401 Witmer St, Los Angeles, CA 90017
20 Unit Apartment Building | $3,300,000 ($165,000/Unit) | 7.28% Cap Rate | Los Angeles, CA 90017
For Sale
Active
6 pictures
Asking Price $3,300,000
- Property Type
-
Multifamily
- Square Feet
- 8,776 SF
Listing Contacts
Kenny Stevens
Max Berger
Property Overview
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.
Property Details
- Class
- C
- Year Built
- 1924
- Stories
- 2
- Lot Size (sq. ft)
- 6,098 SF
- Units
- 20
Highlights
- 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.
- Offered at a 7.28% CAP and 8.96 GRM on current rents, $165,000 per unit, and $376 per foot.
- 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% C
- All tenants pay their own electricity and gas utilities.
- 401 Witmer, which can be purchased individually, is part of the Witmer 4 - 84 units across 4 buildings within 1 block of Witmer St.
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