400 Witmer Street
$3,350,000
9
24
9,800
9,800
$342
Listed By Compass
Pending
Description
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 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...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 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.
Listing Agent
Property Details for 400 Witmer Street
Zoning
LACW
Cross StreetsW. 3rd St. and Witmer St.
Parcel Number5153025012
Total Units24.0
Living Area9800
Source Living AreaVendor Enhanced
AreaDowntown L.A. (C42)
Vacancy Rate1 Unit
LISTING UPDATED: 08/09/2024 02:07 PM
Property Details for 400 Witmer Street
Status | Pending |
---|---|
MLS # | 24-424029 |
Days on Market | 4 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1924 |
Lot Size | 0.16 AC / 6,821 SF |
County | Los Angeles County |
Building Information for 400 Witmer Street
Stories2Residences-Year Built1924Building Size-Lot Size0.16 AC / 6,821 SF
Property Information for 400 Witmer Street
Property History for 400 Witmer Street
Date | Event & Source | Price | Appreciation |
---|
Date | Event & Source | Price |
---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 400 Witmer Street
Taxable ValueLand$2,788,796Additions$787,401Total$3,576,197
Tax Record2024$44,566 ($3,714 / month)
Home Facts
Total Finished SqFt9,800 SqFtAbove Grade Finished SqFt9,800 SqFtLot Size6,819 SqFtStyleMulti-Family Res (5+ Units)Year Built1924ZoningLACWCountyLOS ANGELESAPN5153-025-012
Schools near 400 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.
Similar Homes
Sorry, we can't find any similar homes at this time. Please check back later.
Similar Sold Homes
Sorry, we can't find any similar sold homes at this time. Please check back later.