816 Westlake Ave Los Angeles, CA 90057-4911

Property Details for 816 Westlake Ave

Year built

1990

Construction

WOOD

Lot size

0.17 lot acres

Property size

15,068 SF

Zone code

LAR3

Property type

Apartment buildings

APN

5142-004-004

APU

5142004004

Description

This exceptional 18-unit apartment building, constructed in 1990, presents a compelling investment opportunity in Los Angeles's vibrant Westlake submarket. Located at 816 South Westlake Avenue, this three-story building boasts 15,068 square feet of net rentable space situated on a 7,502 square foot lot. The property features a mix of six one-bedroom and twelve two-bedroom units, commanding a current NOI of $346,020, representing a 6.72% cap rate and a pro-forma cap rate of 7.31%. The asking price is $5,150,000, translating to $341.78 per square foot and $286,111.11 per unit. Benefiting from its 1990 construction, the property is not subject to Los Angeles City Rent Control, only AB 1482 State Rent Control, allowing for potentially higher annual rental increases. Amenities include subterranean parking with security gated access and an on-site elevator. Its prime location near the 2028 Olympic venues, including the LA Memorial Coliseum, Crypto.com Arena, and BMO Stadium, and proximity to major employment centers, further enhances its long-term investment prospects. The property's strong in-place yield, combined with its strategic location in a dense infill area close to Koreatown and Downtown Los Angeles, makes it an attractive asset for discerning investors. The property is zoned LAR3. The building has been family-owned and operated for the past 15 years. A pro-forma NOI of $376,361 is projected.