300 S Westmoreland Avenue, Los Angeles, California 90020, Los Angeles, 90020 - bed, bath
ACTIVE$6,900,000
300 S Westmoreland Avenue, Los Angeles, California 90020
0Bed
0Bath
18,800Sqft
7,897Lot
Year Built
1994
Close
-
List price
$6.9M
Original List price
$7.9M
Price/Sqft
$367
HOA
-
Days on market
-
Sold On
-
MLS number
PW24220099
Home ConditionFair
Features
Good View:
View-
About this home
We found 3 Cons,5 Pros.
PRIME LOCATION! THIS PROPERTY LOCATED AT EH HEART OF KOREATOWN, THE 21-UNIT MULTIFAMILY PROPERTY LOCATED AT 300 S. WESTMORELAND BLVD, LOS ANGELES. CA 90020 IS AN INVESTMENT OPPORTUNITY IN THE KOREATOWN NEIGHBORHOOD OF LOS ANGELES LOCATED AND EASY ACCESS TO FREEWAY. THE BUILDING IS BUILT IN 1994, THE PROPERTY IS NON-RENT CONTROLLED. UNIT COMES WITH COVERED PARKING SPACE AND EASY ACCESS TO GATED PARKING GARAGE CONTAINS SPACE FOR 30 CARS, FOR PROVIDING TENANTS A RATIO OF ONE OR TWO PARKING SPACE PER UNIT. THE PROPERTY FEATURES TWENTY ONE WELL-DESIGNED FOR ONE BEDROOM & ONE BATHROOM (18 UNITS) AND TWO BEDROOM & TWO BATHROOM (3 UNITS). THE LAUNDRY MACHINES ON EACH FLOOR. WALKING DISTANCE TO MANY FAMOUS RESTAURANTS, SUPERMARKETS, PHARMACY, SHOPS AND SCHOOL, THIS PROPERTY OFFERS EXCELLENT POTENTIAL FOR LONG-TERM INCOME AND APPRECIATION.
Nearby schools
7/10
Dr. Sammy Lee Medical And Health Science Magnet Elementary
Public,•K-5•0.4mi
4/10
Frank Del Olmo Elementary School
Public,•K-6•0.4mi
5/10
Commonwealth Avenue Elementary School
Public,•K-5•0.5mi
8/10
Hoover Street Elementary School
Public,•K-5•0.8mi
4/10
Alexandria Avenue Elementary School
Public,•K-5•0.9mi
3/10
Rfk Community Schools - Ambassador School - Global Education
Public,•K-5•1.0mi
5/10
Cahuenga Elementary School
Public,•K-5•1.0mi
3/10
Harvard Elementary School
Public,•K-5•1.1mi
6/10
Charles H. Kim Elementary School
Public,•K-5•1.2mi
3/10
Leo Politi Elementary School
Public,•K-5•1.2mi
/10
Mariposa-Nabi Primary Center
Public,•K-2•1.3mi
3/10
Hobart Boulevard Elementary School
Public,•K-5•1.5mi
3/10
Wilton Place Elementary School
Public,•K-5•1.7mi
3/10
Los Angeles Elementary School
Public,•K-5•1.7mi
6/10
Wilshire Park Elementary School
Public,•K-5•1.7mi
6/10
Van Ness Avenue Elementary School
Public,•K-5•1.8mi
6/10
Carson-Gore Academy Of Enviornmental Studies
Public,•K-5•2.7mi
8/10
Third Street Elementary School
Public,•K-5•2.7mi
7/10
Queen Anne Place Elementary School
Public,•K-5•2.8mi
4/10
Young Oak Kim Academy
Public,•6-8•0.4mi
5/10
Virgil Middle School
Public,•6-8•0.4mi
3/10
Berendo Middle School
Public,•6-8•1.4mi
6/10
Thomas Starr King Middle School
Public,•6-8•1.9mi
5/10
Pio Pico Middle School
Public,•6-8•2.4mi
7/10
John Burroughs Middle School
Public,•6-8•2.9mi
3/10
Johnnie Cochran, Jr., Middle School
Public,•6-8•2.9mi
3/10
Rfk Community Schools-Ambassador-Global Leadership
Public,•6-12•0.8mi
4/10
Rfk Community Schools-Los Angeles High School Of The Arts
Public,•9-12•0.8mi
5/10
Rfk Community Schools- For The Visual Arts And Humanities
Public,•9-12•0.8mi
3/10
Belmont Senior High School
Public,•9-12•1.5mi
4/10
West Adams Preparatory High School
Public,•9-12•2.0mi
4/10
Los Angeles Senior High School
Public,•9-12•2.7mi
8/10
John Marshall Senior High School
Public,•9-12•2.8mi
7/10
Fairfax Senior High School
Public,•9-12•4.3mi
Price History
Date
Event
Price
06/17/15
Sold
$5,350,000
02/23/09
Sold
$3,000,000
Condition Rating
Fair
The property was built in 1994, making it 30 years old. While the exterior appears well-maintained in the provided images, there are no interior photos of the units, specifically kitchens or bathrooms. Given its age, and without evidence of recent extensive renovations, the interior components (appliances, fixtures, finishes) are likely original or were updated 15-30 years ago, suggesting they are functional but may be outdated and require minor updates to meet current market expectations. This aligns with the 'Fair' criteria for properties built within the last 25-40 years with no major renovations since construction, or those renovated 15-30 years ago.
Pros & Cons
Pros
Prime Koreatown Location: The property boasts a highly desirable location in the heart of Koreatown, offering excellent walkability to numerous restaurants, supermarkets, shops, schools, and easy freeway access, enhancing tenant appeal.
Non-Rent Controlled Status: As a non-rent controlled property in Los Angeles, it provides significant operational flexibility and greater potential for rent adjustments and income growth, a crucial advantage for investors.
Ample Gated Parking: The property offers a high ratio of covered, gated parking spaces (30 for 21 units), a premium and highly sought-after amenity in a dense urban environment like Koreatown.
Relatively Modern Construction: Built in 1994, the building is newer than much of the multifamily housing stock in Los Angeles, potentially translating to fewer immediate capital expenditures and maintenance concerns.
Tenant-Friendly Amenities: The inclusion of laundry machines on each floor provides convenient on-site amenities for tenants, contributing to higher tenant satisfaction and retention.
Cons
Substantial Price Reduction: A significant $1 million reduction from the original list price suggests the property may have been initially overpriced or has faced challenges in attracting buyers at its prior valuation.
Limited Unit Diversity: The unit mix is heavily concentrated with 18 out of 21 units being 1-bedroom, which could limit the target tenant demographic and potentially reduce market appeal for families or those seeking larger living spaces.
Potential for Limited Outdoor Space: With an 18,800 sqft building on a 7,897 sqft lot, the property likely has minimal common outdoor areas, which could be a drawback for tenants seeking green space or recreational amenities.