Property listed by Marcus & Millichap, Neema Ahadian 310-909-5500
$3,000,000
We are pleased to present4140 Normal Avenue, a rare 12-unit bungalow-style investment opportunity showcasing classic 1920s Hollywood charm located between Virgil Ave and N Hoover St. The property sits on an expansive 15,501-square-foot lot and features eight spacious one-bedroom bungalow units along with a two-story structure containing four additional one-bedroom… Read More units. The gated entry and garden-style courtyard layout enhance tenant appeal and create a private, community-oriented living environment. The majority of the units have been extensively renovated with stainless steel appliances, kitchen cabinetry, lighting fixtures, designer tile finishes, restored original hardwood flooring, in-unit washer/dryers, and ductless HVAC systems. With effective renovations and proven rents, the property provides strong existing cash flow at a 5.65% CAP rate and11.09 GRM on current income with an additional 28% rental upside as units turn. Ownership has also completed recent cap ex upgrades to the systems and common areas, including garage foundation upgrades, sewer line replacement, and new gate motor. The property features six parking spaces, two in the front and four private garages at the rear, generating $650 per month in additional income with further upside as one space is vacant. There is also potential to convert the garages toADU's (Buyer to verify). Additionally, there is RUBS in place to offset utility expenses. High Walk Score of 91, 4140 Normal Ave is a quarter mile from Los Angeles City College and minutes from the 101Freeway. Virgil Village sits at the crossroads of East Hollywood, SilverLake, and Los Feliz. The neighborhood has experienced significant demographic growth and retail expansion, attracting young professionals and families drawn to notable destinations such as Courage Bagels, Melody, Sqirl, Jewel, Budonoki, The Black Cat, and Virgil Cafe contributing to strong tenant demand and sustained rental growth in the immediate area. Read Less
Listing Snapshot
Days Online
8
Last Updated
Beds
12
Square Ft.
7,148
Lot Size
0.36 Acres
Year Built
1923
MLS Number
26670223
Additional Details
Building
Built in 1923, Living area: 7148.0, 3 buildings, Levels: MultiSplit
Cooling
None
Heating
None
Income
Gross Income: $270,592, Net Operating Income: $169,442
Lot
0.356 acres
Parking
6 total parking spaces, DetachedCarport
Taxes
Parcel Number: 5539013032, Zoning: LARD1.5
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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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