The Richelieu Apartments, in the heart of the Koreatown neighborhood of Los Angeles, is a 56-unit multifamily building built in 1928. The property is located at 751 S Normandie Avenue and is comprised of a high demand mix of 14 Bachelors, 33 studios, 6 one-bedroom/one-bath apartments, and 3 two-bedroom/one-bath apartments across +/-34,291 square feet of improvements on +/-10,659 square feet of land. The Richelieu Apartments is a 5-story elevator building constructed of brick and stone. Amenities include on-site laundry facilities, elevator, gated controlled access and door-to-door trash pickup.On the market for the first time in almost 30 years, the Richelieu Apartments are a virtual time capsule of 1920's style, ripe for repositioning and cosmetic updating to serve the upscale tenant base of the renewed Koreatown community in the heart of Los Angeles. The Richelieu Apartments are an ideal investment opportunity for all renovation-oriented buyers. New ownership has the opportunity to capture a higher-income tenant base and top-of-market rents with a nearly 30% upside (in rents) by extensively renovating the units as the units turn. Located in the heart of the Koreatown neighborhood, just south of Wilshire Boulevard, The Richelieu offers tenants access to major employment centers, and a broad range of entertainment and recreation opportunities accessible by a short walk or drive. With a "Walker's Paradise" Walk Score of 96, the Richelieu Apartments are a short walk (.3 mile) to the Wilshire/Vermont Purple Line Metro Station. Within a short driving distance is Downtown Los Angeles, Los Feliz, Miracle Mile, Hollywood, Silverlake and Glendale.

Listed By CRMLS_CA / Adam Zunder / Iconic Investments

Last checked: Checking… • Last updated Feb 24, 2023 • Source: CRMLS_CA

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