$2,100,000
PENDING

Estimated payment $13,598/month

Total Views 206
4 Beds
20 Baths
11,088 Sq Ft
$189 Price per Sq Ft

About This Home

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.

Listing Agent

Max Berger

Compass License #02054048 Listed on: 08/05/2024

Compass

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1923

Lot Details

  • 7,594 Sq Ft Lot
  • West Facing Home

Interior Spaces

  • 11,088 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 4 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 5153-025-009

Property Details

Home Type

Multi-Family

Year Built

Built in 1923

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Levels: Two
  • Street Number Display: Yes
  • Additional Assessor Parcel Numbers: No
  • Living Area: 11088
  • Stories: 2
  • Year Built: 1923
  • Number Of Photos: 7
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Bedrooms: 4
  • Common Walls: Attached
  • Laundry: Community
  • Total Bathrooms: 20.00
  • Price Per S Q F T: 189.39

Exterior Features

  • Direction Faces: West
  • Other Structures: None
  • View: No

Utilities

  • Heating: Wall

Lot Info

  • Assessor Parcel Number: 5153-025-009
  • Lot Size Area: 7594

Rental Info

  • Rent Control: Yes

Multi Family

  • Unit Type: 2106, 2107
  • Gross Rent Multiplier: 8.50
  • Number Of Units: 20
  • Rent Control: 100
  • Total Annual Expense: 100920
  • Type Of Units: Apartments
  • Vacancy Rate: 0 Units

Map

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price Change Sq Ft Price
08/09/2024 08/09/24 Pending -- -- --
08/05/2024 08/05/24 For Sale $2,100,000 -- $189 / Sq Ft
Source: The MLS

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Source: The MLS

MLS Number: 24-424005

The MLS