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    725 S Westlake Ave

    Los Angeles, CA 90057
    • $17,950,000
    • STATUS: Active
    • ON SITE: 87 days
    • MLS #: 21-694708
    UPDATED: 204 min ago
    $17,950,000
    • 0
      BEDS
    • 0.34
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 45,088
      SQFT
    • $398
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1925
    County:

    School Ratings & Info

    Description

    725 S Westlake Ave, The Olympic is a unique 172-room apartment building and hotel located in the heart of Westlake between 7th and 8th Street, adjacent to MacArthur Park; a location just over one mile to Downtown Los Angeles that is surrounded by new developments, employment and education opportunities that contribute to significant rent growth year-over-year in this rapidly gentrifying neighborhood.Built in 1925 the Olympic was originally a hotel which has been partially operated as 31 apartment units and 141 weekly rentals. 82% of the building is rented weekly for a rate of $225 per week plus a $25 key deposit, with up to three weeks stay. All 172 units are 150 square foot singles with private bathrooms but no kitchen. The building is comprised of four-story reinforced brick that features a massive lobby, two large basement areas, a courtyard, and the original Olympic Hotel signage. The north basement area has access to the back alley, this space could potentially be leased for additional income. This historic hotel has been features in movies, television commercials, and shows which provide an additional source of income for the current owner when leased for filming.This offering is a rare opportunity to acquire a 172-room historic hotel in Westlake with a 7.06% CAP when fully occupied at market rates and units are leased at market rates...

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-05-17T23:42:36.31. 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.searchdesertrealestate.com/homes/114370252
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    725 S Westlake Ave Los Angeles, CA 90057

    • Price: $17,950,000
    • Status: Active
    • Updated: 204 min ago
    • MLS #: 21-694708
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.34
    Acres
    45,088
    SQFT
    $398
    $/SQFT
    1925
    Built
    Neighborhood:
    Downtown L.A.
    County:
    Los Angeles
    Area:
    Downtown L.A.
    Property Description
    725 S Westlake Ave, The Olympic is a unique 172-room apartment building and hotel located in the heart of Westlake between 7th and 8th Street, adjacent to MacArthur Park; a location just over one mile to Downtown Los Angeles that is surrounded by new developments, employment and education opportunities that contribute to significant rent growth year-over-year in this rapidly gentrifying neighborhood.Built in 1925 the Olympic was originally a hotel which has been partially operated as 31 apartment units and 141 weekly rentals. 82% of the building is rented weekly for a rate of $225 per week plus a $25 key deposit, with up to three weeks stay. All 172 units are 150 square foot singles with private bathrooms but no kitchen. The building is comprised of four-story reinforced brick that features a massive lobby, two large basement areas, a courtyard, and the original Olympic Hotel signage. The north basement area has access to the back alley, this space could potentially be leased for additional income. This historic hotel has been features in movies, television commercials, and shows which provide an additional source of income for the current owner when leased for filming.This offering is a rare opportunity to acquire a 172-room historic hotel in Westlake with a 7.06% CAP when fully occupied at market rates and units are leased at market rates...
    Exterior Features

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

    Interior Features

    Baths Total 72.00 Cooling Other Equipment None Heating Other Laundry Community

    Property Features

    Assessed Total Value 16783000 Gross Income 1822620 Gross Operating Income 1695037 Like Units1 172 Net Operating Income 1157576.00 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 537461 Type Of Units Hotel Rooms Year Built Source Vendor Enhanced Zoning Lar4

    Listing provided courtesy of Neema Ahadian DRE#01346750 of Marcus & Millichap.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-05-17T23:42:36.31. 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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