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    725 S Westlake Avenue

    Los Angeles (City), CA 90057
    • $17,950,000
    • STATUS: Active
    • ON SITE: 86 days
    • ID#: 21694708
    UPDATED: 62 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 California Regional Multiple Listing Service, Inc. as of 2021-05-17T17:38:58.917. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Realty ONE Group Southwest. Licensed in the State of California, USA.
    www.necolrealty.com/homes/114372395
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    725 S Westlake Avenue Los Angeles (City), CA 90057

    • Price: $17,950,000
    • Status: Active
    • Updated: 62 min ago
    • ID#: 21694708
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.34
    Acres
    45,088
    SQFT
    $398
    $/SQFT
    1925
    Built
    Neighborhood:
    C42 - Downtown L.A.
    County:
    Los Angeles
    Area:
    C42 - 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

    Parking Features None

    Property Features

    Gross Income 1822620 Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Net Operating Income 1157576 Senior Community YN No Special Listing Conditions Standard Zoning Lar4

    Listing provided courtesy of Neema Ahadian of Marcus & Millichap


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-05-17T17:38:58.917. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Realty ONE Group Southwest. Licensed in the State of California, USA.
     
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