Fully Leased 2024 East Hollywood Fourplex | 632 Normandie Ave
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Fully Leased 2024 East Hollywood Fourplex 632 Normandie Ave
4 Unit Apartment Building $3,490,000 ($872,500/Unit) 6.20% Cap Rate Los Angeles, CA 90004
Investment Highlights
- Fully-leased at an exceptional 6.20% cap rate!
- Generates $290,784 in gross annual income.
- Rented by the room under the PATH program for stable, subsidized income.
- Boasts built-in annual rent increases, management already in place, and a multi-year contract with PATH.
- Prime East Hollywood location walking distance to Melrose and minutes from the heart of Hollywood Four modern 4-bed, 4.5-bath townhome units.
- On-site manager ensures seamless operations, with management easily transferable to the buyer.
Executive Summary
The 2-4 Unit Specialists are excited to present 632 N Normandie Ave, a fully leased fourplex offering an exceptional (and real) 6.20% cap rate and gross annual income of $290,784. Fully occupied by tenants under the PATH program, the property benefits from consistent, reliable, and subsidized rental income. With built-in annual rent increases, management already in place, and a multi-year contract with PATH, this asset is poised to deliver substantial income for years with essentially no work or hassle. Sit back, collect rent, and watch this centrally-located property appreciate in value!
632 N Normandie Ave consists of four spacious 4-bedroom, 4.5-bathroom tri-level townhome-style units that cater beautifully to the rent-by-the-room model. The excellent location, combined with the modern construction and upscale finishes, make these townhomes a top choice for tenants in the PATH program, as well as standard renters.
These premium townhomes feature thoughtfully designed floorplans with large, tenant-friendly kitchens and living areas, as well as luxury touches, including designer tiles, stainless steel appliances, numerous balconies, modern cabinetry, ample closets, waterproof natural wood vinyl flooring, and abundant natural light throughout. There are 8 parking spots on site, a key feature for new constructions. Additionally, the property offers separate meters for all utilities, ensuring minimal operating expenses, and is backed by a 1-year builder’s warranty for added peace of mind.
With its unparalleled income potential, modern amenities, and fully leased status, 632 N Normandie Ave is an exceptional investment opportunity that stands out in the East Hollywood market. Don’t miss your chance to secure this rare find—contact us today!
632 N Normandie Ave consists of four spacious 4-bedroom, 4.5-bathroom tri-level townhome-style units that cater beautifully to the rent-by-the-room model. The excellent location, combined with the modern construction and upscale finishes, make these townhomes a top choice for tenants in the PATH program, as well as standard renters.
These premium townhomes feature thoughtfully designed floorplans with large, tenant-friendly kitchens and living areas, as well as luxury touches, including designer tiles, stainless steel appliances, numerous balconies, modern cabinetry, ample closets, waterproof natural wood vinyl flooring, and abundant natural light throughout. There are 8 parking spots on site, a key feature for new constructions. Additionally, the property offers separate meters for all utilities, ensuring minimal operating expenses, and is backed by a 1-year builder’s warranty for added peace of mind.
With its unparalleled income potential, modern amenities, and fully leased status, 632 N Normandie Ave is an exceptional investment opportunity that stands out in the East Hollywood market. Don’t miss your chance to secure this rare find—contact us today!
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$290,784
|
$39.98
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$8,724
|
$1.20
|
| Effective Gross Income |
$282,060
|
$38.78
|
| Taxes |
$41,859
|
$5.75
|
| Operating Expenses |
$23,993
|
$3.30
|
| Total Expenses |
$65,852
|
$9.05
|
| Net Operating Income |
$216,208
|
$29.72
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $290,784 |
| Annual Per SF | $39.98 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $8,724 |
| Annual Per SF | $1.20 |
| Effective Gross Income | |
|---|---|
| Annual | $282,060 |
| Annual Per SF | $38.78 |
| Taxes | |
|---|---|
| Annual | $41,859 |
| Annual Per SF | $5.75 |
| Operating Expenses | |
|---|---|
| Annual | $23,993 |
| Annual Per SF | $3.30 |
| Total Expenses | |
|---|---|
| Annual | $65,852 |
| Annual Per SF | $9.05 |
| Net Operating Income | |
|---|---|
| Annual | $216,208 |
| Annual Per SF | $29.72 |
Property Facts
| Price | $3,490,000 | Building Class | B |
| Price Per Unit | $872,500 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 7,274 SF |
| Cap Rate | 6.20% | Average Occupancy | 100% |
| Gross Rent Multiplier | 12.01 | No. Stories | 3 |
| No. Units | 4 | Year Built | 2024 |
| Property Type | Multifamily | Parking Ratio | 1.1/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $3,490,000 |
| Price Per Unit | $872,500 |
| Sale Type | Investment |
| Cap Rate | 6.20% |
| Gross Rent Multiplier | 12.01 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.16 AC |
| Building Size | 7,274 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2024 |
| Parking Ratio | 1.1/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Balcony
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Double Pane Windows
- Freezer
- Instant Hot Water
- Island Kitchen
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+4.5 | 10 | $6,058 | 1,756 - 1,881 |
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Walk Score ®
Very Walkable (87)
PROPERTY TAXES
| Parcel Number | 5520-003-045 | Total Assessment | $2,874,371 |
| Land Assessment | $1,072,201 | Annual Taxes | $41,859 ($5.75/SF) |
| Improvements Assessment | $1,802,170 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
5520-003-045
Land Assessment
$1,072,201
Improvements Assessment
$1,802,170
Total Assessment
$2,874,371
Annual Taxes
$41,859 ($5.75/SF)
Tax Year
2024
zoning
| Zoning Code | LAR3 |
| LAR3 |
-
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Fully Leased 2024 East Hollywood Fourplex | 632 Normandie Ave
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