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1324 S Westlake Ave
Los Angeles, CA 90006
Multifamily Property For Sale
·
1 Unit
Investment Highlights
- Historic Craftsman property in Pico Union featuring 8 rooms and 5 bathrooms with strong income potential
- LARD 1.5 zoning allowing flexible uses including boarding house hotel transient lodging and hostel
- Prime location minutes from USC Downtown Los Angeles Crypto Arena and Koreatown
Executive Summary
Discover an exceptional business opportunity in a prime Los Angeles location! Recently approved by the Historical Preservation
Overlay Zone (HPOZ) and LADBS for the property’s renovation plans where the scope of work features upgrades to plumbing,
electrical (where needed), and roofing, as well as complete renovations of all bathrooms, kitchen, flooring, and paint
throughout, enhancing fit and finish in every room. This historical Craftsman property in the heart of Pico Union District
currently stands as an 8-room house with 5 bathrooms and offers substantial rental income potential. Located minutes from
USC, Downtown LA, Crypto Arena, and Koreatown, it's perfectly positioned for student housing, short-term renters, or urban
professionals. The home also an oversized formal living room and dining room with original historical architecture and high
ceilings. The home has central heating throughout and includes plenty of off street parking and a perimeter security fence.
With flexible LARD 1.5 zoning, permitted uses of the home include Boarding House, Hotel, Transient Lodgings, and Hostel.
However, Investors have the unique advantage of maximizing income potential by also tapping into Los Angeles city programs
to fund housing for the homeless in all 8 bedrooms, creating income while positively impacting the community, or develop the
property as housing for USC students and other nearby colleges and trade schools. Income potential from multiple sources.
This property is ideal for investors seeking stable income and potential future development in one of LA’s most vibrant
neighborhoods. Don’t miss out on owning a piece of LA history with high yield potential!
Overlay Zone (HPOZ) and LADBS for the property’s renovation plans where the scope of work features upgrades to plumbing,
electrical (where needed), and roofing, as well as complete renovations of all bathrooms, kitchen, flooring, and paint
throughout, enhancing fit and finish in every room. This historical Craftsman property in the heart of Pico Union District
currently stands as an 8-room house with 5 bathrooms and offers substantial rental income potential. Located minutes from
USC, Downtown LA, Crypto Arena, and Koreatown, it's perfectly positioned for student housing, short-term renters, or urban
professionals. The home also an oversized formal living room and dining room with original historical architecture and high
ceilings. The home has central heating throughout and includes plenty of off street parking and a perimeter security fence.
With flexible LARD 1.5 zoning, permitted uses of the home include Boarding House, Hotel, Transient Lodgings, and Hostel.
However, Investors have the unique advantage of maximizing income potential by also tapping into Los Angeles city programs
to fund housing for the homeless in all 8 bedrooms, creating income while positively impacting the community, or develop the
property as housing for USC students and other nearby colleges and trade schools. Income potential from multiple sources.
This property is ideal for investors seeking stable income and potential future development in one of LA’s most vibrant
neighborhoods. Don’t miss out on owning a piece of LA history with high yield potential!
Property Facts
| Price Per Unit | $1,323,075 CAD | Lot Size | 0.20 AC |
| Sale Type | Investment | Building Size | 4,232 SF |
| No. Units | 1 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Dormitory | Year Built | 1903 |
| Apartment Style | Single-Family Home | Parking Ratio | 2.36/1,000 SF |
| Building Class | C | ||
| Zoning | LARD 1.5 - Recently approved by the HPOZ with LADBS, the property’s renovation plans includeconverting it to a 8-bed, 5-bath SFR. | ||
| Price Per Unit | $1,323,075 CAD |
| Sale Type | Investment |
| No. Units | 1 |
| Property Type | Multifamily |
| Property Subtype | Dormitory |
| Apartment Style | Single-Family Home |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 4,232 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1903 |
| Parking Ratio | 2.36/1,000 SF |
| Zoning | LARD 1.5 - Recently approved by the HPOZ with LADBS, the property’s renovation plans includeconverting it to a 8-bed, 5-bath SFR. |
Amenities
Unit Amenities
- Washer/Dryer Hookup
- Kitchen
- Tub/Shower
- Yard
- Attic
- Dining Room
- Porch
Site Amenities
- Fenced Lot
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 8+5 | 1 | - | - |
Property Taxes
| Parcel Number | 5135-004-002 | Improvements Assessment | $418,317 CAD |
| Land Assessment | $1,292,601 CAD | Total Assessment | $1,710,918 CAD |
Property Taxes
Parcel Number
5135-004-002
Land Assessment
$1,292,601 CAD
Improvements Assessment
$418,317 CAD
Total Assessment
$1,710,918 CAD
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