311 Witmer St Los Angeles, CA 90017
Westlake NeighborhoodEstimated payment $16,853/month
Highlights
- Laundry Facilities
- Gated Home
- East Facing Home
About This Home
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.
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1923
Lot Details
- 6,599 Sq Ft Lot
- East Facing Home
- Gated Home
Interior Spaces
- 10,856 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 8 Bedrooms
- 20 Bathrooms
Utilities
- Heating System Mounted To A Wall or Window
Community Details
- 20 Units
- Laundry Facilities
- Rent Control
Listing and Financial Details
- Assessor Parcel Number 5153-026-007
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $32,814 | $2,645,447 | $1,820,524 | $824,923 |
| 2024 | $32,814 | $2,593,577 | $1,784,828 | $808,749 |
| 2023 | $32,200 | $2,542,724 | $1,749,832 | $792,892 |
| 2022 | $30,745 | $2,492,868 | $1,715,522 | $777,346 |
| 2021 | $30,328 | $2,443,989 | $1,681,885 | $762,104 |
| 2019 | $29,445 | $2,377,580 | $1,632,000 | $745,580 |
| 2018 | $22,901 | $1,794,723 | $720,619 | $1,074,104 |
| 2016 | $21,790 | $1,719,190 | $692,638 | $1,026,552 |
| 2015 | $21,486 | $1,693,367 | $682,234 | $1,011,133 |
| 2014 | $21,680 | $1,660,197 | $668,870 | $991,327 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 08/09/2024 08/09/24 | Pending | -- | -- | -- | |
| 08/05/2024 08/05/24 | For Sale | $2,700,000 | +16.1% | $249 / Sq Ft | |
| 05/01/2018 05/01/18 | Sold | $2,325,000 | +3.3% | $214 / Sq Ft | View Prior Sale |
| 11/30/2017 11/30/17 | For Sale | $2,250,000 | -- | $207 / Sq Ft |
Source: The MLS
MLS Number: 24-423967
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