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    725 S Westlake Ave

    Los Angeles, CA 90057
    • $18,500,000
    • STATUS: Active
    • ON SITE: 187 days
    • MLS #: 20-566264
    UPDATED: 82 min ago
    $18,500,000
    • 0
      BEDS
    • N/A
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 45,088
      SQFT
    • $410
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1925
    County:

    School Ratings & Info

    Description

    Price Reduced by $1,000,000. The Olympic is a 172-unit apartment complex/hotel situated in the redeveloping Westlake district of Los Angeles, just west of downtown. The Olympic will be delivered with a minimum of 110 units vacant at the close of escrow. The property is steps away from Wilshire Boulevard, Alvarado Street, MacArthur Park, and the Metro Station. The Olympic was built in 1925 and is a four-story complex constructed of reinforced brick with two large basements and a massive lobby. All units are efficiencies and have private bathrooms and a closet but no kitchen. No units share bathrooms. The certificate of occupancy from 1926 states the property is a "four-story, Class C, 172 Rooms, Hotel". As the property was originally a hotel, all utilities are master-metered. The property is serviced by four staircases and an elevator in a central hallway configuration with a courtyard between the u-shaped structure.

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2020-09-26T23:42:33.873. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.haciendagroupinc.com/homes/104405405
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    725 S Westlake Ave Los Angeles, CA 90057

    • Price: $18,500,000
    • Status: Active
    • Updated: 82 min ago
    • MLS #: 20-566264
    0
    Beds
    0
    Baths
    0
    ½ Baths
    N/A
    Acres
    45,088
    SQFT
    $410
    $/SQFT
    1925
    Built
    Neighborhood:
    Downtown L.A.
    County:
    Los Angeles
    Area:
    Downtown L.A.
    Property Description
    Price Reduced by $1,000,000. The Olympic is a 172-unit apartment complex/hotel situated in the redeveloping Westlake district of Los Angeles, just west of downtown. The Olympic will be delivered with a minimum of 110 units vacant at the close of escrow. The property is steps away from Wilshire Boulevard, Alvarado Street, MacArthur Park, and the Metro Station. The Olympic was built in 1925 and is a four-story complex constructed of reinforced brick with two large basements and a massive lobby. All units are efficiencies and have private bathrooms and a closet but no kitchen. No units share bathrooms. The certificate of occupancy from 1926 states the property is a "four-story, Class C, 172 Rooms, Hotel". As the property was originally a hotel, all utilities are master-metered. The property is serviced by four staircases and an elevator in a central hallway configuration with a courtyard between the u-shaped structure.
    Exterior Features

    Lot Size Area 14999 Other Structures None Parking Garage None Total Parking 0

    Interior Features

    Baths Total 72.00 Cooling Ceiling Fan Equipment Ceiling Fan Heating Wall

    Property Features

    Gross Income 1762704 Gross Operating Income 1889832 Like Units1 172 Net Operating Income 992385.00 Number Of Buildings 1 Number Of Units 172 Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Total Annual Expense 770319 Type Of Units 172 Year Built Source Assessor Zoning Lar4

    Listing provided courtesy of Brent Sprenkle DRE#01290116 of Berkadia.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2020-09-26T23:42:33.873. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
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    Hacienda Agency Inc
    77935 Calle Tampico # 201
    La Quinta CA, 92253