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    Twelve-Unit Apartment Building Title is generated by Realmo AI

    229 S Westlake Ave, Los Angeles, CA 90057

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    For Sale
    $1,895,000

    Twelve studio units with separate gas/electric meters, on-site laundry, and recent sewer and plumbing improvements.

    Type:Multifamily
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 5 at 2:26 am

    Property Features for 229 S Westlake Ave

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Jason Tuvia

    Listing agent Jason Tuvia License #License(s): CA: 01772495

    Listing office Encino Office

    Listing date Jun 3, 2026

    Source Marcusmillichap

    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 Encino Office

    HighLights

    • 12‑unit apartment building with a unit mix of twelve studio units
    • Separate gas and electricity meters for the property
    • On‑site laundry facility
    • Recent capital improvements include a new sewer line, upgraded electrical systems, and upgraded copper lateral plumbing lines
    • Rear courtyard and basement offer potential ADU conversion opportunities (buyer to verify)
    • Convenient access to the 101 and 110 Freeways and the Metro B Line at Westlake/MacArthur Park Station

    Overview

    This twelve-unit apartment building features a streamlined unit mix of all studio apartments and classic Spanish-style architecture. The property is separately metered for gas and electricity and includes an on-site laundry facility. Recent capital improvements include a new sewer line, upgraded electrical systems, and upgraded copper lateral plumbing lines. A rear courtyard and basement add flexibility and present potential for ADU conversion opportunities, subject to buyer verification.

    Located in a good Echo Park-adjacent area, the building sits just south of Beverly Blvd and east of Alvarado St. Residents benefit from immediate access to major regional transportation including the 101 and 110 Freeways, as well as the Metro B Line at Westlake/MacArthur Park Station. The surrounding area includes major commercial corridors such as Beverly Blvd, Alvarado St, Temple St, and 3rd St, along with neighborhood amenities including Echo Park Lake and Vista Hermosa Park.

    For investors and operators seeking a smaller multifamily asset with apartment-style income in a transit-connected, amenity-rich submarket, this property offers a straightforward studio configuration and documented utility and life-safety upgrades. The separately metered setup and existing laundry facility support day-to-day operations, while the courtyard and basement provide a practical starting point for ADU planning, pending all applicable approvals.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.27015
    Latitude
    34.06425

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    FAQs

    What type of property is this?
    Apartment building - Twelve studio units with separate gas/electric meters, on-site laundry, and recent sewer and plumbing improvements.
    Where is this apartment building located?
    The property is located at 229 S Westlake Ave Los Angeles, CA.
    What is the asking price?
    The asking price for this property is $1,895,000.
    What are key features of this property?
    This property features: 12‑unit apartment building with a unit mix of twelve studio units; Separate gas and electricity meters for the property; On‑site laundry facility
    (818) 212-2735
    We can help!
    Listing Contact
    Jason Tuvia
    Real Estate License ID: License(s): CA: 01772495
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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