S Westlake Avenue
S Westlake Avenue Los Angeles, California 90057 United States

$17,950,000
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Marcus & Millichap

$17,950,000
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.34 Acres
Exterior
Residential Income
Property type
1925
Year Built
21694708
Web Id
21694708
MLS ID
Los Angeles Unified
School District
7
days ago

About S Westlake Avenue

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 7.69% CAP when fully occupied at market rates and units are leased at market rates...

Listing Courtesy of Marcus & Millichap, Savannah MLS