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… Read More 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. Read Less
Listing Snapshot
Days Online
346
Last Updated
Property Type
Other
Beds
4
Square Ft.
11,088
Lot Size
0.17 Acres
Year Built
1923
MLS Number
24-424005
30 Days Snapshot Of 90017
$738k
+3%
(avg) sold price
2
+100%
homes sold
46
-65%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
11,088 sq ft, Built in 1923, Levels: Two, Attached
Disclosures
As Is
Garage
None
Heating
Wall
Laundry
Community
Lot
LotSizeArea: 7,594
Parking
TotalParking: 0
Property
NumberOfUnits: 20, Zoning: LACW
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