229 S Westlake Ave
Twelve-unit studio apartment building at 229 S Westlake Ave in Los Angeles, offered at $1,750,000 ($145,833 per unit, $284.55 per SF) at an 8.28% cap on $144,987 of current NOI. The property is 100% occupied, and the seller is willing to carry a new first loan at 5% interest only. Pro forma at market rents is a 9.45% cap on $165,413 NOI.
The 1926 building holds 12 studio/1-bath units across 6,150 SF on a 6,254 SF LAR3 lot (APN 5154-005-003). Current rents average $1,448 against $1,600 market, with total monthly rent of $17,372 versus $19,200 at market. Unit 103 is the clearest gap at $812. Gross scheduled rent is $208,464, and total expenses are $58,723 ($4,894 per unit). The GRM is 8.39 current and 7.60 at market. Proposed financing is a new 60% loan ($1,050,000) at 5.00% on a 30-year amortization, due 2031, with a 40% ($700,000) down payment. That produces an 11.05% cash-on-cash return and a 2.14 DCR at current income, rising to 13.97% and 2.45 at market. Recent capital work includes a new sewer line, upgraded electrical and upgraded copper lateral plumbing. Gas and electric are separately metered, and the building has on-site laundry and onsite maintenance. The rear courtyard and basement may allow ADU conversions (buyer to verify).
The location is just south of Beverly Blvd and east of Alvarado St, next to Echo Park and northwest of Downtown in the Westlake submarket. The 101 and 110 Freeways are close, as is the Metro B Line at Westlake/MacArthur Park Station. Walk Score is 91, Transit Score 87 and Bike Score 64. About 599,758 people live within three miles, with average household income of $78,572. Nearby are MacArthur Park, Echo Park Lake, Vista Hermosa Park, Target, Ross Dress for Less, Smart & Final and Superior Grocers. The market overview projects 4.7% Los Angeles multifamily vacancy for 2026, against 5.3% nationally. Recent nearby sales of 5 to 12 units closed at cap rates from 4.99% to 7.96%. Listing broker is Jason Tuvia of Marcus & Millichap, and showings are by appointment only.
- Seller financing available: new first loan at 5% interest only
- 100% occupied, with in-place rents about $152 per unit below market
- New sewer line, upgraded electrical and copper plumbing
- Separately metered for gas and electric, with on-site laundry
- Possible ADU conversions in the rear courtyard and basement (buyer to verify)
- Spanish-style building with vintage chandeliers and sunken bathtubs
More property details
About this property
Good Echo Park-adjacent location, just south of Beverly Blvd and east of Alvarado St, northwest of Downtown Los Angeles in the Westlake submarket. Immediate access to the 101 and 110 Freeways and the Metro B Line at Westlake/MacArthur Park Station.
- Access to Beverly Blvd, Alvarado St, Temple St, 3rd St;
- Near MacArthur Park, Echo Park Lake, Vista Hermosa Park
Features & amenities
Location & transit
Transit/Subway
Buses
Commuter Rail
Airport
Transit data provided by Google. Times and distances are estimates.
Additional details
Westlake: dense urban neighborhood west of Downtown LA bordering Koreatown, Echo Park, Pico-Union; vintage housing stock 1920s-1970s; strong renter demand. 2026 forecast LA multifamily vacancy 4.7%, inventory growth +6.2K; US vacancy 5.3%, +1.2%.
Confidentiality & disclaimer, non-endorsement notice and rent disclaimer per Marcus & Millichap; showings by appointment only. © 2024 Marcus & Millichap.