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229 S Westlake Ave 12 Unit Apartment Building $2,614,702 CAD ($217,892 CAD/Unit) 7.56% Cap Rate Los Angeles, CA 90057
Investment Highlights
- Recent Capital Improvements Include a New Sewer Line, Upgraded Electrical Systems, and Upgraded Copper Lateral Plumbing Lines
- Separately Metered for Gas and Electric
- Multiple ADU Conversion Opportunities
- Distinctive Interior Details Include Vintage Chandeliers and Sunken Bathtubs Throughout the Units
- On-Site Laundry Facility
- Streamlined Unit Mix - Twelve (12) Studios
Executive Summary
Marcus and Millichap is pleased to present a twelve (12) unit apartment building located at 229 S Westlake Ave in Los Angeles, California. The subject property is located in a good Echo Park-adjacent location, just south of Beverly Blvd and east of Alvarado St.
Located in a strong Echo Park-adjacent location, the property features a streamlined unit mix of twelve (12) studio units and classic Spanish-style architecture. Recent capital improvements include a new sewer line, upgraded electrical systems, and upgraded copper lateral plumbing lines. The property is separately metered for gas and electricity and includes an on-site laundry facility. A rear courtyard and basement present potential ADU conversion opportunities for additional rental upside (buyer to verify). The property benefits from immediate access to the 101 and 110 Freeways, the Metro B Line at Westlake/MacArthur Park Station, and major commercial corridors including Beverly Blvd, Alvarado St, Temple St, and 3rd St. Nearby amenities include Echo Park Lake, Vista Hermosa Park, dining, shopping, and entertainment options.
With recent capital improvements, attractive ADU conversion potential, classic Spanish-style architecture, and a solid Echo Park-adjacent location near major transit corridors and neighborhood amenities, the property offers a compelling value-add opportunity in one of Los Angeles’ most dynamic rental markets.
For OM, please visit: https://www.lamultifamilydeals.com/properties/229-s-westlake-ave
Located in a strong Echo Park-adjacent location, the property features a streamlined unit mix of twelve (12) studio units and classic Spanish-style architecture. Recent capital improvements include a new sewer line, upgraded electrical systems, and upgraded copper lateral plumbing lines. The property is separately metered for gas and electricity and includes an on-site laundry facility. A rear courtyard and basement present potential ADU conversion opportunities for additional rental upside (buyer to verify). The property benefits from immediate access to the 101 and 110 Freeways, the Metro B Line at Westlake/MacArthur Park Station, and major commercial corridors including Beverly Blvd, Alvarado St, Temple St, and 3rd St. Nearby amenities include Echo Park Lake, Vista Hermosa Park, dining, shopping, and entertainment options.
With recent capital improvements, attractive ADU conversion potential, classic Spanish-style architecture, and a solid Echo Park-adjacent location near major transit corridors and neighborhood amenities, the property offers a compelling value-add opportunity in one of Los Angeles’ most dynamic rental markets.
For OM, please visit: https://www.lamultifamilydeals.com/properties/229-s-westlake-ave
Financial Summary (Actual - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,614,702 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $217,892 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 7.56% | Building Size | 6,150 SF |
| Gross Rent Multiplier | 9.09 | Average Occupancy | 92% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1926 |
| Property Subtype | Apartment | ||
| Zoning | LAR3 | ||
| Price | $2,614,702 CAD |
| Price Per Unit | $217,892 CAD |
| Sale Type | Investment |
| Cap Rate | 7.56% |
| Gross Rent Multiplier | 9.09 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 6,150 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built | 1926 |
| Zoning | LAR3 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 12 | - | 500 |
1 1
Very walkable
80/100
Moderately drivable
70/100
Exceptional public transit
90/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 5154-005-003 | Improvements Assessment | $286,003 CAD |
| Land Assessment | $1,144,048 CAD | Total Assessment | $1,430,050 CAD |
Property Taxes
Parcel Number
5154-005-003
Land Assessment
$1,144,048 CAD
Improvements Assessment
$286,003 CAD
Total Assessment
$1,430,050 CAD
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229 S Westlake Ave
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