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816 Westlake Avenue

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Address: 816 S Westlake Ave, Los Angeles, CA 90057, USA

California & West + Apartment Buildings

Created date: August 28, 2024

Date last updated: August 28, 2024

-1990 Construction – Not Subject to City of Los Angeles -Rent Control, Only Subject to AB 1482 State Rent Control Which Allows 5% + CPI Annual Rent Increases
-Operating at a Current 6.72% Cap Rate and 9.36 Gross Rent Multiplier
-Located in Close Proximity to Major Venues in the “Downtown Sports Park” for the 2028 Summer Olympics in Los Angeles. Venues Include the LA Coliseum, Crypto.com Arena, & BMO Stadium
-Located Within a 15 Minute Radius of Over 100 Million SF of Office Space, which Attracts High-Income Tenant Profiles and Drives Rental Growth
-Family Owned and Operated for the Last 15 Years
Located in Close Proximity to Koreatown and Downtown Los Angeles, Offering Renters Convenient Access to Entertainment and Nightlife

Property Description

Do Not Walk the Property or Disrupt Tenants. Contact Listing Team for Property Showing Instructions. Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale 816 South Westlake Avenue, an 18-unit apartment community. 816 South Westlake is located south of 8th Street and east of Hoover Street, in the Westlake submarket of Los Angeles. Situated on a 7,502 square foot parcel, the property is comprised of six one-bedroom units and 12 two-bedroom units. Due to its 1990 construction, 816 South Westlake Avenue is not subject to Los Angeles City Rent Control and is subject to AB 1482 State Rent Control allowing for higher annual rental increases. The property has subterranean parking with security gated access and an elevator on-site. 816 South Westlake Avenue in close proximity to multiple venues for the 2028 Summer Olympics in Los Angeles. The property is located a short distance from venues in the “Downtown Sports Park” Including the LA Memorial Coliseum, Crypto.com Arena, BMO Stadium & more, which bode well for the long-term prospects of this neighborhood. 816 South Westlake Avenue presents investor a unique opportunity to attain a 1990’s constructed asset in a dense infill Westlake location with in-place yield.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$5,150,000
No. of Units:	18
Cap Rate:	6.72%
GRM /GIM:	9.36
Building Size:	15,068 Sq ft
Opportunity Zone:	No
Price per unit:	$286,111