$2,100,000
324 Witmer Street Los Angeles, CA 90017
Save Share
Schedule a Tour
7
See all 7 photos
$2,100,000
Est. payment /mo
11,088 SqFt
Pending
324 Witmer Street Los Angeles, CA 90017
UPDATED:
08/09/2024 10:39 PM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 11,088 sqft
Price per Sqft $189
MLS Listing ID CL24424005
HOA Y/N No
Year Built 1923
Lot Size 7,594 Sqft
Acres 0.17
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 Listing
Zoning LACW
Interior
Heating Wall Furnace
Fireplace No
Laundry Community Facility
Exterior
View Y/N false
View None
Parking Type None
Building
New Construction No
Others
Tax ID 5153025009
© 2024 BEAR, CCAR, bridgeMLS. This information is deemed reliable but not verified or guaranteed. This information is being provided by the Bay East MLS or Contra Costa MLS or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website.
Listed by Max Berger • Compass
GET MORE INFORMATION
