311 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 10,856 sqft
Price per Sqft $248
MLS Listing ID 24423967
Bedrooms 8
HOA Y/N No
Year Built 1923
Lot Size 6,599 Sqft
Property Description
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.
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
Building
Faces East
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5153026007
Security Features Gated Community
Special Listing Condition Standard