372 Columbia Ave Los Angeles, CA 90017

This exceptional 18-unit apartment building, located at 372 Columbia Avenue in Los Angeles, CA 90017, presents a compelling investment opportunity. Built in 1940, this two-story, 14,983 square foot building sits on a 22,792 square foot lot zoned LAR3. The property boasts a mix of one and two-bedroom units, including thirteen one-bedroom/one-bathroom, four two-bedroom/one-bathroom, and one two-bedroom/1.5-bathroom unit. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $156,355, representing a 5.13% cap rate. A pro-forma NOI of $281,453 projects a 9.23% cap rate. Recent capital improvements include a new roof (2020), staircase railing repairs (2021), and new water heaters in approximately half the units (2023), along with a voluntary foundation upgrade in 2015. The property features a gated courtyard, ample on-grade parking for approximately 19 vehicles, and many units retain original period details. Situated in the highly walkable Westlake neighborhood (Walk Score 91, Transit Score 92), the building benefits from its proximity to Downtown LA, major employers, public transportation (a 16-minute walk from the Metro B and D lines), and other desirable Los Angeles neighborhoods including MacArthur Park, Echo Park, Koreatown, and Wilshire Center. The asking price is $3,050,000, or $169,444 per unit. This property offers a blend of strong current performance and significant value-add potential.