Westmoreland Apartments - 7% Cap and 7.19 GRM 500 S Westmoreland Ave 54 Unit Apartment Building $8,000,000 ($148,148/Unit) 7% Cap Rate Los Angeles, CA 90020

Jones Lang LaSalle Americas, Inc., as exclusive advisor, is pleased to present for sale Westmoreland Apartments (the “Property”), a distinguished 54-unit mid-rise Mediterranean Revival style apartment building located in the dynamic and culturally rich Koreatown submarket.
Built in 1926, Westmoreland Apartments exemplifies the timeless elegance of 1920s Los Angeles architecture. The Property comprises 54 thoughtfully designed units spanning studio, one-bedroom, and two-bedroom configurations with floor plans averaging 697 square feet. Ownership has renovated 38/54 units (±70%) with meticulously refreshed hardwood flooring, updated plumbing fixtures, stainless steel appliances, quartz countertops, and custom cabinetry. A new investor can renovate the remaining 22/54 classic units (±41%) meaningfully boosting NOI. The Property features a number of rentable storage spaces, and a large 6,569 SF basement, the ideal space to build future ADUs, generating additional upside potential. Building amenities include secure gated electronic entry, convenient laundry facilities, elevator access, and an on-site dog park.
Strategically positioned just off Wilshire Boulevard, Westmoreland enjoys one of Koreatown’s most vibrant locations, surrounded by over 4 million square feet of occupied retail and dining within a one-mile radius, encompassing more than 5,000 businesses and some of Los Angeles’ most acclaimed restaurants. This exceptional urban environment generates an impressive 95 WalkScore and 80 TransitScore. The nearby Wilshire/Vermont Metro station provides residents seamless connectivity throughout Los Angeles via the
B and D Lines. Within a 20-minute drive, residents can access iconic Los Angeles destinations including Griffith Observatory and Park, Dodger Stadium, LACMA, and the Natural History Museum.