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311 S Witmer St
Los Angeles, CA 90017
20 Units @ 7.29% CAP & 8.50 GRM - Witmer 4 · Multifamily Property For Sale
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20 Units
Investment Highlights
- 311 Witmer is a 20 unit value-add complex located 1.4 miles south of Echo Park Lake and the heart of downtown Los Angeles.
- Significant value-add opportunity with 55% rental upside. At projected market rents, the property will stabilize at a 13.50% CAP and 5.49 GRM. GRM.
- 311 Witmer, which can be purchased individually, is part of the Witmer 4 - 84 units across 4 buildings within 1 block of Witmer St.
- 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.
- Tenants pay electrical utilities and the building is master metered for gas.
- The Witmer 4 is being sold in conjunction with 1000 N. Serrano - 24-unit complex in East Hollywood offered at 6.75% CAP on real expenses.
Property Facts
| No. Units | 20 | Lot Size | 0.15 AC |
| Property Type | Multifamily | Building Size | 10,856 SF |
| Property Subtype | Apartment | Average Occupancy | 95% |
| Apartment Style | Low-Rise | No. Stories | 2 |
| Building Class | C | Year Built | 1923 |
| Zoning | R3, Los Angeles - Commercial | ||
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 10,856 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1923 |
| Zoning | R3, Los Angeles - Commercial |
Amenities
Unit Amenities
- Microwave
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $1,983 | - |
| Studios | 12 | $862.50 | - |
Property Taxes
| Parcel Number | 5153-026-007 | Improvements Assessment | $824,923 |
| Land Assessment | $1,820,524 | Total Assessment | $2,645,447 |
Property Taxes
Parcel Number
5153-026-007
Land Assessment
$1,820,524
Improvements Assessment
$824,923
Total Assessment
$2,645,447
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