Property Detail

Description

Located at the intersection of Normandie and 6th, just one block from the iconic Quarters KBBQ, this 12-unit apartment building offers an exceptional opportunity to acquire a value-add asset in one of Los Angeles' most vibrant and high-demand rental markets. The property consists of one bachelor, three singles, and eight one-bedroom units only one of which has been renovated in the past 30 years, (light touch up in others) making it a perfect candidate for a comprehensive renovation strategy. This provides a clear path to capturing substantial upside through targeted unit upgrades and improved management. The building also features a garage at the front, which could be considered for future ADU conversion, as well as a rear parking area and an on-site laundry room with owner-owned washer/dryers, providing additional income. The property benefits from a charming side garden that is well-maintained by tenants, enhancing the building's curb appeal and offering a welcoming environment. Despite a current in-place cap rate of just 3.73%, the property's proforma cap rate exceeds 10.5%, even under conservative underwriting assumptions. This significant upside potential makes it a rare find in today's market, with the ability to create substantial value and unlock a high return on investment. With the location, strong rental demand, and numerous avenues for growth, this Koreatown asset offers a rare opportunity to reposition and capitalize on long-term appreciation and income growth.