CA > Los Angeles
Los Angeles, CA 90017,401 Witmer St
Los Angeles, CA 90017,401 Witmer St
Los Angeles, CA 90017,401 Witmer St
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Shawn Kormondy

Shawn Kormondy

+1(323) 638-7567
$3,300,000
Est. payment /mo
6 Beds
20 Baths
8,776 SqFt
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UPDATED:

08/09/2024 09:06 PM

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Pending

Purchase Type For Sale

Square Footage 8,776 sqft

Price per Sqft $376

MLS Listing ID 24-424053

Bedrooms 6

Year Built 1924

Lot Size 5,922 Sqft

Property 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 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.

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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