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4115 Normal Avenue

Los Angeles (City), CA 90029
  • $5,400,000
  • STATUS: Active
  • ON SITE: 22 Days
  • ID#: 24355999
UPDATED: 56 min ago
$5,400,000
  • 0
    BEDS
  • 0.21
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 13,956
    SQFT
  • $387
    $/SQFT
Type:
Multi-Family
Built:
1988
County:

School Ratings & Info

Listing Agent(s): Matthew Ziegler of Marcus & Millichap (818-212-2700) and Jeffrey Louks of Marcus & Millichap(818-212-2700)


Description

***Excellent Assumable Debt - $2,700,000 loan, fixed 3.2% interest-only until April 2027*** We are pleased to present 4115 Normal Avenue, a 12-unit* value-add apartment building located in Silver Lake. The building was constructed in 1988 so it is not subject to LA City Rent Control (only subject to California State Rent Control). The building consists of (8) two bedroom/one bath units and (4) two bedroom/two bath units. Select units have been remodeled and feature vinyl wood flooring, recessed lighting, new windows, central heat/air-condition, washer/dryers, remodeled bathrooms and kitchens with new shaker cabinets, stone countertops and stainless-steel appliances (gas range oven, refrigerator, dishwasher, microwave). The property features gated entry, secured covered parking and a laundry facility and sits on a 9,299 square foot lot that is LARD 1.5 zoned.This is a great opportunity for an investor who is looking for a value-add property with a favorable unit mix located in an excellent rental submarket that is not subject to City of Los Angeles Rent Control. Existing ownership has been successful in achieving top of the market rents for renovated units. New ownership has an opportunity to realize remaining potential rental upside by continuing the current renovation program to unit interiors as existing tenants move out. 4115 Normal Avenue is located in trendy Silver Lake, which has long been one of the most sought-after rental submarkets in Los Angeles. The property boasts a Walk Score of 90 as it is just a half block from chic retail, restaurants, bars, cafes and coffee shops along Virgil Avenue. The property is also just a short drive to Koreatown, Hollywood, West Hollywood, Echo Park and Downtown Los Angeles. The property is conveniently located close to the 101 freeway and just 0.5 miles from the Vermont/Beverly Metro D Line Station offering a viable public transportation option for commuters headed to Downtown Los Angeles or North Hollywood. *Building is made up of 11-units and 1 ADU

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-03-01T10:33:26.237. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Brianna Miller | Synergy Real Estate. Licensed in the State of California, USA.
www.briannasellshomes.com/homes/147360410
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4115 Normal Avenue Los Angeles (City), CA 90029

  • Price: $5,400,000
  • Status: Active
  • On Site: 22 Days
  • Updated: 56 min ago
  • ID#: 24355999
0
Beds
0
Baths
0
½ Baths
0.21
Acres
13,956
SQFT
$387
$/SQFT
1988
Built
Neighborhood:
C21 - Silver Lake - Echo Park
County:
Los Angeles
Area:
C21 - Silver Lake - Echo Park
Property Description
***Excellent Assumable Debt - $2,700,000 loan, fixed 3.2% interest-only until April 2027*** We are pleased to present 4115 Normal Avenue, a 12-unit* value-add apartment building located in Silver Lake. The building was constructed in 1988 so it is not subject to LA City Rent Control (only subject to California State Rent Control). The building consists of (8) two bedroom/one bath units and (4) two bedroom/two bath units. Select units have been remodeled and feature vinyl wood flooring, recessed lighting, new windows, central heat/air-condition, washer/dryers, remodeled bathrooms and kitchens with new shaker cabinets, stone countertops and stainless-steel appliances (gas range oven, refrigerator, dishwasher, microwave). The property features gated entry, secured covered parking and a laundry facility and sits on a 9,299 square foot lot that is LARD 1.5 zoned.This is a great opportunity for an investor who is looking for a value-add property with a favorable unit mix located in an excellent rental submarket that is not subject to City of Los Angeles Rent Control. Existing ownership has been successful in achieving top of the market rents for renovated units. New ownership has an opportunity to realize remaining potential rental upside by continuing the current renovation program to unit interiors as existing tenants move out. 4115 Normal Avenue is located in trendy Silver Lake, which has long been one of the most sought-after rental submarkets in Los Angeles. The property boasts a Walk Score of 90 as it is just a half block from chic retail, restaurants, bars, cafes and coffee shops along Virgil Avenue. The property is also just a short drive to Koreatown, Hollywood, West Hollywood, Echo Park and Downtown Los Angeles. The property is conveniently located close to the 101 freeway and just 0.5 miles from the Vermont/Beverly Metro D Line Station offering a viable public transportation option for commuters headed to Downtown Los Angeles or North Hollywood. *Building is made up of 11-units and 1 ADU
Exterior Features

Parking Features Covered Parking Total 15

Interior Features

Appliances DisposalRefrigerator Cooling Central Air Cooling YN Yes Heating Central Heating YN Yes

Property Features

Association YN No Cap Rate 4.65 Gross Income 396207 Levels Multi/Split Listing Agreement Seller Reserved Listing Service Full Service Net Operating Income 251365 New Construction YN No Senior Community YN No Special Listing Conditions Standard



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-03-01T10:33:26.237. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Brianna Miller | Synergy Real Estate. Licensed in the State of California, USA.
 
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Brianna Miller | Synergy Real Estate
140 N. Harvard Avenue #341
Claremont CA, 91711
Listing Agent(s): Matthew Ziegler of Marcus & Millichap (818-212-2700) and Jeffrey Louks of Marcus & Millichap(818-212-2700)