324 Witmer St, Los Angeles, CA 90017 – 24-424005

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Gianna Silvaggio

gsellslv@gmail.com +1(702) 236-2664

$ 2,100,000

Est. payment | -/mo

4 Beds

20 Baths

11,088 SqFt

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$ 2,100,000

Est. payment | -/mo

Save

4 Beds

20 Baths

11,088 SqFt

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Pending

Purchase Type For Sale

Square Footage 11,088 sqft

Price per Sqft $189

MLS Listing ID 24-424005

Bedrooms 4

Year Built 1923

Lot Size 7,594 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 Downtown L.A.

Zoning LACW

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

+1(702) 236-2664

gsellslv@gmail.com