We are pleased to present the opportunity to acquire 695 S. Norton Avenue, a 9-unit multifamily investment property located in the heart of Wilshire Park, a prime rental market in a Mid-Wilshire neighborhood that is adjacent to Koreatown.Built in 1965, the property offers nearly 11,650 square feet of living space across a renter friendly unit mix featuring six (6) two-bedroom, two-bath units, two (2) two-bedroom, two-bath units with a den, and one (1) studio. The two-bedroom units feature spacious floorplans averaging approximately 1,325 feet each.The property sits on a 7,040 square foot lot and consists of one three- story structure above an on-grade, gated, and secure parking structure. The well-maintained, three-story building sits in a quiet neighborhood lined with mainly single-family homes. Along with on-site parking, the property also features an on-site laundry room that is paired with exceptional curb appeal making it an ideal living space for urban tenants.The subject property is ideally suited to a value-add upgrade program. Investors will have the opportunity the opportunity to implement a systematic renovation program, focused on revenue generating improvements, to reposition the property among market leaders and increase rental income by approximately 25 percent.
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