$2,950,000
$3,100,000
4.8%For more information regarding the value of a property, please contact us for a free consultation.
25424 Normandie AVE Harbor City, CA 90710
0.28 Acres Lot
Key Details
Sold Price $2,950,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID CV23135301
Sold Date 08/17/23
HOA Y/N No
Year Built 1986
Lot Size 0.281 Acres
Property Description
This excellent investment opportunity is conveniently located two blocks north of Kaiser South Bay medical center, with excellent access to PCH, the 110 freeway, and multiple transit lines. The property is well maintained, and offers 4 one-bedroom, one-bathroom units and 12 studio units, spread across two floors. Amenities include 18 on-site parking spaces (one per unit plus 2 guest spaces) behind a controlled-access gate. The building also houses two laundry rooms, with one washing machine conveying with the sale, and the remaining machines leased from Dadson. The new owner may further increase cash flow by cancelling the laundry service lease and buying privately owned machines, with an estimated additional monthly cash flow of $500-$800 per month. Rents have been routinely raised to remain on-pace with area expectations. Currently, the building has 93.75% occupancy, with only one vacant unit (#5 seen in photos). All rents were increased last on 6/1/2022, so an additional rent increase may be enacted at the new owner’s discretion. Where else in LA can you get almost a 4%+ cap rate for under $200k per door? Don't sleep on this opportunity.
Location
State CA
County Los Angeles
Area 124 - Harbor City
Zoning LAR1
Interior
Interior Features Balcony
Heating See Remarks
Cooling None
Fireplaces Type None
Fireplace No
Laundry Common Area, Washer Hookup, Gas Dryer Hookup, Laundry Room
Exterior
Parking Features Assigned
Pool None
Community Features Urban
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected
View Y/N No
View None
Roof Type Flat
Total Parking Spaces 18
Private Pool No
Building
Lot Description Rectangular Lot
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7413010035
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash
Special Listing Condition Standard, Trust
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Bought with Avinash Narang • BRC Advisors BH