311 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 7.29% CAP, 8.50 GRM, $135,000 per unit, and $249 per foot. 311 Witmer presents a significant value-add opportunity with approx. 55% rental upside. At projected market rents, the property will stabilize at a 13.50% CAP and 5.49 GRM. Built in 1923, the 10,856 SF two-story complex consists of (8) 1-bdrm. units and (12) studio units. Property amenities include community laundry and gated entry. 311 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.
Details
MLS #
24423967
Listing Type
For Sale
Sub-Type
Resale
Status
Pending
Year
1923
Days On Site
757
Listing Provided By
Compass | Max Berger
Features
Bed(s)
8
Bath(s)
20
SQ Feet
10,856
Story(s)
2
Units
20
Building(s)
1
Zoning
LAR3
Acreage
0.15
Property View
None
Interior
Heating
Wall Furnace
Heating Yes / No
Yes
Exterior
Security Features
Gated Community
Parking
Parking Features
None
Location
Community Features
Gated
Area Information
State
CA
County
Los Angeles
City
Los Angeles
Zip Code
90017
Area
C42 Downtown L.A.
Sourced by Back At You
MLS#: 24423967 Listed By: Max Berger - Compass - 3102305478-
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MLS#: 24423967 Listed By: Max Berger - Compass - 3102305478-
