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… Read More 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. Read Less
Courtesy of Compass 310-230-5478
Listing Snapshot
Days Online
304
Last Updated
Property Type
Other
Beds
6
Square Ft.
8,776
Lot Size
0.14 Acres
Year Built
1924
MLS Number
24-424053
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
8,776 sq ft, Built in 1924, Levels: Two, Attached
Disclosures
As Is
Garage
None
Heating
Wall
Laundry
Community
Lot
LotSizeArea: 5,922
Parking
TotalParking: 0
Property
NumberOfUnits: 20, Zoning: LAR3
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