1032 S Westlake Avenue, Los Angeles, California 90006, Los Angeles, 90006 - 0 bed, 0 bath
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Los Angeles, California 90006
This High-Density Multi-Unit Asset presents a High-Potential Investment Opportunity with a List Price of $1,100,000—positioned well below the $1,111,092 Fair Market Value by 1%. This valuation gap offers $11,092 in Instant Equity for buyers. Currently holding a Condition Rating of 4, the property features LAR3 Zoning and an unfinished multi-unit configuration with significant redevelopment upside. Located near Hoover Street Elementary (Rating 8) and DTLA with rare 7-car parking, this is a strategic acquisition for Buy-and-Hold Investors or Developers.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1032 S Westlake Avenue Subject | $1,100,000* List Price | 0 | 0 | 3,736 | $297 | - |
A 1625 S Bonnie Brae Street Pending | $925,000 List Price | 4 | 3 | 2,846 | $325 | 0.6 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1902, this property is currently in a state of unfinished renovation and is being sold as-is. While the interior features some updates like laminate flooring and newer laundry appliances, the kitchen and bathrooms remain dated with basic cabinetry and mismatched fixtures. The listing description confirms that permits for multi-unit conversion were initiated but not completed, and visual evidence shows unfinished wall patches. The home is functional and occupied but requires significant cosmetic and systemic updates to meet modern standards, especially considering its location in a Historic Preservation Overlay Zone (HPOZ).
Situated in a high-demand Koreatown/Westlake pocket near DTLA and USC, the property offers excellent proximity to major transit and employment hubs, perfectly positioned for the 2028 sports events.
Zoned LAR3 with Transient Lodging use, the property features a versatile multi-unit configuration and redevelopment upside, providing significant opportunities for maximizing rental yield.
Rare for this central urban area, the property includes ample parking for up to seven vehicles with convenient alley access, a major value-add for multi-unit tenants.
The sale requires court confirmation and is subject to an overbidding process, which introduces timing uncertainty and potential competition for the buyer.
Sold as-is mid-remodel within a Historic Preservation Overlay Zone (HPOZ), the property requires extensive due diligence regarding unfinished permits and strict historic renovation guidelines.
Exceptional investment opportunity in a prime Koreatown / Westlake location. 1032 S Westlake Ave offers versatile multi-unit potential with strong income potential. The property is zoned LAR3 with Transient Lodging use and is located within an R3-1-HPOZ Historic Preservation Overlay Zone, presenting redevelopment and value-add possibilities (buyer to verify). Located just blocks from the Westlake/MacArthur Park station, the surrounding neighborhood offers proximity to popular destinations including USC and Loyola Law School, Crypto Arena and Downtown LA, providing convenient access to major employment hubs throughout Los Angeles near Koreatown. There is ample parking for 7 cars with convenient alley access. With strong potential income, multi unit configuration possibilities, and redevelopment upside, this offering presents a compelling opportunity for investors seeking a centrally located asset, especially with the highly anticipated upcoming sports events of 2028.See floor plan reflecting the following: Upstairs: 3 Bedrooms / 2 Bathrooms Bottom: 2 Bedrooms / 1 Bathroom plus separate 1 bedroom with 1 bathroom Rear: 1 Bedroom / 2 Bathrooms. Per the Special Administrator, permits were initiated to add rooms and convert the home into multi units. Home was previously in the process of being remodeled.
No exterior & parking available.
Grades K-5 • 0.3 mi
Grades K-5 • 0.5 mi
Grades K-5 • 0.5 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 4.0 | 17% |
| Baths | 0.0 | 2.5 | 17% |
| Square foot | 3,736 | 2,454.5 | 67% |
| Lot Size | 7,502 | 6,183.5 | 67% |
| Price | $1.10M | $805.0K | 83% |
| Price per sq ft | $294 | $304 | 33% |
| Built year | 1902 | 1903 | 50% |
| HOA | $0 | $0 | 50% |
| Days on market | 13 | 187 | 17% |
Apr 9, 2026
$1,100,000
Initial Listing
Sep 10, 1998
$159,272
Public Record