372 Columbia Ave, Los Angeles, CA 90017

Property Description

372 Columbia Avenue is an 18-unit courtyard apartment community in the Westlake District of Los Angeles (90017), immediately adjacent to Downtown LA and Echo Park. It is being offered for sale for the first time in over 40 years, providing investors with an opportunity to acquire a value opportunity in one of LA's stable and dynamic neighborhoods. Built in 1940, 372 Columbia Avenue, a garden-style apartment community, attracts residents who appreciate the asset's style, spacious apartments, and proximity to major Los Angeles employers. 372 Columbia features an exceptional unit composition consisting of One (1) 2 Bedroom | 1.5 Bathroom, Four (4) 2 Bedroom | 1 Bathroom units, and Thirteen (13) 1 Bedroom | 1 Bathroom units. In total, 372 Columbia Avenue comprises +/- 14,983 SF of improvements and is sited on a +/- 22,792 SF parcel zoned LAR3. Most apartment units are accessed through a gated, landscaped courtyard. Resident parking is accessed via a secured driveway and features approximately nineteen (19) on-grade parking spaces. Many units still feature period designs and details prevalent in 1940s garden-style properties, including large, spacious units, dedicated dining rooms/breakfast nooks, bay windows, ornamental window shutters, ironwork, crown molding, and numerous built-ins and closets. Select units offer stunning views of Downtown Los Angeles and the towering skyline. In recent years, current ownership has completed several meaningful capital expenditures, such as new water heaters in nearly half the units (2023), replacement/repair of all the building's staircase railings (2021), re-roofing with Class A materials (including tear-off) (2020), and voluntary foundation upgrade and bracing (2015). Due to its proximity to some of LA's most sought-after cities, 372 Columbia Avenue is an attractive rental option. Westlake is adjacent to Downtown Los Angeles, MacArthur Park, Rampart Village, Echo Park, Koreatown, and Wilshire Center.