324 Witmer Street

Los Angeles, CA 90017

$2,100,000
Price
4
Beds
20
Baths
11,088 Sq. Ft.
$189 / Sq. Ft.
11,088
Sq. Ft.
$189
per Sq. Ft.

Description

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 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%...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 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.

Property Details for 324 Witmer Street

Zoning
LACW
Cross Streets
W. 3rd St. and Witmer St.
Parcel Number
5153025009
Total Units
20.0
Living Area
11088
Source Living Area
Vendor Enhanced
Area
Downtown L.A. (C42)
Vacancy Rate
0 Units
LISTING UPDATED: 08/09/2024 02:08 PM

Property Details for 324 Witmer Street

StatusPending
MLS #24-424005
Days on Market4
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1923
Lot Size0.17 AC / 7,594 SF
CountyLos Angeles County

Building Information for 324 Witmer Street

Stories2Residences-Year Built1923Building Size-Lot Size0.17 AC / 7,594 SF

Property Information for 324 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
  • Direction Faces: West
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: $240,751
  • Net Operating Income: $139,831.00
  • Gross Income: $246,924
  • Cap Rate: 6.66%
  • Gross Rent Multiplier: $8.50
  • Financial Info as Of: 08/05/2024
  • Total Annual Expense: 100920
Land / Lot Info
Land / Lot Info
  • Additional Parcel Number: No
  • Lot Size Square Feet: 7594
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: $1,513.00
  • Unit Actual Rent: $6,050.00
  • Unit Projected Rent: $8,200.00
  • Like Units: 4
Unit 2 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $985.00
  • Unit Actual Rent: $14,527.00
  • Unit Projected Rent: $28,800.00
  • Like Units: 16
Unit Details
  • Unit Type Type: 2106, 2107

Property History for 324 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 324 Witmer Street

Taxable ValueLand$1,985,621Additions$619,934Total$2,605,555
Tax Record2024$32,935 ($2,745 / month)
Home Facts
Total Finished SqFt11,088 SqFtAbove Grade Finished SqFt11,088 SqFtLot Size7,594 SqFtStyleMulti-Family Res (5+ Units)Year Built1923ZoningLACWCountyLOS ANGELESAPN5153-025-009

Schools near 324 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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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.