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$3,350,000
Est. payment /mo
9 Beds
24 Baths
9,800 SqFt
UPDATED:
12/05/2024 03:44 AM
Key Details
Property Type Multi-Family
Listing Status Pending
Purchase Type For Sale
Square Footage 9,800 sqft
Price per Sqft $341
MLS Listing ID 24424029
Bedrooms 9
HOA Y/N No
Year Built 1924
Lot Size 6,821 Sqft
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.
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
Community Features Gated
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 5153025012
Security Features Gated Community,Key Card Entry
Special Listing Condition Standard
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Listed by Max Berger • Compass