311 Witmer Street

Los Angeles, CA 90017

$2,700,000
Price
8
Beds
20
Baths
10,856 Sq. Ft.
$249 / Sq. Ft.
10,856
Sq. Ft.
$249
per Sq. Ft.

Description

311 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 7.29% CAP, 8.50 GRM, $135,000 per unit, and $249 per foot. 311 Witmer presents a significant value-add opportunity with approx. 55% rental upside. At projected market rents, the property will stabilize at a 13.50% CAP and 5.49...311 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 7.29% CAP, 8.50 GRM, $135,000 per unit, and $249 per foot. 311 Witmer presents a significant value-add opportunity with approx. 55% rental upside. At projected market rents, the property will stabilize at a 13.50% CAP and 5.49 GRM. Built in 1923, the 10,856 SF two-story complex consists of (8) 1-bdrm. units and (12) studio units. Property amenities include community laundry and gated entry. 311 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 Agent

  1. Max Berger

    Max Berger

    Listing Agent

    Compass

    DRE #02054048

    max.berger@compass.com

    P: (818)-321-4972

Property Details for 311 Witmer Street

Zoning
LAR3
Cross Streets
W. 3rd St. and Witmer St.
Parcel Number
5153026007
Total Units
20.0
Living Area
10856
Source Living Area
Vendor Enhanced
Area
Downtown L.A. (C42)
Vacancy Rate
1 Unit
LISTING UPDATED: 08/09/2024 02:08 PM

Property Details for 311 Witmer Street

StatusPending
MLS #24-423967
Days on Market4
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1923
Lot Size0.15 AC / 6,599 SF
CountyLos Angeles County

Building Information for 311 Witmer Street

Stories2Residences-Year Built1923Building Size-Lot Size0.15 AC / 6,599 SF

Property Information for 311 Witmer Street

Community / Development
Community / Development
  • Number Of Units: 20
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Apartments
  • View: No
  • View Description: None
  • View: None
  • Security Features: Gated
  • Direction Faces: East
Contract Info
Contract Info
  • Disclosures: As Is
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $309,535
  • Net Operating Income: $196,766.00
  • Gross Income: $314,472
  • Cap Rate: 7.29%
  • Gross Rent Multiplier: $8.50
  • Financial Info as Of: 08/05/2024
  • Total Annual Expense: 112769
Land / Lot Info
Land / Lot Info
  • Additional Parcel Number: No
  • Lot Size Square Feet: 6599
Parking Details
Parking Details
  • Parking Garage: None
  • Total Parking: 0
  • Parking Features: None
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Other
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: Other
  • Common Walls: Attached
  • Laundry: Community
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 08-05-2024
  • Rent Control: Yes
  • Rent Control: 100
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,919.00
  • Unit Actual Rent: $15,353.00
  • Unit Projected Rent: $19,200.00
  • Like Units: 8
Unit 2 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $906.00
  • Unit Actual Rent: $10,903.00
  • Unit Projected Rent: $21,600.00
  • Like Units: 12
Unit Details
  • Unit Type Type: 2106, 2107

Property History for 311 Witmer Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 311 Witmer Street

Taxable ValueLand$1,784,828Additions$814,829Total$2,599,657
Tax Record2024$32,814 ($2,735 / month)
Home Facts
Total Finished SqFt10,856 SqFtAbove Grade Finished SqFt10,856 SqFtLot Size6,597 SqFtStyleMulti-Family Res (5+ Units)Year Built1923ZoningLAR3CountyLOS ANGELESAPN5153-026-007

Schools near 311 Witmer Street

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
John H. Liechty Middle School
Public6 to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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Similar Sold Homes

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Compass, Max Berger, DRE #02054048

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.