The subject property is a 13-unit residential income asset located at 916 S. Normandie Ave in the heart of Koreatown, Los Angeles. Built in 1957 and zoned LAR3, the property consists of (2) Bachelor, 1 Bath units, (9) 1 Bed, 1 Bath units, and (2) Studio, 1 Bath units, totaling 5,872 rentable square feet on a 6,399 square foot lot. The property is offered at an attractive basis of $123,000 per unit and $272 per square foot, while generating a compelling 6.48% in-place cap rate and 8.95 GRM. The asset will be delivered with four vacant units, providing the next owner with an immediate opportunity to lease units at current market rents and enhance cash flow from day one. With approximately 41% rental upside embedded in the existing rent roll, the property offers significant value-add potential, with the pro forma cap rate approaching 11% as rents are brought to market. Ideally positioned with a Walk Score of 94, residents enjoy convenient access to major employment centers, retail corridors, transportation, and the renowned dining and shopping of Koreatown.
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