311 Witmer ST, Los Angeles, CA 90017
311 Witmer ST, Los Angeles, CA 90017
311 Witmer ST, Los Angeles, CA 90017
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The Warburton Team Brokered By EXp

The Warburton Team Brokered By EXp

+1(626) 630-2141
$2,700,000
Est. payment /mo
8 Beds
20 Baths
10,856 SqFt
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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Pending

Purchase Type For Sale

Square Footage 10,856 sqft

Price per Sqft $248

MLS Listing ID 24423967

Bedrooms 8

HOA Y/N No

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 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 5153026007

Security Features Gated Community

Special Listing Condition Standard

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Listed by Max Berger Compass #02054048

NEARBY SCHOOL & BUSINESS

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