324 Witmer Street
$2,100,000
4
20
11,088
11,088
$189
Listed By Compass
Pending
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 StreetsW. 3rd St. and Witmer St.
Parcel Number5153025009
Total Units20.0
Living Area11088
Source Living AreaVendor Enhanced
AreaDowntown L.A. (C42)
Vacancy Rate0 Units
LISTING UPDATED: 08/09/2024 02:08 PM
Property Details for 324 Witmer Street
Status | Pending |
---|---|
MLS # | 24-424005 |
Days on Market | 4 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1923 |
Lot Size | 0.17 AC / 7,594 SF |
County | Los 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
Property History for 324 Witmer Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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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 | ||
Contreras Learning Center-School Of Social Justice Public9 to 12 | ||
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.
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