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261-265 Witmer St. 7 Unit Apartment Building Offered at $1,150,000 at a 5.87% Cap Rate Los Angeles, CA 90026
INVESTMENT HIGHLIGHTS
- Single story construction on a XL 10,958sqft lot running Block to Block
- Solid in place income- 10 GRM on current rents with 35% upside in rents to market rate
- R-3 zoning with Tier 2 TOC density bonus - build 13 units by-right or 20 units with density bonus
- Convert and expand the garages into ADU's using SB1211 - build up to a two story 7 unit ADU
- Six single car garages and tandem spaces
EXECUTIVE SUMMARY
Young Lewin Advisors is pleased to present 261 Witmer Ave, a seven-unit apartment building located in the Filipinotown/Westlake neighborhood of Los Angeles to market for the first time in over fifty years. The property is made up of two side by side single story structures consisting of five 1 bed/1 bath units, one 2 bed/1 bath unit, and one studio unit on a large 10,958 square foot lot that runs block to block.
Parking is ample, with six single-car garages at the rear of the property and one surface parking space in front of each garage. Under SB 1211, a new owner has the opportunity to convert and expand the garages into ADUs, allowing for the construction of up to a two-story, seven-unit ADU addition—substantially increasing the property’s income potential.
Current rents are approximately 35% below market, providing strong upside potential for a new buyer. The site is zoned R-3 with a Tier 2 TOC density bonus, allowing for the development of up to 13 units by right and 20 units with the density bonus.
Parking is ample, with six single-car garages at the rear of the property and one surface parking space in front of each garage. Under SB 1211, a new owner has the opportunity to convert and expand the garages into ADUs, allowing for the construction of up to a two-story, seven-unit ADU addition—substantially increasing the property’s income potential.
Current rents are approximately 35% below market, providing strong upside potential for a new buyer. The site is zoned R-3 with a Tier 2 TOC density bonus, allowing for the development of up to 13 units by right and 20 units with the density bonus.
PROPERTY FACTS
| Price | $1,150,000 | No. Units | 7 |
| Price Per Unit | $164,286 | Property Type | Multifamily |
| Sale Type | Investment | Building Size | 3,412 SF |
| Cap Rate | 5.87% | No. Stories | 1 |
| Gross Rent Multiplier | 10.05 | Year Built | 1949 |
| Price | $1,150,000 |
| Price Per Unit | $164,286 |
| Sale Type | Investment |
| Cap Rate | 5.87% |
| Gross Rent Multiplier | 10.05 |
| No. Units | 7 |
| Property Type | Multifamily |
| Building Size | 3,412 SF |
| No. Stories | 1 |
| Year Built | 1949 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | - | - |
| Studios | 1 | - | - |
| 2+1 | 1 | - | - |
1 1
Walk Score®
Walker's Paradise (90)
Transit Score®
Excellent Transit (88)
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261-265 Witmer St.
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