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$6,900,000
Est. payment /mo
31 Beds
30 Baths
20,694 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 20,694 sqft
Price per Sqft $333
MLS Listing ID 26876233
Bedrooms 31
HOA Y/N No
Year Built 1965
Lot Size 0.344 Acres
Property Description
We are pleased to present The Colonnade at 1833 Westholme Avenue, a rare opportunity to acquire a pride-of-ownership 16-unit multifamily property in an ultra-prime Century City-adjacent location. The property is part of an A+ located, five-building portfolio totaling 60 units, with the properties available for acquisition separately or together as a portfolio.Ideally positioned near Century City, Westwood, Beverly Hills and UCLA, this distinctive three-story elevator building offers an exceptional combination of oversized residences, an incredible unit mix, significant rental upside and lushly landscaped grounds in one of West Los Angeles' most desirable rental markets.Built in 1965, The Colonnade is distinguished by its exceptionally spacious floor plans, averaging approximately 1,293 square feet per unit. The outstanding unit mix is heavily concentrated in large two-bedroom residences, including eight 2-bedroom/2-bath units with additional den space. Residences feature expansive living areas, large kitchens, walk-in closets and abundant natural light, providing the space and functionality increasingly difficult to replicate in newer multifamily construction.The property offers significant rental upside, creating a compelling opportunity for new ownership to enhance income as units turn and continue the property's renovation program. Select residences have already undergone interior renovations, while two units will be delivered vacant at the close of escrow, providing an immediate opportunity to renovate and establish market rents.The Colonnade provides residents with a secure-entry environment, elevator service, lushly landscaped grounds and substantial gated on-site parking, including eight single spaces and nine tandem spaces. Additional property features include on-site laundry providing ancillary income and a former pool house that was converted into a leasing/storage room in 2017. The property's seismic soft-story retrofit was completed in December 2019.Situated in an irreplaceable Westside location, The Colonnade offers exceptional proximity to Century City, Beverly Hills, Westwood, UCLA, UCLA Medical Center, Westfield Century City and Rancho Park Golf Course. Its combination of large, difficult-to-replicate residences, significant rental upside, exceptional unit mix and A+ location makes The Colonnade a compelling opportunity for investors seeking both immediate value creation and long-term appreciation.Note: The other properties comprising the five-building Westside portfolio are 1811 S. Bentley Avenue (15 units), 1524 Granville Avenue (10 units), 1507 Berkeley Street (7 units), and 1518 & 1524 12th Street (12 units). The properties are available for acquisition separately or together as a portfolio.
Location
State CA
County Los Angeles
Area C05 - Westwood - Century City
Zoning LAR3
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Appliance Dishwasher, Disposal, Microwave, Refrigerator
Exterior
Parking Features Assigned, Garage, Gated
Total Parking Spaces 26
Building
Story 3
Entry Level One
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 4317004010
Special Listing Condition Standard
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Listed by Jonathan Taksa Remax Commercial and Investment Realty #01366169
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TNG Real Estate Consultants
Agent | License ID: 01886242
Agent License ID: 01886242