372 Columbia Ave
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372 Columbia Ave
18 Unit Block of Flats £2,406,450 (£133,692/Unit) 5.10% Net Initial Yield Los Angeles, CA 90017
Investment Highlights
- 372 Columbia Avenue is a charming 18-unit garden-style apartment community in Westlake (90017).
- Westlake is the 5th most walkable neighborhood in LA, with a Walk Score of 91 and Transit Score of 92 offering premium access to public transportation
- On-grade parking provided for approximately 19 vehicles accessed through a gated driveway
- Westlake is centrally located and adjacent to Downtown Los Angeles, MacArthur Park, Rampart Village, Echo Park, Koreatown, and Wilshire Center
- Current ownership has performed capital expenditures such as the replacement of building staircase railings, new roof and voluntary foundation upgrade
Executive Summary
KW Commercial, as exclusive listing agents, is pleased to present 372 Columbia Avenue, an 18-unit courtyard apartment community in the Westlake District of Los Angeles (90017), immediately adjacent to Downtown LA and Echo Park. It is being offered for sale for the first time in over 40 years, providing investors with an opportunity to acquire a value-add opportunity in one of LA's stable and dynamic neighborhoods.
Built in 1940, 372 Columbia Avenue is a garden-style apartment community that attracts residents who appreciate its style, spacious apartments, and proximity to major Los Angeles employers. 372 Columbia features an exceptional unit composition consisting of One (1) 2 Bedroom | 1.5 Bathroom, Four (4) 2 Bedroom | 1 Bathroom units, and Thirteen (13) 1 Bedroom | 1 Bathroom units. In total, 372 Columbia Avenue comprises +/- 14,983 SF of improvements and is sited on a +/- 22,792 SF parcel zoned LAR3.
Most apartment units are accessed through a gated landscaped courtyard. Resident parking is accessed via a secured driveway and features approximately Nineteen (19) on-grade parking spaces. Many units still feature period designs and details prevalent in 1940’s garden-style properties, namely large spacious units, dedicated dining rooms/breakfast nooks, bay windows, ornamental window shutters, iron work, crown molding, and many built-ins and closets. Select units offer stunning views of Downtown Los Angeles and the towering skyline.
In recent years, current ownership has completed several meaningful capital expenditures, such as new water heaters in nearly half the units (2023), replacement/repair of all the building's staircase railings (2021), re-roofing with Class A materials (including tear-off) (2020), and voluntary foundation upgrade and bracing (2015).
Due to its proximity to some of LA's most sought-after cities, 372 Columbia Avenue is an attractive rental option. Westlake is adjacent to Downtown Los Angeles, MacArthur Park, Rampart Village, Echo Park, Koreatown, and Wilshire Center. Westlake is the 5th most walkable neighborhood in Los Angeles, with an impressive Walk Score of 91 and Transit Score of 92, offering world-class access to public transportation. 372 Columbia Avenue is a 16-minute walk from the Metro B Line (Red) and the Metro D Line (Purple) at the Westlake / MacArthur Park Station stop.
Built in 1940, 372 Columbia Avenue is a garden-style apartment community that attracts residents who appreciate its style, spacious apartments, and proximity to major Los Angeles employers. 372 Columbia features an exceptional unit composition consisting of One (1) 2 Bedroom | 1.5 Bathroom, Four (4) 2 Bedroom | 1 Bathroom units, and Thirteen (13) 1 Bedroom | 1 Bathroom units. In total, 372 Columbia Avenue comprises +/- 14,983 SF of improvements and is sited on a +/- 22,792 SF parcel zoned LAR3.
Most apartment units are accessed through a gated landscaped courtyard. Resident parking is accessed via a secured driveway and features approximately Nineteen (19) on-grade parking spaces. Many units still feature period designs and details prevalent in 1940’s garden-style properties, namely large spacious units, dedicated dining rooms/breakfast nooks, bay windows, ornamental window shutters, iron work, crown molding, and many built-ins and closets. Select units offer stunning views of Downtown Los Angeles and the towering skyline.
In recent years, current ownership has completed several meaningful capital expenditures, such as new water heaters in nearly half the units (2023), replacement/repair of all the building's staircase railings (2021), re-roofing with Class A materials (including tear-off) (2020), and voluntary foundation upgrade and bracing (2015).
Due to its proximity to some of LA's most sought-after cities, 372 Columbia Avenue is an attractive rental option. Westlake is adjacent to Downtown Los Angeles, MacArthur Park, Rampart Village, Echo Park, Koreatown, and Wilshire Center. Westlake is the 5th most walkable neighborhood in Los Angeles, with an impressive Walk Score of 91 and Transit Score of 92, offering world-class access to public transportation. 372 Columbia Avenue is a 16-minute walk from the Metro B Line (Red) and the Metro D Line (Purple) at the Westlake / MacArthur Park Station stop.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£235,878
|
£15.74
|
| Other Income |
-
|
-
|
| Vacancy Loss |
£4,718
|
£0.31
|
| Effective Gross Income |
£231,160
|
£15.43
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
£107,639
|
£7.18
|
| Net Operating Income |
£123,521
|
£8.24
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | £235,878 |
| Annual Per SF | £15.74 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | £4,718 |
| Annual Per SF | £0.31 |
| Effective Gross Income | |
|---|---|
| Annual | £231,160 |
| Annual Per SF | £15.43 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | £107,639 |
| Annual Per SF | £7.18 |
| Net Operating Income | |
|---|---|
| Annual | £123,521 |
| Annual Per SF | £8.24 |
Property Facts
| Price | £2,406,450 | Apartment Style | Low Rise |
| Price Per Unit | £133,692 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.52 AC |
| Net Initial Yield | 5.10% | Building Size | 14,983 SF |
| Gross Rent Multiplier | 10.2 | Average Occupancy | 94% |
| No. Units | 18 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1940 |
| Property Subtype | Apartment | Parking Ratio | 1.27/1,000 SF |
| Price | £2,406,450 |
| Price Per Unit | £133,692 |
| Sale Type | Investment |
| Net Initial Yield | 5.10% |
| Gross Rent Multiplier | 10.2 |
| No. Units | 18 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.52 AC |
| Building Size | 14,983 SF |
| Average Occupancy | 94% |
| Number of Floors | 2 |
| Year Built | 1940 |
| Parking Ratio | 1.27/1,000 SF |
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 2+1.5 | 1 | £1,854 | - |
| 2+1 | 4 | £1,432 | - |
| 1+1 | 13 | £1,341 | - |
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Walk Score ®
Walker's Paradise (91)
Transit Score ®
Rider's Paradise (92)
PROPERTY TAXES
| Parcel Number | 5153-021-003 | Improvements Assessment | £196,645 (2024) |
| Land Assessment | £471,972 (2024) | Total Assessment | £668,618 (2024) |
PROPERTY TAXES
Parcel Number
5153-021-003
Land Assessment
£471,972 (2024)
Improvements Assessment
£196,645 (2024)
Total Assessment
£668,618 (2024)
zoning
| Zoning Code | LAR3 |
| LAR3 |
-
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372 Columbia Ave
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