401 Witmer ST Pending Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90017
Key Details
Property Type Multi-Family
Listing Status Pending
Purchase Type For Sale
Square Footage 8,776 sqft
Price per Sqft $376
MLS Listing ID 24424053
Bedrooms 6
HOA Y/N No
Year Built 1924
Lot Size 5,924 Sqft
Property Description
401 Witmer is a 20 unit value-add complex located 1.4 miles south of Echo Park Lake and the heart of Downtown LA. Located just south of W. 3rd St, the property is in close proximity to Echo Park, Silver Lake, Koreatown, the 101 Fwy, and the 110 Fwy. The property is offered at a 7.28% CAP and 8.96 GRM on current rents, $165,000 per unit, and $376 per foot. This value-add opportunity offers approx. 25% rental upside with 2 VACANT studio units. At projected market rents, the property will stabilize at a 9.92% CAP and 7.17 GRM. Built in 1924, the 8,776 SF two-story complex consists of (6) 1-bdrm. units and 14) studio units. All tenants pay their own electricity and gas utilities. Property amenities include community laundry and gated entry. 401 Witmer, which can be purchased individually, is part of the Witmer 4 - 84 units across 4 buildings within 1 block of Witmer St. The Witmer 4 is being in sold in conjunction with 1000 N. Serrano, a 24-unit complex in East Hollywood offered at a 6.75% CAP on real expenses. Please contact LA 1 for more information.
Location
State CA
County Los Angeles
Area C42 - Downtown L.A.
Zoning LAR3
Interior
Heating Wall Furnace
Fireplace No
Laundry Common Area
Exterior
Garage None
Community Features Gated
View Y/N No
View None
Parking Type None
Building
Faces East
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5153026018
Security Features Gated Community
Special Listing Condition Standard