
324 Witmer St Los Angeles, CA 90017
Westlake NeighborhoodEstimated payment $13,598/month
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.
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
Map
Home Values in the Area
Average Home Value in this Area
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 |
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