For Sale
$3,050,000

372 Columbia AveLos Angeles, CA 90017

18-Unit Multifamily Investment

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 18-unit apartment building, located at 372 Columbia Avenue in Los Angeles, CA 90017, presents a compelling investment opportunity. Built in 1940, this two-story, 14,983 square foot building sits on a 22,792 square foot lot zoned LAR3. The property boasts a mix of one and two-bedroom units, including thirteen one-bedroom/one-bathroom, four two-bedroom/one-bathroom, and one two-bedroom/1.5-bathroom unit. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $156,355, representing a 5.13% cap rate. A pro-forma NOI of $281,453 projects a 9.23% cap rate. Recent capital improvements include a new roof (2020), staircase railing repairs (2021), and new water heaters in approximately half the units (2023), along with a voluntary foundation upgrade in 2015. The property features a gated courtyard, ample on-grade parking for approximately 19 vehicles, and many units retain original period details. Situated in the highly walkable Westlake neighborhood (Walk Score 91, Transit Score 92), the building benefits from its proximity to Downtown LA, major employers, public transportation (a 16-minute walk from the Metro B and D lines), and other desirable Los Angeles neighborhoods including MacArthur Park, Echo Park, Koreatown, and Wilshire Center. The asking price is $3,050,000, or $169,444 per unit. This property offers a blend of strong current performance and significant value-add potential.

Highlights

  • 18-unit garden-style apartment complex at 372 Columbia Avenue, Westlake, CA 90017.
  • Recent capital improvements include roof replacement (2020), staircase railing repairs/replacements (2021), and foundation upgrades (2015).
  • Excellent Westlake location near Downtown LA, MacArthur Park, and other key neighborhoods.
  • Highly walkable (Walk Score 91) and transit-rich (Transit Score 92) neighborhood.
  • Approximately 19 gated parking spaces.

Property Details for 372 Columbia Ave

Property type
Apartment buildings
Square Feet
14,983 SF
Year Built
1940
Buildings
1
Stories
2
Units
18

Location Insight

City
Los Angeles
County
Los Angeles
State
California
Latitude
34.0574682
Longitude
-118.2654359
372 Columbia Ave, Los Angeles, California

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372 Columbia Ave
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