Address
725 S Westlake Avenue Los Angeles, CA
Price
$ 18,500,000
Property Attributes
  • MLS#20566264
  • TypeIncome
  • CountyLOS ANGELES
  • CityLos Angeles
  • AreaDowntown L.A.
  • Zip90057
  • Style
  • Price$ 18,500,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Lot Size0.34 Acres
Listing Provided Courtesy Of:
Brent Sprenkle with Berkadia.
Property 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.

Price History
3/23/2020 Listed $19,500,000
5/13/2020 6% - $18,500,000

General Features

Directions Situated on South Westlake Avenue between West 8th Street & 7th Street.
Heating Wall Furnace
Listagentaor Out of Area Board
Listing Agent Brent Sprenkle - BRE#01290116
Listing Agent State License 01290116
MLS Area C42 - Downtown L.A.
Parking Features None
Source System CRMLS
Special Listing Conditions Standard
Total Units 172
Zoning LAR4

Interior Features

Heating Y/N Yes

Exterior Features

Lot Size Area 14999.0000
Lot Size Square Feet 14999.00
Lot Size Units Square Feet
Number of Buildings 1

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult
  • 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 $3.73M
$18.5M
Visits
AVG 44
579
Year Built
AVG 1950
1925
Walkscore
AVG 89
91
Data Provided by Walkscore ® not using MLS data

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