941 Normandie Avenue, a seven-unit luxury apartment building located in East Hollywood. Constructed in 1986, the property was not subject to the more restrictive Los Angeles rent control and allowed for higher annual rent increases. The Sellers had extensively renovated all units at the property with high end finishes including large open concept kitchen/living area, stainless steel appliances, in-unit washer/dryer, and central A/C.
About The Property
Stats
Price $2,910,000
Units 7
Current CAP 4.60%
Price p/ Sq. ft. $572
Price P/ Unit $415,714
Background
The recently renovated condo-quality 7-unit property underwent a massive overhaul that included interior and exterior renovations (including all major building systems). After receiving a buyer referral from a Compass BH residential agent, who was looking for a stabilized high-performing income property, we knew we had the perfect fit.
Result
Despite the competitive bidding environment, our Buyer was thrilled that we were able to secure the building. Escrow was opened in mid-September and closed 45 days later. With a 4.6% Current CAP, high-performing income and condo-quality renovations, 941 N. Normandie is a true gem for our Buyer compared to other properties in the neighborhood.
