CLOSE TO A 5% CAP RATE AND UNDER 12.5 GRM ON EXISTING INCOME. AVERAGE SALES COMPS IS A 4.1% CAP RATE AND 13.7 GRM, MAKING THIS PRICED TO SELL.
1616 North Normandie Avenue, located in the Hollywood area of Los Angeles, is a 36-unit apartment building constructed in the 1920s. Eight of the units are one-bedrooms with one bathroom and 28 of the units are studios with one bathroom. The property is master metered for gas and electricity. There is a community laundry room (machines owned by the property) and a very large basement that is underutilized. There is a patio area to the east of the property. There is no on-site parking but multiple bus routes frequent Normandie Avenue and Sunset and Hollywood Boulevard. The property is a four-story reinforced brick structure accessed by two central staircases and an elevator. The units have beautiful features including hardwood floors, casement windows and designer paint themes. Almost all of the units have undergone major renovations.
Property Upgrades:
According to the previous owner, the property has undergone major renovations to the mechanical systems as well as most of the units. With the exception of the fourth floor, travertine tile was installed in the hallways and the wooden staircases have been restored. Almost all of the units have been renovated and almost all of the units have hardwood flooring. In the renovated units, the hardwood floors were either refurbished or replaced. In addition most of the kitchens and bathrooms were renovated
or upgraded and most of the plumbing and electrical systems have been upgraded. The renovated units have had new windows installed or repaired as necessary, new ceiling fans and lighting installed and new air conditioning and heating units installed. The common areas have had upgrades including a replaced sewer line and a patio area to the east of the property and a private patio for unit 100. New front and rear doors were installed and new landscaping and fencing was recently installed. Buyers are to independently verify these upgrades.
