Address
725 S Westlake Avenue Los Angeles, CA
Price
$ 17,950,000
Property Attributes
  • MLS#21694708
  • TypeIncome
  • CountyLOS ANGELES
  • CityLos Angeles
  • AreaDowntown L.A.
  • Zip90057
  • Style
  • Price$ 17,950,000
  • Bedrooms172
  • Full Bathrooms172
  • Half Bathrooms0
  • Lot Size0.34 Acres
Listing Provided Courtesy Of:
Neema Ahadian with Marcus & Millichap.
Data Source:
CRMLS
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...

Price History
2/19/2021 Listed $17,950,000

General Features

MLS Area C42 - Downtown L.A.
Parking Features None
Property Type Residential Income
Total Units 172
Zoning LAR4

Interior Features

Laundry Features Common Area

Exterior Features

Lot Size Acres 0.34
Lot Size Area 14999
Lot Size Square Feet 14999
Lot Size Units Square Feet
Number of Buildings 1

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 90057

Price
AVG $3.87M
$17.95M
Visits
AVG 40
235
Year Built
AVG 1944
1925
Walkscore
AVG 91
91
Data Provided by Walkscore ® not using MLS data

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