318 Columbia Ave Los Angeles, CA 90017
Fully renovated 7-unit apartment building with ADU expansion potential.
Lot size:
0.16 AcresProperty Features for 318 Columbia Ave
General Information
- Lot size
- 0.16 Acres
Building Details
- Year built
- 1953
Source:
Elliman
Listing Agency: Keller Williams Los Angeles
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Renovated Multifamily Building with ADU Potential
This is a fully renovated and occupied 7-unit apartment building. The property is currently generating income with a 7% capitalization rate. Approved plans are in place to add 6 detached Accessory Dwelling Units (ADUs), potentially increasing the capitalization rate to 10.1% and achieving a 7.8 Gross Rent Multiplier (GRM), after accounting for construction costs. All 7 units have been remodeled from the studs with permits, featuring modern cabinets, flooring, lighting, new bathrooms, and HVAC systems, along with exterior capital improvements. Updates have been made to major systems, including electrical, plumbing, and windows. The unit mix includes 4 one-bedroom, one-bathroom units, 2 two-bedroom, one-bathroom units, and 1 new three-bedroom, two-bathroom unit. The property is individually metered for gas and electricity. Situated on a 7,084 square foot R3-1 lot within a TOC Tier 2 area, the property has future development potential. It is located in Westlake, near Echo Park, FilipinoTown, Downtown Los Angeles (DTLA), and Koreatown.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Los Angeles
- County
- Los Angeles
- State
- California
- Longitude
- -118.2645969
- Latitude
- 34.058761
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FAQs
What type of property is this?
Apartment building - Fully renovated 7-unit apartment building with ADU expansion potential.
Where is this apartment building located?
The property is located at 318 Columbia Ave Los Angeles, CA.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: - Fully renovated 7-unit apartment building, 100% occupied and cash flowing at a 7% cap rate.; - Approved plans (RTI) to add 6 detached ADUs, increasing cap rate to 10.1% and GRM to 7.8.; - All 7 units fully remodeled with permits, featuring high-end finishes, new systems, and modern aesthetic.