751 Normandie Avenue

Los Angeles, CA 90005

$8,500,000
Last Sold Price
17
Beds
48
Baths
34,291 Sq. Ft.
$248 / Sq. Ft.
34,291
Sq. Ft.
$248
per Sq. Ft.

Description

The Richelieu Apartments, in the heart of the Koreatown neighborhood of Los Angeles, is a 56-unit multifamily building built in 1928. The property is located at 751 S Normandie Avenue and is comprised of a high demand mix of 14 Bachelors, 33 studios, 6 one-bedroom/one-bath apartments, and 3 two-bedroom/one-bath apartments across +/-34,291 square feet of improvements on +/-10,659 square feet of land. The Richelieu Apartments is a 5-story elevator building constructed of brick and stone. Amenities...The Richelieu Apartments, in the heart of the Koreatown neighborhood of Los Angeles, is a 56-unit multifamily building built in 1928. The property is located at 751 S Normandie Avenue and is comprised of a high demand mix of 14 Bachelors, 33 studios, 6 one-bedroom/one-bath apartments, and 3 two-bedroom/one-bath apartments across +/-34,291 square feet of improvements on +/-10,659 square feet of land. The Richelieu Apartments is a 5-story elevator building constructed of brick and stone. Amenities include on-site laundry facilities, elevator, gated controlled access and door-to-door trash pickup. On the market for the first time in almost 30 years, the Richelieu Apartments are a virtual time capsule of 1920's style, ripe for repositioning and cosmetic updating to serve the upscale tenant base of the renewed Koreatown community in the heart of Los Angeles. The Richelieu Apartments are an ideal investment opportunity for all renovation-oriented buyers. New ownership has the opportunity to capture a higher-income tenant base and top-of-market rents with a nearly 30% upside (in rents) by extensively renovating the units as the units turn. Located in the heart of the Koreatown neighborhood, just south of Wilshire Boulevard, The Richelieu offers tenants access to major employment centers, and a broad range of entertainment and recreation opportunities accessible by a short walk or drive. With a "Walker's Paradise" Walk Score of 96, the Richelieu Apartments are a short walk (.3 mile) to the Wilshire/Vermont Purple Line Metro Station. Within a short driving distance is Downtown Los Angeles, Los Feliz, Miracle Mile, Hollywood, Silverlake and Glendale.
  1. Listed by Adam Zunder • DRE #01821053 • Brokerage DRE #01229985 • Iconic Investments
  2. Listed by Peter Strauss • DRE #01335696 • Brokerage DRE #01229985 • Iconic Investments

Property Details for 751 Normandie Avenue

Zoning
LAR5
Parcel Number
5094004002
Total Units
56.0
Living Area
34291
Source Living Area
Vendor Enhanced
Area
Mid-Wilshire (C17)
Vacancy Rate
13%
Lot Size Area
10659

Location

Listing Courtesy of Iconic Investments, Adam Zunder, DRE #01821053; Iconic Investments, Peter Strauss, DRE #01335696

Sold By Iconic Investments, Peter Strauss, DRE #01335696; Iconic Investments, Adam Zunder, DRE #01821053

Add your commute
LISTING UPDATED: 06/29/2022 02:59 PM

Property Details for 751 Normandie Avenue

StatusSold
MLS #22-129201
Days on Market131
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1928
Lot Size0.24 AC / 10,659 SF
CountyLos Angeles County

Location

Listing Courtesy of Iconic Investments, Adam Zunder, DRE #01821053; Iconic Investments, Peter Strauss, DRE #01335696

Sold By Iconic Investments, Peter Strauss, DRE #01335696; Iconic Investments, Adam Zunder, DRE #01821053

Add your commute

Building Information for 751 Normandie Avenue

Stories5Residences-Year Built1928Building Size-Lot Size0.24 AC / 10,659 SF

Payment Calculator

$55,393 per month

30 year fixed, 7.25% Interest

Principal and Interest

$46,388

Property Taxes

$9,005

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 751 Normandie Avenue

Community / Development
Community / Development
  • Number Of Units: 56
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 5
  • Number Of Buildings: 1
  • Type Of Units: Apartments
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $749,658
  • Net Operating Income: $370,031.00
  • Gross Income: $749,658
  • Gross Rent Multiplier: $12.34
  • Owner Pays: Electricity, Gas, Water
  • Total Annual Expense: 369849
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.2447
  • Lot Size Square Feet: 10659
Parking Details
Parking Details
  • Parking Garage: None
  • Total Parking: 0
  • Parking Features: None
Interior Features
Interior Features
  • Cooling: Wall/Window Unit(s)
  • Cooling Type: Wall/Window
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: None
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 02-18-2022
Unit Details
Unit 1 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $972.00
  • Unit Actual Rent: $13,608.00
  • Unit Projected Rent: $1,300.00
  • Like Units: 14
Unit 2 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,073.00
  • Unit Actual Rent: $35,409.00
  • Unit Projected Rent: $1,450.00
  • Like Units: 33
Unit 3 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,346.00
  • Unit Actual Rent: $8,076.00
  • Unit Projected Rent: $1,600.00
  • Like Units: 6
Unit 4 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,783.00
  • Unit Actual Rent: $5,349.00
  • Unit Projected Rent: $2,150.00
  • Like Units: 3
Unit Details
  • Unit Type Type: 2106, 2107, 2108, 2109
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $738,424.00
  • Assessed Improvement Percent: 62.35
  • Assessed Land Value: $445,989.00
  • Assessed Land Percent: 37.65
  • Assessed Total Value: $1,184,413.00

Property History for 751 Normandie Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 751 Normandie Avenue

Taxable ValueLand$7,395,000Additions$1,293,948Total$8,688,948
Tax Record2023$108,059 ($9,005 / month)
Home Facts
Total Finished SqFt34,291 SqFtAbove Grade Finished SqFt34,291 SqFtLot Size10,659 SqFtStyleMulti-Family Res (5+ Units)Year Built1928ZoningLAR5CountyLOS ANGELESAPN5094-004-002

Schools near 751 Normandie Avenue

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 2
Public - K to 5
Public - 6 to 8
Public - 6 to 8
Rating
School
Distance
Mariposa-Nabi Primary Center
PublicK to 2

Hobart Boulevard Elementary School
PublicK to 5

Berendo Middle School
Public6 to 8

Young Oak Kim Academy
Public6 to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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Similar Sold Homes

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Iconic Investments, Adam Zunder, DRE #01821053; Iconic Investments, Peter Strauss, DRE #01335696

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.