Property Description

We are delighted to introduce this 16 unit offering, located in the highly sought-after Koreatown neighborhood. This property boasts an impressive unit mix, including (16) 1 Bed/1 Bath units. The apartment building, comprised of 10,252 square foot in improvements, sits on a 7,446 square foot lot zoneLAR4 and was built in 1925.The building is well-maintained and does not require a soft-story parking retrofit. The property offers significant upside potential in terms of rental income, with the possibility to increase rents by up to 31%. In addition to the remaining rental upside, there is great Year One Cash Flow at 6.65%. Residents benefit from the central Koreatown location that has continued to experience tremendous growth with new shops, dining, and entertainment venues within a 0.5 mile walking distance to Wilshire Boulevard. The property has a Walk Score of 94, and benefits from its proximity to the Retail and Restaurants of W 8th Street and Irolo Street. Importantly, the South Normandie Ave apartments are in very close proximity to major employment hubs such as Koreatown, Downtown, and Mid-City.