400 Witmer is a 24 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… Read More is offered at 6.98% CAP and 8.41 GRM on current rents, $139,583 per unit, and $342 per foot. This significant value-add opportunity presents approx. 42% rental upside with a VACANT studio unit. At projected market rents, the property will stabilize at a 11.58% CAP and 5.99 GRM. Built in 1924, the 9,800 SF two-story complex consists of (9) 1-bdrm. units and (15) studio units. Tenants pay their own electrical utilities and the building is master metered for gas. 400 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. Read Less
Courtesy of Compass 310-230-5478
Listing Snapshot
Days Online
306
Last Updated
Property Type
Other
Beds
9
Square Ft.
9,800
Lot Size
0.16 Acres
Year Built
1924
MLS Number
24-424029
30 Days Snapshot Of 90017
$645k
0%
(avg) sold price
0
-100%
homes sold
145
0%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
9,800 sq ft, Built in 1924, Levels: Two, Attached
Disclosures
As Is
Garage
None
Heating
Wall
Laundry
Community
Lot
LotSizeArea: 6,821
Parking
TotalParking: 0
Property
NumberOfUnits: 24, Zoning: LACW
Find The Perfect Home
'VIP' Listing Search
Whenever a listing hits the market that matches your criteria you will be immediately notified.
The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.
Confirm your time
Fill in your details and we will contact you to confirm a time.
