2025 W 3rd Street

About This Property

The iconic Royal Viking — a 62-unit Westlake mixed-use value-add: 59 efficiency studios plus 3 ground-floor commercial spaces, fully gut-renovated in 2024 with 21 newly built units and all residential units registered and legal with LAHD. Offered at $12,500,000, a 7.41% in-place cap rate on the buyer's reassessed tax basis, on all-charges income (rents, parking, laundry and utility reimbursement). Rare rent flexibility: 7 non-rent-controlled units plus an active legacy hotel license for short-term / hospitality optionality. Amenities include 47 on-site parking spaces, a pool and a resort-style roof deck. Sited on a large +/-39,907 SF (0.92-acre) R4-1/C2-1 transit-adjacent parcel — significant long-term density, ADU and redevelopment upside beyond the 19,995 SF of improvements. Additional upside through commercial lease-up, studio mark-to-market and full parking utilization. Steps to the Metro B/D lines. A rare combination of in-place cash flow, operational flexibility and development optionality in supply-constrained Westlake.

Neighborhood

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Listing courtesy of Altman Apartments LLC

Listing data from CRMLS. Deemed reliable but not guaranteed.