400 Witmer is a 24 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 6.98% CAP and 8.41 GRM on current rents, $139,583 per unit, and $342 per foot. This significant value-add opportunity presents approx. 42% rental upside with a VACANT studio unit. At projected market rents, the property will stabilize at a 11.58% CAP and 5.99 GRM. Built in 1924, the 9,800 SF two-story complex consists of (9) 1-bdrm. units and (15) studio units. Tenants pay their own electrical utilities and the building is master metered for gas. 400 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. Read Less
Property listed by Compass, Max Berger 310-230-5478
Listing Snapshot
Days Online
278
Last Updated
Property Type
Other
Beds
9
Square Ft.
9,800
Lot Size
0.16 Acres
Year Built
1924
MLS Number
24424029
30 Days Snapshot Of 90017
$579k
-3%
(avg) sold price
5
+150%
homes sold
152
+181%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1924, Building area total: 9,800, Levels: Two, Living area: 9800, 2 stories, 1 building
Community
Gated
Heating
WallFurnace
Income
Gross income: $398,424, Net operating income: $233,988
Laundry
CommonArea
Lot
0.1566 acres, 6,821 square feet, Size: 6,821
Parking
None
Property
Zoning: LACW, None
Security Features
GatedCommunity, KeyCardEntry
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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