Residential Income – 725 S Westlake Ave, Los Angeles, CA 90057, USA -001-11-30T00:00:00-08:00
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. Th
725 S Westlake Ave, Los Angeles, CA 90057, USA
$18,500,000 USD
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Address725 South Westlake Avenue, Los Angeles
Price$18,500,000
Price Changed5.12% (-$1,000,000, 18 days ago)
Year Built1925
Bedrooms Total0
Lot Size (Sq.Ft.)14,999
Listing ID20566264
StatusActive
Parcel Number5141019013
ZoningLAR4
Special ConditionsStandard
Days on Market69

Detailed 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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Senior Community

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Address Information
Address725 South Westlake Avenue, Los Angeles
Street PrefixSouth
Street SuffixAvenue
CityLos Angeles
Location (MLS Area)C42 – Downtown L.A.
County Or ParishLos Angeles
State or ProvinceCA
Postal Code90057
Financial Information
Price Changed-5.1282%
Previous Price$19,500,000
Price per Lot Square Foot$1,233.42
Special ConditionsStandard
Total Expenses$770,319
Gross Operating Income$1,889,832
Gross Income$1,762,704
Net Operating Income$992,385
Gross Multiplier9.76%
Tax Year2000
Full Descriptions
Parcel Number5141019013
Detailed DescriptionPrice 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.
Heating DescriptionWall Furnace
Parking FeaturesNone
Property parameters
Year Built1925
Lot Size (Sq.Ft.)14,999
Number of Buildings1
Number of Units Total172
ZoningLAR4
Units Total172
Listed withBrent Sprenkle (Berkadia)
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