319 N Westlake Ave

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Address: 319 N Westlake Ave, Los Angeles, California, US
Created date: October 31, 2023
Date last updated: October 31, 2023
  • Good South Echo Park Location Just a Couple Blocks from Echo Park Lake
  • Brand New 2023 Construction – Not Subject to LA Rent Control (Select Units Set Aside For Rent Restriction)
  • The 1-Bedroom Units Featuring a Den Can Potentially Be Converted to 2-Bedroom Units
  • Delivered 100% Vacant
  • Nine (9) Highly Premium Market Rate Units
  • Basement has 30′ Wide Clear Span Design, Allowing Option to Convert into More Units Once Parking Minimums are Eliminated
  • Seven (7) Parking Spaces Available
  • Option to Privatize Luxury Roof Decks for Additional Income at a Collective $12,000 Per Year

Property Description

Marcus and Millichap is pleased to present a brand new construction fourteen (14) unit apartment building located at 319 N Westlake Avenue / 320 N Mountain View Avenue in Los Angeles, California. The subject property is located in a good South Echo Park location just a couple blocks from Echo Park Lake, south of Temple Street and east of Alvarado Street.

Echo Park is a diverse and eclectic area, attracting strong development and new residents every year. Echo Park is a rapidly changing rental market that is adjacent to Silver Lake and Downtown Los Angeles. Echo Park has been subject to an invigorate stream of new housing development, community re-positing, and an increased demand of living in the area. This is demonstrated by the large increase in housing developments along the popular corridors of W Temple Street and Beverly Boulevard. With over thirty (30) new developments in the pipeline along these South Echo Park thoroughfares, this area is set to be one of the hottest areas in LA within the coming years. Some of the new developments include the HiFi Collective, a recently completed 63-unit apartment building atop 6,475 SF of core retail along W Temple Street. Another recently completed project is the Bahay, a 200-unit mixed-use building situated right across the street from the subject property. Other developments in the pipeline that are under construction include the Pinnacle 360 (221-unit apartment building), 3001 Beverly Boulevard (46-unit apartment building), and 418 N Alvarado Street (73-unit mixed-use building).

Built in 2023, this brand new construction property contains a good unit mix of four (4) one-bedroom / one-bathroom units set aside for affordable housing, one (1) one-bedroom / one-bathroom market rate unit, seven (7) one-bedroom / one and a half-bathroom market rate units with a bonus den, and two (2) one-bedroom / two-bathroom market rate units with a bonus den. Three (3) units are penthouses on the fifth floor. The one-bedrooms featuring a den can potentially be converted to two-bedroom units. Units on the upper floors have access to impeccable views across LA including Echo Park Lake, Downtown, and Hollywood. There are 0.5 parking spaces per unit for a total of seven (7) parking spaces. This mid-rise property features luxury amenities such as access to private rooftop decks that can be rented for additional income. Tenants will love being within immediate walking distance to trendy Eastside retail, restaurant, and entertainment amenities across W Temple Street and Glendale Boulevard. Some of these amenities include Target, Bloom & Plume Coffee, Tribal Cafe, Clark Street Echo Park, Laveta, 1642 Bar, and more. Outdoor recreation is less than a mile away at Echo Park Lake, with the tennis courts available even closer to the subject property.

Situated in a good South Echo Park location, this offering presents an excellent opportunity for any investor to capitalize on a brand new 2023 construction mid-rise apartment building free from Los Angeles Rent control (subject to rent restrictions on select units).

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments
Price: $6,600,000
No. of Units: 14
Cap Rate: 5.44%
GRM /GIM: 13.58
Year Built: 2023
Building Size: 16,401 Sq ft
Opportunity Zone: No
Price per unit: $471,429
Address: 319 N Westlake Ave, Los Angeles, California, US

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