Property Details

Year Built: 1926
Units: 47
Price / Unit: $125,000
Price / SqFt: $257
CAP: 5.52%
GRM: 9.10

Executive Summary


The Neema Group of Marcus and Millichap is proud to present 147 S Normandie Ave, a 47-unit investment opportunity located in the highly sought-after Koreatown neighborhood of Los Angeles. Located between Beverly Blvd St and 3rd St and just a few blocks away from Vermont/Beverly Metro. This is a value add opportunity with over 26% rental upside achievable as units turn. High Walk Score of 87, 147 S Normandie Ave is a walkers paradise with many nearby markets, shops, schools and restaurants. Central location that is beneficial for residents that commute throughout the city with close proximity to Downtown Los Angeles, Westlake, Echo Park, and Silver Lake, walking distance to retail along Beverly Blvd & W 3rd St., as well as the St. Vincent Medical Center. Located in an ideal rental market that continues to grow, illustrated through the plentiful new developments currently under construction in the area such.

The subject property is being sold by way of Receivership. The sale will be subject to a court confirmation overbid hearing. Please contact the agents for additional details.

Area Overview

Westlake is adjacent to other notable neighborhoods, including Echo Park, Pico Union, Downtown and Koreatown. The neighborhood is extremely dense, with endless streets lined with small businesses. MacArthur Park, designated as the City of Los Angeles Cultural Monument #100, is located in Westlake and is adjacent to the Metro’s Westlake/MacArthur Park Station, which affords access to the Red and Purple lines. Those lines provide public transportation toward Downtown, North Hollywood and toward Koreatown, with West Side extensions projected to be completed in 2027.

Westlake has recently seen a flurry of development and public safety initiatives, from mixed-use projects to new crosswalks. M2A Architects was contracted to construct a mixed-use project at the intersection of Olympic and Hoover that will feature 173 dwelling units, nearly 37,000 square feet of ground-floor commercial space and parking for 262 vehicles. Amidi Group, a San Francisco-based developer, is 50% complete with their $180 million 1027 Wilshire development. The project will span nine stories and feature 376 residential units, approximately 5,000 square feet of ground-floor retail space, and subterranean parking for more than 800 vehicles.


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