401 Witmer Street,Los Angeles, CA 90017
Los Angeles, CA 90017
Description
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 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.
Details
| MLS # | 24424053 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Pending |
| Year | 1924 |
| Days On Site | 753 |
| Listing Provided By | Compass | Max Berger |
Features
| Bed(s) | 6 |
|---|---|
| Bath(s) | 20 |
| SQ Feet | 8,776 |
| Story(s) | 2 |
| Units | 20 |
| Building(s) | 1 |
| Zoning | LAR3 |
| Acreage | 0.14 |
| 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. |
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90017 |
| Area | C42 Downtown L.A. |
 | $2,975,000401 Witmer StreetLos Angeles, CA 90017 |
 | $3,350,000400 Witmer StreetLos Angeles, CA 90017 |
 | $1,825,000410 Witmer StreetLos Angeles, CA 90017 |