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$ 1,375,000
Est. payment | /mo
14 Beds
8 Baths
5,560 SqFt
$ 1,375,000
Est. payment | /mo
14 Beds
8 Baths
5,560 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 5,560 sqft
Price per Sqft $247
MLS Listing ID 26669075
Bedrooms 14
HOA Y/N No
Year Built 1957
Lot Size 5,279 Sqft
Property Description
436 Normandie Pl. is a 6-unit Melrose Hill offering priced at approx. $229,167 per unit and $247 per SF, operating at a 6.78% CAP and 8.92 GRM on current rents. The pricing aligns with recent sales in the area. Positioned just north of Beverly Blvd., the property sits approx. 0.8 miles from the Melrose Ave. and Western Ave. corridor, where a growing mix of restaurants, cafs, and neighborhood retail has reshaped Melrose Hill into one of Central LA's more active pockets. Residents are also within approx. 1.3 miles of Chapman Market and the 6th St. corridor, as well as the Wilshire Blvd. spine of Koreatown, placing the property within reach of multiple dining, retail, and employment hubs. The building is comprised of (2) 3-bdrm. / 2-bath units and (4) 2-bdrm. / 1-bath units, a unit mix that continues to perform well in Mid-City where renters value larger layouts and flexibility for shared living or work-from-home use. Built in 1957, the structure features a clean 2-story layout above tuck-under parking, providing a straightforward and efficient footprint for ongoing operations. Based on renovated rental comparables in the surrounding area, the property offers approx. 14% rental upside, with projected stabilization at an 8.51% CAP and 7.70 GRM. The consistent unit mix and layout allow for a clear and repeatable renovation strategy as units turn over. ***Major building systems have already been addressed. Recent capital improvements include replacement of the building sewer line, copper plumbing upgrades replacing galvanized lines, and roof improvements. Additional upgrades include select window replacements in units 3 and 6, further reducing near-term capital requirements and allowing a buyer to focus on interior improvements and rent growth.*** With in-place income, completed system upgrades, and a location positioned between Melrose Hill, Koreatown, and the 6th Street corridor, 436 Normandie Pl. offers a 6-unit asset where pricing, unit mix, and upside remain clearly defined.
Location
State CA
County Los Angeles
Area C17 - Mid-Wilshire
Zoning LAR3
Interior
Heating Wall Furnace
Fireplace No
Laundry Common Area
Exterior
Parking Features Covered, Garage, Tandem
Community Features Gated
View Y/N No
View None
Total Parking Spaces 8
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5520013002
Security Features Gated Community
Special Listing Condition Standard
Listed by Kenny Stevens Compass #01090251
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