816 South Westlake Avenue

Los Angeles, CA 90057

$5,150,000
Price
30
Beds
30
Baths
15,068 Sq. Ft.
$342 / Sq. Ft.
15,068
Sq. Ft.
$342
per Sq. Ft.

Description

Do Not Walk the Property or Disrupt Tenants. Contact Listing Team for Property Showing Instructions. We are pleased to offer for sale 816 South Westlake Avenue, an 18-unit apartment community. 816 South Westlake is located south of 8th Street and east of Hoover Street, in the Westlake submarket of Los Angeles. Situated on a 7,502 square foot parcel, the property is comprised of six one-bedroom units and 12 two-bedroom units. Due to its 1990 construction, 816 South Westlake Avenue is not subject to...Do Not Walk the Property or Disrupt Tenants. Contact Listing Team for Property Showing Instructions. We are pleased to offer for sale 816 South Westlake Avenue, an 18-unit apartment community. 816 South Westlake is located south of 8th Street and east of Hoover Street, in the Westlake submarket of Los Angeles. Situated on a 7,502 square foot parcel, the property is comprised of six one-bedroom units and 12 two-bedroom units. Due to its 1990 construction, 816 South Westlake Avenue is not subject to Los Angeles City Rent Control and is subject to AB 1482 State Rent Control allowing for higher annual rental increases. The property has subterranean parking with security gated access and an elevator on-site. 816 South Westlake Avenue in close proximity to multiple venues for the 2028 Summer Olympics in Los Angeles. The property is located a short distance from venues in the "Downtown Sports Park" Including the LA Memorial Coliseum, Crypto.com Arena, BMO Stadium & more, which bode well for the long-term prospects of this neighborhood. 816 South Westlake Avenue presents investor a unique opportunity to attain a 1990's constructed asset in a dense infill Westlake location with in-place yield.
  1. Listed by Sean Rosenzweig • DRE #01406343 • Brokerage DRE #01238010 • Marcus & Millichap

Property Details for 816 South Westlake Avenue

Zoning
LAR3
Parcel Number
5142004004
Total Units
18.0
Living Area
15068
Source Living Area
Assessor
Area
Downtown L.A. (C42)
Vacancy Rate
1
Lot Size Area
7502
LISTING UPDATED: 11/12/2024 09:42 AM

Property Details for 816 South Westlake Avenue

StatusActive Under Contract
MLS #24-432381
Days on Market132
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1990
Lot Size0.17 AC / 7,502 SF
CountyLos Angeles County

Building Information for 816 South Westlake Avenue

Stories3Residences-Year Built1990Building Size-Lot Size0.17 AC / 7,502 SF

Property Information for 816 South Westlake Avenue

Community / Development
Community / Development
  • Number Of Units: 18
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Assessor
  • Number Of Stories: 3
  • Number Of Buildings: 1
  • Type Of Units: Residential
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $533,766
  • Net Operating Income: $346,020.00
  • Gross Income: $550,274
  • Cap Rate: 6.72%
  • Gross Rent Multiplier: $9.36
  • Total Annual Expense: 187746
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1722
  • Lot Size Square Feet: 7502
Parking Details
Parking Details
  • Parking Garage: Covered Parking
  • Total Parking: 19
  • Parking Features: Covered
Interior Features
Interior Features
  • Levels: Multi/Split
  • Cooling Type: Other
  • Heating Type: Other
  • Equipment: Other
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 08-27-2024
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,292.00
  • Unit Actual Rent: $11,350.00
  • Unit Projected Rent: $14,400.00
  • Like Units: 6
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,675.00
  • Unit Actual Rent: $32,100.00
  • Unit Projected Rent: $34,200.00
  • Like Units: 12
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $1,411,913.00
  • Assessed Improvement Percent: 55.84
  • Assessed Land Value: $1,116,626.00
  • Assessed Land Percent: 44.16
  • Assessed Total Value: $2,528,539.00

Property History for 816 South Westlake 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 816 South Westlake Avenue

Taxable ValueLand$1,138,958Additions$1,440,151Total$2,579,109
Tax Record2024$32,850 ($2,738 / month)
Home Facts
Total Finished SqFt15,068 SqFtAbove Grade Finished SqFt15,068 SqFtLot Size7,500 SqFtStyleMulti-Family Res (5+ Units)Year Built1990ZoningLAR3CountyLOS ANGELESAPN5142-004-004

Schools near 816 South Westlake Avenue

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Charter - K to 6
Charter - K to 6
Public - 6 to 8
Rating
School
Distance
Aspire Inskeep Academy Charter
CharterK to 6

Aspire Slauson Academy Charter
CharterK to 6

Luther Burbank 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.

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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 Marcus & Millichap, Sean Rosenzweig, DRE #01406343

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.