CA > Los Angeles
Los Angeles, CA 90017,311 Witmer St
Los Angeles, CA 90017,311 Witmer St
Los Angeles, CA 90017,311 Witmer St
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Shawn Kormondy

Shawn Kormondy

+1(323) 638-7567
$2,700,000
Est. payment /mo
8 Beds
20 Baths
10,856 SqFt
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UPDATED:

08/09/2024 09:08 PM

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Pending

Purchase Type For Sale

Square Footage 10,856 sqft

Price per Sqft $248

MLS Listing ID 24-423967

Bedrooms 8

Year Built 1923

Lot Size 6,599 Sqft

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.

Location

State CA

County Los Angeles

Area Downtown L.A.

Zoning LAR3

Rooms

Other Rooms None

Interior

Heating Wall

Cooling Other

Equipment Other

Laundry Community

Exterior

Garage None

View Y/N No

View None

Building

Story 2

Level or Stories Two

Others

Special Listing Condition Standard

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Listed by Compass

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Shawn Kormondy

+1(323) 638-7567

Agent | License ID: 01451888

Agent License ID: 01451888

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