62-Unit Apartment Building with Rooftop
2025 W 3rd St Los Angeles, CA 90057
New
For Sale
$12,999,000
Fully gut-renovated in 2024 with 59 efficiency studios and three ground-floor commercial spaces.
Property Size19,995 SF
Lot Size0.92 Acres
Price / SF$650.11
Days on Market2
Property Features for 2025 W 3rd St
General Information
Standard status
Active
Size
19,995 SF
Lot size
0.92 Acres
Property subtype
Commercial
Building Details
Year Built
1961
Listing Agency:
(310) 903-0222
Listed By:
Logan Altman
Source:
Elliman
Added: Jul 28
Changed: Jul 29
Last Checked: Jul 29 at 3:37PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Logan Altman
Investment Insights
Based on property information with market context.
The iconic Royal Viking is a 62-unit Westlake mixed-use apartment building with 59 efficiency studios and 3 ground-floor commercial spaces. The property was fully gut-renovated in 2024, including 21 newly built units. All residential units are registered and legal with LAHD. The site is professionally set up to support both long-term housing and ground-floor commercial use, with residential units also positioned for short-term or hospitality flexibility via a legacy hotel license.
Set on a +/-39,907 SF (0.92-acre) transit-adjacent parcel zoned R4-1/C2-1, the building includes 47 on-site parking spaces. Outdoor amenities feature a pool and a resort-style roof deck. Metro B/D lines are steps away.
Originally built in 1961, the property offers a combination of in-place cash flow and flexibility, along with longer-term density and redevelopment upside on the parcel beyond the 19,995 SF of existing improvements.
Set on a +/-39,907 SF (0.92-acre) transit-adjacent parcel zoned R4-1/C2-1, the building includes 47 on-site parking spaces. Outdoor amenities feature a pool and a resort-style roof deck. Metro B/D lines are steps away.
Originally built in 1961, the property offers a combination of in-place cash flow and flexibility, along with longer-term density and redevelopment upside on the parcel beyond the 19,995 SF of existing improvements.
Key Highlights
- Fully gut‑renovated in 2024, including 21 newly built units
- 62 total units: 59 efficiency studios plus 3 ground‑floor commercial spaces
- R4‑1/C2‑1 zoned parcel, +/-39,907 SF (0.92‑acre) transit‑adjacent
Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $719.8k | $36.00 |
| − Vacancy | −$72.0k | −$3.60 |
| EGI | $647.8k | $32.40 |
| − OpEx | −$242.9k | −$12.15 |
| NOI | $404.9k | $20.25 |
19,995 SF · lease $36.00/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Apartment 5plus
$353.50M
$309.31M – $412.41M
NOI $24,744,893 @ 7.0% cap · market cap 190.36%
Second Best
Mixed Use
$5.78M
$5.06M – $6.75M
NOI $404,899 @ 7.0% cap · market cap 3.11%
Theoretical Best
Multifamily LT 5
$405.09M
$354.45M – $472.60M
NOI $28,356,069 @ 7.0% cap · market cap 218.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Fully gut-renovated in 2024 with 59 efficiency studios and three ground-floor commercial spaces.
Where is this apartment building located?
The property is located at 2025 W 3rd St Los Angeles, CA.
What is the asking price?
The asking price for this property is $12,999,000.
What are key features of this property?
This property features: Fully gut‑renovated in 2024, including 21 newly built units; 62 total units: 59 efficiency studios plus 3 ground‑floor commercial spaces; R4‑1/C2‑1 zoned parcel, +/-39,907 SF (0.92‑acre) transit‑adjacent
