CA > Los Angeles
Los Angeles, CA 90017,324 Witmer St
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Los Angeles, CA 90017,324 Witmer St
Los Angeles, CA 90017,324 Witmer St
Los Angeles, CA 90017,324 Witmer St
Los Angeles, CA 90017,324 Witmer St
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Brandon Arlington

Brandon Arlington

+1(781) 385-0196
$ 2,100,000
Est. payment /mo
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Pending

324 Witmer St Los Angeles, CA 90017

4 Beds

20 Baths

11,088 SqFt

UPDATED:

08/09/2024 09:08 PM

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

TheMLS (CLAW)
The multiple listings information is provided by The MLSTM/CLAW from a copyrighted compilation of listings. The compilation of listings and each individual listing are ©2024 The MLSTM/CLAW. All Rights Reserved.

The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

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