739 S Normandie Avenue

Description

Both 454 S Catalina St and 739 S Normandie Ave are offered at an attractive basis of $166,667 and $164,063 price-per-unit, and Pro Forma cap rates of 7.55% and 7.90%, respectively * 80 units across two properties, first time on market in nearly than 20 years* Rental upside of 50% through operational efficiencies, strategic renovations of units and common areas, implementing a RUBs program, and exploring the addition of ADUs * Residents benefit from spacious floor plans, controlled-access buildings, and on-site laundry facilities* Both properties include patio space for a new owner to enhance amenitized space for residents. Koreatown home sale prices have risen 26.3% over the last year* Predicted that Koreatown home values will increase 4.7% in the next year* Submarket asking rents expected to rise 10.4% over the next five years* Koreatown occupancy averaged 95.1% over the past five years* Renters make up 92.3% of housing population within a one-mile radius* Average household income of $79,934 within a five-mile radius and expected to rise 10% over the next five years. Both properties sit within walking distance of major Koreatown nightlife, dining, and shopping attractions, including Chapman Plaza, The LINE Hotel, and City Center on 6th* Koreatown is one of the most historic, diverse, and densely populated areas in Los Angeles* 454 S Catalina St and 739 S Normandie Ave boast incredible Walker's Paradise scores of 94 and 97, respectively* Both properties are less than 15 minutes walking distance to the Wilshire/Normandie B Line and Wilshire/Vermont B and D Line Metro Stations, offering tenants excellent access across the LA metro.