1405 North Normandie Avenue
Los Angeles, CA, 90027 $ 3,250,000
Baths0.0 Sq 10,001 Monthly Estimate*
$ 22,702
Studio
for $3,250,000. This 10,001 square foot home was built in 1989 on a lot size of 0.17.
We are very pleased to exclusively offer for sale The Villas at Normandie, a 1989 construction townhouse-style property situated on a 7,315 square foot corner lot just steps from World Famous Sunset Boulevard and its many popular shops, concert venues and restaurants. The Villas at Normandie is also located very close to historic and prestigious Los Feliz and all the trendy retail and dining destinations it has to offer, including Homestate, Vista Theatre, Mirate, Fred 62, Saffy's, House of Pies and so much more. Built in 1989 and only subject to AB1482, which allows for 5% + CPI of 3.8%, total 8.8% max annual increases, The Villas at Normandie is comprised of seven large and bright 2 bedroom, 2.5 bath two-story townhouse units, each totaling 1,280 square feet, all complete with gas fireplaces and many with balconies, 4 of which will be delivered vacant at the close and ready to be re-imagined and leased at market by a new owner. Seller has approved plans in hand to convert the current 8th non-conforming studio unit to a legal studio ADU unit, plus additional approved plans to also add a 1-bedroom ADU unit, bringing the total number of units to 9. The property features 16 gated parking spaces, which will be reduced to 14 garage spaces once the 9th unit is added. The 2-story townhouse units are very bright and spacious, feature central air and heat, are separately metered for gas and electric, many with balconies and all have in-unit individual water heaters with plenty of available space in water heater closet to swap for a tankless water heater and add a stackable washer/dryer in each unit. Many of the townhouse units feature excellent straight-on views of both the Griffith Park Observatory and Hollywood sign, making them very desirable to future tenants looking for remodeled units with classic Hollywood views. Now that market rents for these type of 2+2.5 townhouses in the surrounding area are achieving well over $3 per foot for similarly remodeled units, a new owner should easily be able to get $3,750 or more per townhouse unit once renovated. The Villas at Normandie presents a new owner the rare opportunity to purchase 1989 construction property in a prime Hollywood location, especially a 1989 building comprised of 2-story 2+2.5 TH units, more than half of which are vacant. Once stabilized, the future 9-unit building will be worth well over $4.4 million and offer its owner very strong cash flow stream with significant income upside through the 8.8% rent increases into the future.
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FeaturesGeneralInterior Features Ceiling Fan(s)
Heating Central
Cooling Central Air
Possession Close of Escrow
Zoning LARD1.5
Architectural Style Modern
Pool Features Private
Security Features Gated Community
Year Built 1989
Tenant Pays Electricity Cable TV Gas
View City Lights
Levels Two
County Los Angeles
Net Operating Income 261490.0
New Construction No
Property Type C
Association Amenities Gas
HOA / Comm Assn No
Facing Direction East
Status Active
City Los Angeles
Buyer Agent Compensation 2.25
View Y/N Yes
Senior Community Y/N No
MLS Area C20 - Hollywood
Lot Size Square Feet 7315.0
Street Name Normandie
Property Condition Repairs Cosmetic
Additional Parcels Y/N No
Structure Type None
Standard Status Active
Year Built Source Other
Buyer Agent Compensation Type %
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InteriorFlooring Carpet
Kitchen Appliances Refrigerator
Total Stories 2
Air Conditioning Y/N Yes
Heating Y/N Yes
Fireplace Y/N Yes
Street Suffix Avenue
Total Baths 0
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ExteriorParking Features Controlled Entrance Community Structure
Lot Size Area 7315.0
Spa No
Pool Y/N? No
Building Area Total 10001.0
Lot Size Acres 0.17
Lot Size Units Square Feet
Door Features Sliding Doors
Land Lease Type Fee
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* Excluded FeaturesAffordability Calculator
- Monthly Principal & Interest
- $22,702
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Los Angeles, CA
Average List Price $1,979,653
Percent of Sale Price 39%
About Los Angeles, CA 3,920,026 Population
6% Since 2002
$ 55,057 Median Income
36.82 Median Age
27% Households with Children
Trends Information provided by ATTOM Data Solutions.
793437 Elementary School
793428 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
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5/8/2024 | $3,250,000 | | Listed Price |