For Sale
$5,150,000

816 Westlake AveLos Angeles, CA 90057

18-unit multifamily, high ROI potential.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 18-unit apartment building, constructed in 1990, presents a compelling investment opportunity in Los Angeles's vibrant Westlake submarket. Located at 816 South Westlake Avenue, this three-story building boasts 15,068 square feet of net rentable space situated on a 7,502 square foot lot. The property features a mix of six one-bedroom and twelve two-bedroom units, commanding a current NOI of $346,020, representing a 6.72% cap rate and a pro-forma cap rate of 7.31%. The asking price is $5,150,000, translating to $341.78 per square foot and $286,111.11 per unit. Benefiting from its 1990 construction, the property is not subject to Los Angeles City Rent Control, only AB 1482 State Rent Control, allowing for potentially higher annual rental increases. Amenities include subterranean parking with security gated access and an on-site elevator. Its prime location near the 2028 Olympic venues, including the LA Memorial Coliseum, Crypto.com Arena, and BMO Stadium, and proximity to major employment centers, further enhances its long-term investment prospects. The property's strong in-place yield, combined with its strategic location in a dense infill area close to Koreatown and Downtown Los Angeles, makes it an attractive asset for discerning investors. The property is zoned LAR3. The building has been family-owned and operated for the past 15 years. A pro-forma NOI of $376,361 is projected.

Highlights

  • 1990 construction, not subject to Los Angeles rent control; only AB 1482 applies (5% + CPI annual increases).
  • Strong in-place yield, currently operating at a 6.72% cap rate and 9.36 GRM.
  • Close proximity to 2028 Olympic venues in the Downtown Sports Park (Coliseum, Crypto.com Arena, BMO Stadium).
  • Within 15 minutes of over 100 million square feet of office space, attracting high-income tenants and driving rental growth.
  • Family-owned and operated for 15 years.
  • Dense infill location near Koreatown and Downtown LA, offering convenient access to entertainment and nightlife.

Property Details for 816 Westlake Ave

Property type
Apartment buildings
Square Feet
15,068 SF
Year Built
1990
Buildings
1
Stories
3
Units
18

Location Insight

City
Los Angeles
County
Los Angeles
State
California
Latitude
34.0537203
Longitude
-118.2767761
816 Westlake Ave, Los Angeles, California

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816 Westlake Ave
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