3005 S Normandie Ave, Los Angeles, CA 90007

Property Overview

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3005 S Normandie Ave is a fully renovated eight-unit multifamily investment located in the historic Adams–Normandie neighborhood of Los Angeles, just minutes from USC, Exposition Park, and Downtown LA. The property offers investors a compelling value-add opportunity with strong in-place income, significant rent upside, and multiple levers for NOI growth through organic lease resets, parking income, and ancillary revenue streams.

Built in 1960 and comprehensively renovated in 2025, the 4,837-square-foot building is situated on a 6,600-square-foot LAR3-zoned lot and features a balanced mix of (6) one-bedroom/one-bath units and (2) two-bedroom/one-bath units. Current rents average $1,557 per month compared to market rents of $1,958—a 63.94% portfolio-wide gap. One unit is vacant, providing immediate lease-up at $1,845 market rent. With nine on-site parking spaces serving eight units, investors can further enhance cash flow through parking fees and utility bill-backs.

Financial performance is strong and scalable, with a 7.50% in-place cap rate projected to rise to 10.26% pro forma—a 276-basis-point improvement through operational execution alone. At the new basis, the deal offers stronger day-one yield with meaningful upside as rents are brought to market. As Los Angeles continues to invest in infrastructure ahead of the 2028 Olympic Games, the Adams–Normandie corridor is poised for continued appreciation, ensuring both durable income and long-term value growth.

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Key Property Details

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• Location: 3005 S Normandie Ave, Los Angeles, CA 90007
• Lot Size: 6,600 square feet
• Total Building Area: 4,837 square feet
• Units: 8 (6 × 1BR/1BA, 2 × 2BR/1BA)
• Zoning: LAR3
• Year Built: 1960
• Parking: 9 spaces
• Rent Control: Yes

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Investment Highlights

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• Exceptional Built-In Rent Upside: One unit rents at $471 vs. $1,845 market (291% upside). Portfolio averages $1,557 current vs. $1,958 market—63.94% gap. Translates to $38,427 in unrealized annual revenue.
• Compelling Financial Trajectory: Current 7.50% cap rate scales to 10.26% pro forma; NOI expands from $95,264 to $130,241 (+37.3%). 1.20 debt service coverage provides downside protection.
• Fully Renovated, Minimal Capex Required: Turnkey asset with zero deferred maintenance entering 2025. Every capital dollar deploys toward lease-up or returns—not catch-up repairs.
• Multiple Cash Flow Levers: Nine parking spaces (1:1 ratio) plus untapped ancillary income from storage, laundry, and RUBS. Basic parking management scales NOI beyond pro forma.
• Strong Tenant Demand: Prime location near USC, DTLA, and Exposition Park attracts stable renters and minimizes vacancy risk.
• Olympics-Driven Growth: Centrally positioned to benefit from $120B+ citywide investments ahead of 2028 Games.

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Neighborhood and Accessibility

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Located in the heart of Adams–Normandie, 3005 S Normandie Ave offers tenants convenient access to USC, Downtown Los Angeles, and major employment and entertainment centers. The area’s strong rental demand is supported by walkability, public transit options including the Metro E Line, and proximity to the I-10 and I-110 freeways. With consistent student and professional tenant bases and infrastructure improvements tied to the 2028 Olympics, the neighborhood is positioned for continued rent growth and appreciation.

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Market Trends and Financial Potential

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• Current Occupancy: 7 of 8 units leased (1 vacant)
• Current Cap Rate: 7.50%
• Pro Forma Cap Rate: 10.26%
• Price Per Unit: $158,750
• Price Per SF: $262.56
• Annual Gross Income (Current): $142,319
• Annual Gross Income (Pro Forma): $178,833
• Total Expenses (Pro Forma): $48,591.80
• Net Operating Income (Pro Forma): $130,241.20

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For more information and to schedule a viewing, please contact:

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Taylor Avakian

Founder, The Group CRE

First Vice President, Lyon Stahl