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Diego Magdaleno

diego@1visionproperties.com +1(714) 376-8652

$2,100,000

Est. payment - /mo

4 Beds

20 Baths

11,088 SqFt

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Key Details

Property Type Single Family Home

Listing Status Pending

Purchase Type For Sale

Square Footage 11,088 sqft

Price per Sqft $189

MLS Listing ID 24424005

Bedrooms 4

HOA Y/N No

Year Built 1923

Lot Size 7,592 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 C42 - Downtown L.A.

Zoning LACW

Interior

Heating Wall Furnace

Fireplace No

Laundry Common Area

Exterior

Parking Features None

View Y/N No

View None

Building

Faces West

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5153025009

Special Listing Condition Standard

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Listed by Max Berger Compass #02054048

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324 Witmer ST Los Angeles, CA 90017