Villas Normandie is a 3 story, 21- unit (including 1 non-conforming unit) apartment community that is located on Normandie Ave in Los Angeles. The property is comprised of one residential building totaling 15,000 square feet of rentable space and is situated on a 0.37 - acre lot. Villas Normandie features, studio, one-bedroom and spacious two-bedroom floor plans with an average size of 714 square feet. The property also boasts a beautiful courtyard, covered parking and laundry rooms on each floor. Built in 1988 Villas Normandie is not subject to rent control giving the potential owner the ability to increase rents at market rate. Management has not implemented a Ratio Utility Billing System ("RUBS")while Koreatown is at 97% occupancy and applying RUBS. This provides the potential investor the opportunity to enhance yield in the near - term by enabling RUBS and capturing additional revenue. Villas Normandie is definitely an attractive opportunity for the right investor.
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