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$2,100,000
Est. payment /mo
4 Beds
20 Baths
11,088 SqFt
UPDATED:
12/05/2024 03:44 AM
Key Details
Property Type Multi-Family
Listing Status Pending
Purchase Type For Sale
Square Footage 11,088 sqft
Price per Sqft $189
MLS Listing ID 24424005
Bedrooms 4
HOA Y/N No
Year Built 1923
Lot Size 7,592 Sqft
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.
Location
State CA
County Los Angeles
Area C42 - Downtown L.A.
Zoning LACW
Interior
Heating Wall Furnace
Fireplace No
Laundry Common Area
Exterior
Parking Features None
View Y/N No
View None
Building
Faces West
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5153025009
Special Listing Condition Standard
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Listed by Max Berger • Compass