3415 S Normandie Ave
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3415 S Normandie Ave
15 Unit Apartment Building $2,300,000 ($153,333/Unit) 6.98% Cap Rate Los Angeles, CA 90007
Investment Highlights
- The Neema Group of Marcus & Millichap is pleased to present a mixeduse investment opportunity at 3415 Normandie Ave in Exposition Park
- The unit mix consists of seven singles, four one-bedrooms, four two-bedrooms, and three retail spaces;
- True value add opportunity with a projected 6.98% CAP rate at the asking price once current vacancies are rented
- The property features four structures on two parcels totaling 15 apartment units and three retail spaces
- Six units will be delivered vacant at the close of escrow, allowing an investor to renovate and achieve market rents immediately
- Additional 25% rental upside achievable as additional units turn
Executive Summary
The Neema Group of Marcus & Millichap is pleased to present a mixed-use investment opportunity located at 3415 Normandie Ave in the Exposition Park neighborhood of Los Angeles, located on the corner of Normandie Ave & W 35th St and a half mile from the University of Southern California.
The property features four structures on two parcels totaling 15 apartment units and three retail spaces; the unit mix consists of seven singles, four one-bedrooms, four twobedrooms, and three retail spaces; six units will be delivered vacant at the close of escrow, allowing an investor to renovate and achieve market rents immediately.
True value add opportunity with a projected 6.98% CAP rate at the asking price once current vacancies are rented; additional 25% rental upside achievable as additional units turn.
Separately metered for gas & electric; there is a community laundry room on-site for additional income.
Located in a dense, infill location of Los Angeles with an easy commute to USC, Downtown and Mid-City; walking distance to multiple Metro local lines on W Jefferson Blvd & Normandie Ave and less than a mile from the Metro Expo Rail Station.
The property features four structures on two parcels totaling 15 apartment units and three retail spaces; the unit mix consists of seven singles, four one-bedrooms, four twobedrooms, and three retail spaces; six units will be delivered vacant at the close of escrow, allowing an investor to renovate and achieve market rents immediately.
True value add opportunity with a projected 6.98% CAP rate at the asking price once current vacancies are rented; additional 25% rental upside achievable as additional units turn.
Separately metered for gas & electric; there is a community laundry room on-site for additional income.
Located in a dense, infill location of Los Angeles with an easy commute to USC, Downtown and Mid-City; walking distance to multiple Metro local lines on W Jefferson Blvd & Normandie Ave and less than a mile from the Metro Expo Rail Station.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$340,800
|
$33.32
|
| Other Income |
$1,332
|
$0.13
|
| Vacancy Loss |
$17,107
|
$1.67
|
| Effective Gross Income |
$325,025
|
$31.78
|
| Taxes |
$27,600
|
$2.70
|
| Operating Expenses |
$73,165
|
$7.15
|
| Total Expenses |
$100,765
|
$9.85
|
| Net Operating Income |
$224,260
|
$21.93
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $340,800 |
| Annual Per SF | $33.32 |
| Other Income | |
|---|---|
| Annual | $1,332 |
| Annual Per SF | $0.13 |
| Vacancy Loss | |
|---|---|
| Annual | $17,107 |
| Annual Per SF | $1.67 |
| Effective Gross Income | |
|---|---|
| Annual | $325,025 |
| Annual Per SF | $31.78 |
| Taxes | |
|---|---|
| Annual | $27,600 |
| Annual Per SF | $2.70 |
| Operating Expenses | |
|---|---|
| Annual | $73,165 |
| Annual Per SF | $7.15 |
| Total Expenses | |
|---|---|
| Annual | $100,765 |
| Annual Per SF | $9.85 |
| Net Operating Income | |
|---|---|
| Annual | $224,260 |
| Annual Per SF | $21.93 |
Property Facts
Site Amenities
- Laundry Facilities
- On-Site Retail
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Walk Score ®
Very Walkable (81)
Bike Score ®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $669,808 | |
| Land Assessment | $452,033 | Annual Taxes | $27,600 ($2.70/SF) |
| Improvements Assessment | $217,775 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$452,033
Improvements Assessment
$217,775
Total Assessment
$669,808
Annual Taxes
$27,600 ($2.70/SF)
Tax Year
2024
zoning
| Zoning Code | C2 (Commercial) |
| C2 (Commercial) |
-
Neema Ahadian -
Ben Lee -
Marcus & Millichap
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3415 S Normandie Ave
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