1990 Constructed 18-Unit in Los Angeles | 816 S Westlake Ave
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1990 Constructed 18-Unit in Los Angeles 816 S Westlake Ave
18 Unit Apartment Building $5,150,000 ($286,111/Unit) 6.72% Cap Rate Los Angeles, CA 90057
Investment Highlights
- Not Subject to City of Los Angeles Rent Control, Only Subject to AB 1482 State Rent Control Which Allows 5% + CPI Annual Rent Increases
- In Close Proximity to 'Downtown Sports Park' for the 2028 LA Summer Olympics, including LA Coliseum, Crypto.com Arena, & BMO Stadium
- Family Owned and Operated for the Last 15 Years
- Operating at a Current 6.72% Cap Rate and 9.36 Gross Rent Multiplier
- Located Within a 15 Minute Radius of Over 100 Million SF of Office Space, which Attracts High-Income Tenant Profiles and Drives Rental Growth
- In Close Proximity to Koreatown and Downtown Los Angeles, Offering Renters Convenient Access to Entertainment and Nightlife
Executive Summary
Do Not Walk the Property or Disrupt Tenants. Contact Listing Team for Property Showing Instructions.
The SR Group of Marcus & Millichap, as the exclusive listing agent, is 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.
The SR Group of Marcus & Millichap, as the exclusive listing agent, is 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.
Property Facts Under Contract
| Price | $5,150,000 | Apartment Style | Low Rise |
| Price Per Unit | $286,111 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 6.72% | Building Size | 15,068 SF |
| Gross Rent Multiplier | 9.36 | Average Occupancy | 84% |
| No. Units | 18 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1990 |
| Property Subtype | Apartment | Parking Ratio | 1.26/1,000 SF |
| Price | $5,150,000 |
| Price Per Unit | $286,111 |
| Sale Type | Investment |
| Cap Rate | 6.72% |
| Gross Rent Multiplier | 9.36 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 15,068 SF |
| Average Occupancy | 84% |
| No. Stories | 3 |
| Year Built | 1990 |
| Parking Ratio | 1.26/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- Gated
- Elevator
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | 600 |
| 2+2 | 12 | - | 850 |
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Walk Score ®
Walker's Paradise (95)
Transit Score ®
Excellent Transit (85)
Bike Score ®
Very Bikeable (82)
PROPERTY TAXES
| Parcel Number | 5142-004-004 | Improvements Assessment | $1,440,151 |
| Land Assessment | $1,138,958 | Total Assessment | $2,579,109 |
PROPERTY TAXES
Parcel Number
5142-004-004
Land Assessment
$1,138,958
Improvements Assessment
$1,440,151
Total Assessment
$2,579,109
zoning
| Zoning Code | LAR3 |
| LAR3 |
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1990 Constructed 18-Unit in Los Angeles | 816 S Westlake Ave
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