Marcus & Millichap is pleased to present a 60 unit multifamily asset located at 830 South Westlake Avenue, in the Westlake submarket of Downtown Los Angeles, CA. The subject property is located south of West 8th Street, and east of South Alvarado Street.
Westlake, nestled between Koreatown and Downtown Los Angeles, is known as one of LAs most densely populated communities. Its known for its seemingly endless streets of small businesses including brick and mortar, dining destinations, entertainment, and more. Westlake’s development has recently been on the rise including The Lake on Wilshire which brings 144 hotel units, as well as a 41 story residential high rise with approximately 39 units set aside for affordable housing, and another project on Olympic and Hoover that plans to bring 173 multifamily residential units. Featuring close proximity to Downtown Los Angeles, Koreatown, and USCs campus, this community is perfect for commuting working class families and students alike.
The 60 unit subject property features a streamlined unit mix of 29 studio / one bathroom units, and 31 one bedroom / one bathroom units. There are two secluded atriumstyled courtyards for all tenants to enjoy. Additionally, tenants have the benefit of ample gated on-site parking (Soft-Story Retrofit required). This mid-level asset is located in a great pocket of Westlake, just walking distance from Hope and Peace Park and multiple elementary and middle schools. Additionally, there are multiple dining options and a grocery store just a short walking distance from the its location.
This opportunity presents an excellent opportunity for an investor to acquire a mid-level asset, with great upside in potential rents, in an up-and-coming community of Westlake, in Los Angeles.
