16 Units pls 2 ADU's - 201 North Normandie Avenue, Los Angeles, CA

JUST LISTED 100% Vacant and Fully renovated 16-unit apartment building with permits cash flowing at an amazing 5.8% Cap Rate and 12.4 GRM from day 1! Asset is positioned as a Sec8 housing provider OR market rate. Additionally, there are fully approved RTI plans to add 2 detached ADUs in the garages to achieve a remarkable 6.7% Cap Rate and 11 GRM. The offering provides investors with a unique opportunity to purchase a premium asset that is completely vacant and lease out at market rates. 201 N Normandie Avenue was built in 1923 and boasts sixteen stylish apartment homes. Ownership has conducted a complete property restoration with permits. It features an attractive unit composition of sixteen (16) spacious and well-designed One-Bedroom | One Bathroom units. The property has seen a complete restoration, down to every inch. Overall systems were overhauled with a new roof, plumbing, and electrical systems were updated within the last couple of years with a new panel and wiring. Also, there are updated HVAC systems and new windows in each unit. When approaching the property, tenants are invited with a unique and inviting color scheme featuring a fresh paint job and stylish landscaping. The units have undergone gut-level updating with new wood flooring, updated lighting fixtures, and brand-new kitchen and bathrooms. In the kitchen, there are new cabinets, modern countertops, and new water heaters. The bathrooms boast new vanities, modern fixtures, along with sleek shower stalls. And the cherry on top is ownership has Ready-to-Issue plans for two detached 1-bedroom ADUs where the garages currently are, providing an additional stream of income.