132 N Normandie · Los Angeles, CA 90004

$1,945,000

25 bd · 28.0 ba · 21,120 sqft · MultiFamily public records · 48 Days on market

Built 1958 5,751 sqft lot $92/sqft · 64% below area Est $1541k · 26% over

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +28.9/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Nestled in the heart of prime Koreatown, this 8-unit property offers an attractive investment opportunity with a versatile unit mix comprised of 1 studio unit, 6 one-bedroom units, and 1 two-bedroom unit, appealing to a wide range of tenants. Spanning approximately 6,080 square feet on a 5,749-square-foot lot, the property also features 7 to 8 tandem parking spaces. Currently generating a gross annual rent of approximately $145,224, the asset presents strong upside potential in rents. With a permit already pulled for the soft-story retrofit, a new roof underway, and several units recently updated, this property combines current income with clear value-add opportunities. Ideally located in a vibrant, walkable neighborhood near shops, dining, and public transit, this is a prime opportunity to invest in one of Los Angeles’ most dynamic and in-demand rental markets.

Key facts

• Soft-story retrofit
• New roof
• 5,751 sq ft lot

Tags

• SOFT-STORY RETROFIT
• NEW ROOF
• VIBRANT WALKABLE NEIGHBORHOOD
• NEAR SHOPS AND TRANSIT
• INVESTMENT OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 7×1bd/1ba + 1×2bd/1ba units multifamily listed at $1.95M.

Deal economics

• At list price, monthly cash flow is $7k ($79k/yr) — positive. Per door: $822/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $1.95M).
• Recommended offer: $1.89M (3.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 2.1% in Los Angeles — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#273 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment B; Watch: health & safety C-, schools D+, crime F.
• Los Angeles Unified (urban): math 29% / reading 54% proficiency, ranked #223 of 517 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-1.7%/yr); 137 active listings in the ZIP; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $25,218/mo this rent would consume 467% of the median local household income ($65k/yr) (locally 6512% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $13k of loan paydown is wiped out by about $58k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($1.89M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.40M; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,886,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.30% ✓
• Cap rate: 10.35%
• Cash-on-cash: 14.48%
• DSCR: 1.64
• GRM: 6.4

CMA / ARV

• ARV (median comp): $1,541,381
• List price: $1,945,000
• Delta: 26.19%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 1.5%
• Equity multiple: 1.05×
• Total profit: $29,827
• Equity at exit: $290,006

10-year hold

• IRR: 7.9%
• Equity multiple: 1.52×
• Total profit: $280,669
• Equity at exit: $168,168

Cash invested: $544,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City Los Angeles: 0 Strongly Tenant-Friendly · D+22

LARSO + JCEO 2023; relocation for substantial remodel evictions.

Methodology + full state rankings →

ZIP-level market 90004

• Rents YoY: -1.7%
• Active inventory: 137
• Price-to-rent: 54.0×

Monthly cashflow live

• Estimated rent: $25,218 high
• Mortgage (P&I): −$10,200
• Tax from tax record: −$2,340 /mo · $28,079/yr
• Insurance: −$810
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,296
• Net cashflow: $6,572

Break-even live

Break-even rent $16,899

Max offer price $1,945,000

Occupancy floor 69%

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 7× units	1	1	$20,993
1× unit	2	1	$4,222
Total (8 units)			$25,218

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $486,250
• Closing costs: $58,350
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-18
   days on market $1,945,000 Active 48 DOM
2. 2026-06-17
   days on market $1,945,000 Active 47 DOM
3. 2026-06-16
   days on market $1,945,000 Active 46 DOM
4. 2026-06-15
   days on market $1,945,000 Active 45 DOM
5. 2026-06-13
   days on market $1,945,000 Active 43 DOM
6. 2026-06-09
   days on market $1,945,000 Active 39 DOM
7. 2026-06-08
   days on market $1,945,000 Active 38 DOM
8. 2026-06-07
   days on market $1,945,000 Active 37 DOM
9. 2026-06-04
   days on market $1,945,000 Active 34 DOM
10. 2026-06-03
    days on market $1,945,000 Active 33 DOM
11. 2026-06-02
    days on market $1,945,000 Active 32 DOM
12. 2026-06-01
    days on market $1,945,000 Active 31 DOM
13. 2026-05-31
    days on market $1,945,000 Active 30 DOM
14. 2026-05-01
    listed $1,945,000 Active 880-char remark

    Show marketing remark (880 chars)

    Nestled in the heart of prime Koreatown, this 8-unit property offers an attractive investment opportunity with a versatile unit mix comprised of 1 studio unit, 6 one-bedroom units, and 1 two-bedroom unit, appealing to a wide range of tenants. Spanning approximately 6,080 square feet on a 5,749-square-foot lot, the property also features 7 to 8 tandem parking spaces. Currently generating a gross annual rent of approximately $145,224, the asset presents strong upside potential in rents. With a permit already pulled for the soft-story retrofit, a new roof underway, and several units recently updated, this property combines current income with clear value-add opportunities. Ideally located in a vibrant, walkable neighborhood near shops, dining, and public transit, this is a prime opportunity to invest in one of Los Angeles’ most dynamic and in-demand rental markets.

15. 2011-06-24
    historical Expired
16. 2011-03-23
    listed Active
17. 2011-03-06
    historical Expired
18. 2011-02-15
    price
19. 2011-02-01
    price
20. 2010-11-22
    price
21. 2010-11-05
    listed Active
22. 2010-09-26
    historical
23. 2010-05-26
    listed $925,000 Active
24. 2006-12-11
    historical
25. 2006-11-28
    listed
26. 2001-06-07
    soldstatus $1,400,000
27. 1995-11-03
    soldstatus $550,000
28. 1990-11-01
    soldstatus $1,446,000
29. 1986-12-16
    soldstatus $1,150,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $28,079 · $2,340/mo
• Projected year-2 tax: $28,079 · $2,340/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥92°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $302,616
• − Mortgage interest: −$108,950
• − Property taxes: −$28,079
• − Insurance: −$9,725
• − Repairs & maintenance: −$24,209
• − Management: −$24,209
• − Depreciation: −$56,582
• Taxable income: $50,861
• Est. tax owed @ 24.0%: −$12,207
• After-tax cash flow: $66,658/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Los Angeles Unified
• NCES district ID: 0622710
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 54% ▲ 10.00%
• Median HH income: $50,403
• Composite: 35.67/100
• National rank: #4875
• State rank: #223 of 517 in CA

Livability — Los Angeles

• Score: 68/100
• State rank: #273
• US rank: #9237

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment B Housing B- Health & safety C- User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Los Angeles, CA
• County: Los Angeles County · 9,444,647 people
• City population: 3,838,149
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 58,484
• Household income: $64,826
• Rent vs Own: 83.8% rent · 16.2% own
• Severe rent burden: 6512.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Hispanic / Latino 46% Asian 25% White 21% Two or more races 11% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Lithuanian 1% Romanian 1% Scotch-Irish 1%
• Foreign-born: 47% · Canada, South Korea, China
• Languages at home: 34% English-only · Spanish 40% Korean 10% Tagalog/Filipino 8%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -896.52%
• Current HPI: 421.3689
• Rent YoY: ▼ -1.71%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+69.1% since first listed

16 events — show timeline

• 2026-05-01 Listed $1,945,000 CRMLS
• 2011-06-24 Delisted — TheMLS
• 2011-03-23 Listed — TheMLS
• 2011-03-06 Delisted — TheMLS
• 2011-02-15 Price Changed — TheMLS
• 2011-02-01 Price Changed — TheMLS
• 2010-11-22 Price Changed — TheMLS
• 2010-11-05 Listed — TheMLS
• 2010-09-26 Listing Removed — CRMLS
• 2010-05-26 Listed $925,000 CRMLS
• 2006-12-11 Delisted — TheMLS
• 2006-11-28 Listed — TheMLS
• 2001-06-07 Sold (Public Records) $1,400,000 Public Records
• 1995-11-03 Sold (Public Records) $550,000 Public Records
• 1990-11-01 Sold (Public Records) $1,446,000 Public Records
• 1986-12-16 Sold (Public Records) $1,150,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $28,079 · +1.9% YoY. Source: county tax records.