Property listed by Compass, Kenny Stevens 310-230-5478
$1,450,000
436 Normandie Pl. presents a 6-unit complex in Melrose Hill, positioned just north of Beverly Blvd. in one of Mid-City's more active and steadily evolving rental pockets. The property sits approx. 0.8 miles from the Melrose Ave. and Western Ave. corridor, where a concentrated wave of new restaurants, cafes, and… Read More neighborhood retail has helped reshape Melrose Hill into one of the more distinct culinary pockets in Central Los Angeles. Residents are also within approx. 1.3 miles of Chapman Market and the 6th St. corridor, 1.3 miles from the Wilshire Blvd. spine of Koreatown, and 1.5 miles from both Larchmont Village and Paramount Studios, placing the property near several of the area's strongest lifestyle and employment drivers. Offered at $1,450,000, the property is priced at approx. $241,667 per unit and $261 per SF. The basis compares favorably with several recent sales in Melrose Hill and nearby Larchmont-adjacent neighborhoods, giving investors an entry point that is well supported by current market activity. On current rents, the asset operates at approx. 6.65% CAP and 9.41 GRM. Based on renovated rental comps in the surrounding area, the property offers approx. 14% rental upside, with projected stabilization at a 8.29% CAP and 8.12 GRM. The building is comprised of (2) 3+2 units and (4) 2+1 units, a unit mix that continues to perform well in Mid-City where renters value larger floor plans, functional layouts, and room for shared living or work-from-home flexibility. Built in 1957, the structure features a clean, straightforward 2-story layout above tuck-under parking. Taken together, 436 Normandie Pl. offers a well-located Melrose Hill asset with solid in-place returns, approx. 14% rental upside, and pricing that remains competitive with recent neighborhood sales. For investors looking for a Mid-City building with larger units, a central location, and exposure to one of the area's more active neighborhood corridors, the offering presents a clear and measurable value-add opportunity. Read Less
Listing Snapshot
Days Online
8
Last Updated
Beds
14
Square Ft.
5,560
Lot Size
0.12 Acres
Year Built
1957
MLS Number
26669075
Additional Details
Building
Built in 1957, Living area: 5560.0, 1 building, 2 stories, Levels: Two
Community
Gated
Heating
WallFurnace
Income
Gross Income: $154,713, Net Operating Income: $96,539
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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