372 Columbia AveLos Angeles, CA 90017

Property Details for 372 Columbia Ave

Year built

1940

Construction

WOOD

Lot size

0.52 AC

Property size (Sq ft)

14,983 SF

Zone code

LAR3

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

5153-021-003

APU

5153021003

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $5,479,986

  6.5%

  $5,058,449

  7%

  $4,697,131

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,416,210

  Geo Method

  $4,416,210

• Alternative Use

  Use

  Valuation

  Residential

  $5,058,449

  Hospitality

  $4,633,512

  Educational

  $3,855,028

  Medical

  $3,987,608

  Retail

  $5,996,710

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.0572

Longitude

-118.265

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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