725 S Westlake Ave Los Angeles, CA 90057

$12,000,000 Sold Price as of 10/26/2016

-- Beds
-- Baths
45,088 Sq.Ft.

Off Market

$12,000,000 Sold Price as of 10/26/2016 Refinance Your Mortgage

Map preview of 725 S Westlake Ave, Los Angeles, CA 90057

Property Overview: 725 S Westlake Ave Los Angeles, CA has -- bedrooms, -- bathrooms, 45,088 living square feet and 14,999 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Home Value Compared to the Market

725 S Westlake Ave is currently an off market home in the city of Los Angeles. If you are considering making a home purchase, the value you pay for your home will depend on the market you're looking to purchase in. The city of Los Angeles has a median list price of $1,200,000. The median price per/sqft for Los Angeles is $768. With those numbers in mind, if you are looking to purchase a median priced home in Los Angeles, CA and put 20% down you will need to save up $240,000 for the down payment and will need roughly $24,000 for closing costs on top of the down payment. Homeowners who are looking to sell their home could expect to pay an average of 5% (2.5% to the listing agent and 2.5% to the buyers agent) in agent commissions when it comes to selling their home. With the median sale price for a home in Los Angeles the commission could be as much as $56,000. If you're thinking of selling and want to save, contact a local Ardent Real Estate Agent today.

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Sale History for 725 S Westlake Ave

Last sold for $12,000,000 on October 26th, 2016

June, 2021
Jun 1, 2021

Date

Expired

CRMLS: 21694708

$17,950,000

Price
Feb 19, 2021

Date

Active

CRMLS: 21694708

$17,950,000

Price
Listing provided courtesy of CRMLS

725 S Westlake Ave, The Olympic is a unique 172-room apartment building and hotel located in the heart of Westlake between 7th and 8th Street, adjacent to MacArthur Park; a location just over one mile to Downtown Los Angeles that is surrounded by new developments, employment and education opportunities that contribute to significant rent growth year-over-year in this rapidly gentrifying neighborhood.Built in 1925 the Olympic was originally a hotel which has been partially operated as 31 apartment units and 141 weekly rentals. 82% of the building is rented weekly for a rate of $225 per week plus a $25 key deposit, with up to three weeks stay. All 172 units are 150 square foot singles with private bathrooms but no kitchen. The building is comprised of four-story reinforced brick that features a massive lobby, two large basement areas, a courtyard, and the original Olympic Hotel signage. The north basement area has access to the back alley, this space could potentially be leased for additional income. This historic hotel has been features in movies, television commercials, and shows which provide an additional source of income for the current owner when leased for filming.This offering is a rare opportunity to acquire a 172-room historic hotel in Westlake with a 7.06% CAP when fully occupied at market rates and units are leased at market rates...

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November, 2020
Nov 1, 2020

Date

Expired

CRMLS: 20566264

$18,500,000

Price
Oct 1, 2020

Date

Withdrawn

CRMLS: 20566264

$18,500,000

Price
May 13, 2020

Date

Price Change

CRMLS: 20566264

$18,500,000

Price
Mar 23, 2020

Date

Active

CRMLS: 20566264

$19,500,000

Price
Listing provided courtesy of CRMLS

Price Reduced by $1,000,000. The Olympic is a 172-unit apartment complex/hotel situated in the redeveloping Westlake district of Los Angeles, just west of downtown. The Olympic will be delivered with a minimum of 110 units vacant at the close of escrow. The property is steps away from Wilshire Boulevard, Alvarado Street, MacArthur Park, and the Metro Station. The Olympic was built in 1925 and is a four-story complex constructed of reinforced brick with two large basements and a massive lobby. All units are efficiencies and have private bathrooms and a closet but no kitchen. No units share bathrooms. The certificate of occupancy from 1926 states the property is a "four-story, Class C, 172 Rooms, Hotel". As the property was originally a hotel, all utilities are master-metered. The property is serviced by four staircases and an elevator in a central hallway configuration with a courtyard between the u-shaped structure.

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October, 2016
Oct 26, 2016

Date

Sold (Public Records)

Public Records

$12,000,000

Price
January, 1999
Jan 15, 1999

Date

Sold (Public Records)

Public Records

$1,940,000

Price

Tax History for 725 S Westlake Ave

Assessed Value (2020): $12,681,434

Year	Land Value	Improved Value	Assessed Value
2020	$4,350,952	$8,330,482	$12,681,434

About 725 S Westlake Ave

Detailed summary of property

725 S Westlake Ave is categorized with a use code of Hotel in Los Angeles, CA 90057 and last sold on October 26, 2016 for $12,000,000. This property has -- bedrooms, -- bathrooms, roughly 45,088 living square feet, and sits on an approximately 14,999 square foot lot. Homes in Los Angeles are selling for a median price of $1,120,000 and a median price per square foot of $724. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 971.43% higher than the current median priced home. 725 S Westlake Ave was last sold on October 26, 2016 for $12,000,000. Local nearby listings include 1234 Wilshire Blvd #318, 284 S Coronado St and 940 Elden Ave #402. The average home in Los Angeles, CA is selling in 106 days. There are currently 4052 homes for sale in the Los Angeles real estate market and 2782 of them are single family homes while 1148 of them are condos and 116 are townhomes. If you are the homeowner and looking to sell the home at 725 S Westlake Ave Los Angeles, CA 90057 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 725 S Westlake Ave

Public county record property details

Beds: --
Baths: --
Year built: 1925
Sq. Ft.: 45,088
Lot Size: 14,999
Stories: 1

Type: Hotel
Pool: No
Spa: No
County: Los Angeles
Lot#: 18,19
APN: 5141-019-013

The source for these homes facts are from public records.

90057 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$575,000

Median List Price/Sq.Ft.

$538

Median Sold Price

$900,000

Median Sold Price/Sq.Ft.

$515

Total Inventory

Median Sale to List Price %

90.91%

Avg Days on Market

Loan Type

Conventional (0%), FHA (0%), VA (0%), Cash (100%), Other (0%)

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