Common Interest Community Apartment Community Features Sidewalks Electric Expense 0 Fuel Expense 0 Garage YN Yes Gross Income 0 Gross Scheduled Income 556760 Insurance Expense 5775 Land Lease YN No Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Cash To Existing Loan Net Operating Income 325286 New Construction YN No Number Of Separate Gas Meters 21 Number Of Separate Water Meters 1 Number Of Units Leased 17 Operating Expense 164374 Property Sub Type Apartment Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Total Actual Rent 47230 Trash Expense 0 Water Sewer Expense 0 Water Source Public

Listing provided courtesy of Brett Bayless of Brett Bayless, Broker


Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-18T00:28:33.337. 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 The Kohler Group | Zutila. Licensed in the State of California, USA.
 
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The Kohler Group | Zutila
4000 Barranca Parkway #105
Irvine CA, 92604