372 Columbia Avenue

Los Angeles, CA 90017

$3,050,000
Price
23
Beds
19
Baths
14,526 Sq. Ft.
$210 / Sq. Ft.
14,526
Sq. Ft.
$210
per Sq. Ft.

Description

372 Columbia Avenue is an 18-unit courtyard apartment community in the Westlake District of Los Angeles (90017), immediately adjacent to Downtown LA and Echo Park. It is being offered for sale for the first time in over 40 years, providing investors with an opportunity to acquire a value-add opportunity in one of LA's stable and dynamic neighborhoods. Built in 1940, 372 Columbia Avenue, a garden-style apartment community attracts residents who appreciate the asset's style, spacious apartments, and...372 Columbia Avenue is an 18-unit courtyard apartment community in the Westlake District of Los Angeles (90017), immediately adjacent to Downtown LA and Echo Park. It is being offered for sale for the first time in over 40 years, providing investors with an opportunity to acquire a value-add opportunity in one of LA's stable and dynamic neighborhoods. Built in 1940, 372 Columbia Avenue, a garden-style apartment community attracts residents who appreciate the asset's style, spacious apartments, and proximity to major Los Angeles employers. 372 Columbia features an exceptional unit composition consisting of One (1) 2 Bedroom | 1.5 Bathroom, Four (4) 2 Bedroom | 1 Bathroom units, and Thirteen (13) 1 Bedroom | 1 Bathroom units. 372 Columbia Avenue comprises +/- 14,983 SF of improvements and is sited on a +/- 22,792 SF parcel zoned LAR3. Most apartment units are accessed through a gated landscaped courtyard. Resident parking is accessed via a secured driveway and features approximately Nineteen (19) on-grade parking spaces. Many units still feature period designs and details prevalent in 1940s garden-style properties, namely large spacious units, dedicated dining rooms/breakfast nooks, bay windows, ornamental window shutters, ironwork, crown molding, and many built-ins and closets. Select units offer stunning views of Downtown Los Angeles and the towering skyline. In recent years, current ownership has completed several meaningful capital expenditures, such as new water heaters in nearly half the units (2023), replacement/repair of all the building's staircase railings (2021), re-roofing with Class A materials (including tear-off) (2020), and voluntary foundation upgrade and bracing (2015). Due to its proximity to some of LA's most sought-after cities, 372 Columbia Avenue is an attractive rental option. Westlake is adjacent to Downtown Los Angeles, MacArthur Park, Rampart Village, Echo Park, Koreatown, and Wilshire Center. It has a Walk Score of 91 and a Transit Score of 92, offering world-class access to public transportation. 372 Columbia Avenue is a few blocks from the Metro B Line (Red) and the Metro D Line (Purple) at the Westlake / MacArthur Park Station stop.

Property Details for 372 Columbia Avenue

Zoning
LAR3
Parcel Number
5153021003
Total Units
18.0
Living Area
14526
Source Living Area
Vendor Enhanced
Area
Downtown L.A. (C42)
Vacancy Rate
5.5%
Lot Size Area
22858
LISTING UPDATED: 11/01/2024 12:01 AM

Property Details for 372 Columbia Avenue

StatusActive
MLS #24-456587
Days on Market67
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1940
Lot Size0.52 AC / 22,858 SF
CountyLos Angeles County

Building Information for 372 Columbia Avenue

Stories2Residences-Year Built1940Building Size-Lot Size0.52 AC / 22,858 SF

Property Information for 372 Columbia Avenue

Community / Development
Community / Development
  • Number Of Units: 18
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Apartments
Contract Info
Contract Info
  • Disclosures: As Is
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $292,604
  • Net Operating Income: $156,355.00
  • Gross Income: $298,576
  • Cap Rate: 5.10%
  • Gross Rent Multiplier: $10.20
  • Total Annual Expense: 136250
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.5247
  • Lot Size Square Feet: 22858
Parking Details
Parking Details
  • Parking Garage: Covered Parking, Uncovered
  • Total Parking: 19
  • Parking Features: Covered, Uncovered
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Other
  • Heating Type: Other
  • Equipment: Other
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 10-24-2024
Unit Details
Unit 1 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,350.00
  • Unit Actual Rent: $2,350.00
  • Unit Projected Rent: $2,350.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $5,517.00
  • Unit Actual Rent: $5,517.00
  • Unit Projected Rent: $9,000.00
  • Like Units: 4
Unit 3 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,300.00
  • Unit Actual Rent: $16,895.00
  • Unit Projected Rent: $24,050.00
  • Like Units: 13
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $244,035.00
  • Assessed Improvement Percent: 29.41
  • Assessed Land Value: $585,712.00
  • Assessed Land Percent: 70.59
  • Assessed Total Value: $829,747.00

Property History for 372 Columbia Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 372 Columbia Avenue

Taxable ValueLand$597,426Additions$252,515Total$849,941
Tax Record2024$12,799 ($1,067 / month)
Home Facts
Total Finished SqFt14,983 SqFtAbove Grade Finished SqFt14,983 SqFtLot Size22,792 SqFtStyleMulti-Family Res (5+ Units)Year Built1940ZoningLAR3CountyLOS ANGELESAPN5153-021-003

Schools near 372 Columbia Avenue

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
John H. Liechty Middle School
Public6 to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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372 Columbia Avenue is a multi-family home for sale in Los Angeles, CA 90017. This property was listed for sale on October 24, 2024 by KW Commercial Studio City, it's currently listed at $3,050,000. This listing's school district is Los Angeles Unified School District. Nearby schools include Gratts Learning Academy For Young Scholars (Glays), John H. Liechty Middle School and Contreras Learning Center-School Of Social Justice. 372 Columbia Avenue is a 23-bed, 19-bath, 14,526 sqft multi-family home built in 1940.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of KW Commercial Studio City, Nick Astrupgaard, DRE #01893466; KW Commercial Studio City, Rich Johns, DRE #01432215

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.