$3,250,000

We are very pleased to exclusively offer for sale The Villas at Normandie, a 1989 construction townhouse-style property situated on a 7,315 square foot corner lot just steps from World Famous Sunset Boulevard and its many popular shops, concert venues and restaurants. The Villas at Normandie is also located very close to historic and prestigious Los Feliz and all the trendy retail and dining destinations it has to offer, including Homestate, Vista Theatre, Mirate, Fred 62, Saffy's, House of Pies and so much more. Built in 1989 and only subject to AB1482, which allows for 5% + CPI of 3.8%, total 8.8% max annual increases, The Villas at Normandie is comprised of seven large and bright 2 bedroom, 2.5 bath two-story townhouse units, each totaling 1,280 square feet, all complete with gas fireplaces and many with balconies, 4 of which will be delivered vacant at the close and ready to be re-imagined and leased at market by a new owner. Seller has approved plans in hand to convert the current 8th non-conforming studio unit to a legal studio ADU unit, plus additional approved plans to also add a 1-bedroom ADU unit, bringing the total number of units to 9. The property features 16 gated parking spaces, which will be reduced to 14 garage spaces once the 9th unit is added. The 2-story townhouse units are very bright and spacious, feature central air and heat, are separately metered for gas and electric, many with balconies and all have in-unit individual water heaters with plenty of available space in water heater closet to swap for a tankless water heater and add a stackable washer/dryer in each unit. Many of the townhouse units feature excellent straight-on views of both the Griffith Park Observatory and Hollywood sign, making them very desirable to future tenants looking for remodeled units with classic Hollywood views. Now that market rents for these type of 2+2.5 townhouses in the surrounding area are achieving well over $3 per foot for similarly remodeled units, a new owner should easily be able to get $3,750 or more per townhouse unit once renovated. The Villas at Normandie presents a new owner the rare opportunity to purchase 1989 construction property in a prime Hollywood location, especially a 1989 building comprised of 2-story 2+2.5 TH units, more than half of which are vacant. Once stabilized, the future 9-unit building will be worth well over $4.4 million and offer its owner very strong cash flow stream with significant income upside through the 8.8% rent increases into the future.

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