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Keller Williams
400 Witmer Street, Los Angeles, CA 90017
- $3,350,000
- 9
- BD
- 24
- BA
- 9,800
- SqFt
- List Price
- $3,350,000
- Status
- PENDING
- Days on Market
- 706
- MLS#
- 24424029
- Subtype
- Residential Income
- Year Built
- 1924
- Bedrooms
- 9
- Bathrooms
- 24
- Living Area
- 9,800
- Lot Size
- 6,821
- Acres
- 0.16
- MLS Area Major
- Downtown L.A. (C42)
Property 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 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.
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Additional Information
- Zoning
- LACW
- Heating
- Wall Furnace
- Stories
- Two Levels
- Levels
- Two
- Parking Features
- None
- View
- None
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Listing courtesy of Listing Agent: Max Berger (max@kennystevensteam.com) from Listing Office: Compass.
Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.