324 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 6.66% CAP and 8.50 GRM on current rents, $105,000 per unit, and $189 per foot. 324 Witmer is a significant value-add opportunity with approx. 81% rental upside. At projected market rents, the property will stabilize at a 15.81% CAP and 4.70 GRM. Built in 1923, the 11,088 SF two-story complex consists of (4) 1-bdrm. units and (16) studio units. Tenants pay their own electrical utilities and the building is master metered for gas. Property amenities include community laundry. 324 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 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 LA1 for more information.
Details
MLS #
24424005
Listing Type
For Sale
Sub-Type
Resale
Status
Pending
Year
1923
Days On Site
756
Listing Provided By
Compass | Max Berger
Features
Bed(s)
4
Bath(s)
20
SQ Feet
11,088
Story(s)
2
Units
20
Building(s)
1
Zoning
LACW
Acreage
0.17
Property View
None
Interior
Heating
Wall Furnace
Heating Yes / No
Yes
Parking
Parking Features
None
Area Information
State
CA
County
Los Angeles
City
Los Angeles
Zip Code
90017
Area
C42 Downtown L.A.
Sourced by Back At You
MLS#: 24424005 Listed By: Max Berger - Compass - 3102305478-
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MLS#: 24424005 Listed By: Max Berger - Compass - 3102305478-
