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Diego Magdaleno

diego@1visionproperties.com +1(714) 676-7271

$3,300,000

Est. payment - /mo

6 Beds

20 Baths

8,776 SqFt

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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Pending

Purchase Type For Sale

Square Footage 8,776 sqft

Price per Sqft $376

MLS Listing ID 24424053

Bedrooms 6

HOA Y/N No

Year Built 1924

Lot Size 5,924 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 C42 - Downtown L.A.

Zoning LAR3

Interior

Heating Wall Furnace

Fireplace No

Laundry Common Area

Exterior

Parking Features None

Community Features Gated

View Y/N No

View None

Building

Faces East

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5153026018

Security Features Gated Community

Special Listing Condition Standard

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Listed by Max Berger Compass

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401 Witmer ST Los Angeles, CA 90017