401 Witmer Street
$3,300,000
6
20
8,776
8,776
$376
Listed By Compass
Pending
Description
401 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 a 7.28% CAP and 8.96 GRM on current rents, $165,000 per unit, and $376 per foot. This value-add opportunity offers approx. 25% rental upside with 2 VACANT studio units. At projected market rents, the property will stabilize...401 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 a 7.28% CAP and 8.96 GRM on current rents, $165,000 per unit, and $376 per foot. This value-add opportunity offers approx. 25% rental upside with 2 VACANT studio units. At projected market rents, the property will stabilize at a 9.92% CAP and 7.17 GRM. Built in 1924, the 8,776 SF two-story complex consists of (6) 1-bdrm. units and 14) studio units. All tenants pay their own electricity and gas utilities. Property amenities include community laundry and gated entry. 401 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 401 Witmer Street
Zoning
LAR3
Cross StreetsW. 3rd St. and Witmer St.
Parcel Number5153026018
Total Units20.0
Living Area8776
Source Living AreaVendor Enhanced
AreaDowntown L.A. (C42)
Vacancy Rate2 Units
LISTING UPDATED: 08/09/2024 02:06 PM
Property Details for 401 Witmer Street
Status | Pending |
---|---|
MLS # | 24-424053 |
Days on Market | 4 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1924 |
Lot Size | 0.14 AC / 5,922 SF |
County | Los Angeles County |
Building Information for 401 Witmer Street
Stories2Residences-Year Built1924Building Size-Lot Size0.14 AC / 5,922 SF
Property Information for 401 Witmer Street
Property History for 401 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 401 Witmer Street
Taxable ValueLand$2,342,588Additions$703,237Total$3,045,825
Tax Record2024$38,000 ($3,167 / month)
Home Facts
Total Finished SqFt8,776 SqFtAbove Grade Finished SqFt8,776 SqFtLot Size5,992 SqFtStyleMulti-Family Res (5+ Units)Year Built1924ZoningLAR3CountyLOS ANGELESAPN5153-026-018
Schools near 401 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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