229 South Westlake Avenue is a well-maintained Twelve (12) Unit, 1920s architectural building located in the heart of the North Westlake / Historic Filipinotown community and within a short distance of Silver Lake and Echo Park. 229 South Westlake Avenue is ideally located with immediate access to the neighboring communities of DTLA/Financial District (1.4 miles), Echo Park (1 mile), and Silver Lake (1 mile), which provides ample employment opportunities and world-class entertainment venues. The Walk Score is 94, deemed "Very Walkable." 229 South Westlake Avenue, built in 1926, consists of 6,150 SF of improvements on a 6,272 square-foot parcel and a unit composition of Twelve (12) spacious apartments. Each unit features generously sized main rooms, full kitchens with dining spaces, and full baths with much of the original 1920s character restored. The building amenities include a gated and controlled access entry, street parking, common area laundry, and a massive rear yard for tenant enjoyment. The offering offers investors a unique opportunity to acquire an easy-to-operate cash-flow property with meaningful long-term rent appreciation. The offering provides significant long-term rental upside since the average rent for a studio apartment in Los Angeles in May 2023 was $1,997 per RentoMeter's statistics and trends report.
Property Type :
Residential Income
County :
Los Angeles
Style :
Residential Income
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ByOwner last updated this listing 05/21/2024 @ 08:21
MLS: 24355605
LISTED BY: Nick Astrupgaard, KW Commercial Studio City
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.
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