Multi-Family for sale in Southern California — $3,300,000. 6 beds · 20 baths · 8,776 sqft. 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, Koreatow…
$3,300,000
401 Witmer Street, Los Angeles, CA 90017
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.
Listing updated: December 4, 2024 at 7:45 PM
Listed by: Max Berger, Compass
Source: CRMLS, MLS#: 24424053, Originating MLS: California Regional MLS
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| Date | Event | Price |
|---|---|---|
8/05/2024 Source: CRMLS, #24424053 | Listed for sale | $3,300,000$376/sqft0.0% |
| 8/05/2024Source: CRMLS, #24424053 | Pending sale | $3,300,000$376/sqft |
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