311 Witmer Street, Los Angeles, CA 90017
- $2,700,000
- 8
- BD
- 20
- BA
- 10,856
- SqFt
- List Price
- $2,700,000
- Status
- PENDING
- MLS#
- 24423967
- Year Built
- 1923
- Bedrooms
- 8
- Bathrooms
- 20
- Living Sq. Ft
- 10,856
- Lot Size
- 6,599
- Acres
- 0.15
- Days on Market
- 657
- Property Type
- Multifamily
- Stories
- Two Levels
Property Description
311 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 7.29% CAP, 8.50 GRM, $135,000 per unit, and $249 per foot. 311 Witmer presents a significant value-add opportunity with approx. 55% rental upside. At projected market rents, the property will stabilize at a 13.50% CAP and 5.49 GRM. Built in 1923, the 10,856 SF two-story complex consists of (8) 1-bdrm. units and (12) studio units. Property amenities include community laundry and gated entry. 311 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.
Additional Information
- Heat
- Wall Furnace
- View
- None
- Attached Structure
- Detached
- Number Of Units Total
- 20
Listing courtesy of Listing Agent: Max Berger (max@kennystevensteam.com) from Listing Office: Compass.
Mortgage Calculator
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.