324 Witmer Street, Los Angeles, CA 90017
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Listed Price :
$2,100,000
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Beds :
4
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Baths :
20
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Property Size :
11,088 sqft
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Year Built :
1923
Property 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% 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.
Interior Features
| Laundry Information |
| Location(s) |
Common Area |
| Bedroom Information |
| Bedrooms |
4 |
| Bathroom Information |
| Bathrooms |
20 |
Listing Information
| Address |
324 Witmer Street |
| City |
Los Angeles |
| State |
CA |
| Zip |
90017 |
| County |
Los Angeles |
| Listing Agent |
Max Berger DRE #02054048 |
| Courtesy Of |
Compass |
| List Price |
$2,100,000 |
| Status |
Pending |
| Type |
Residential Income |
| Structure Size |
11,088 |
| Lot Size |
7,594 |
| Year Built |
1923 |
Listing information courtesy of: Max Berger, Compass. *Based on information from the Association of REALTORS/Multiple Listing as of Sep 30th, 2024 at 6:53 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
