334-338 1/2 S Witmer St 8 Unit Apartment Building $1,645,000 ($205,625/Unit) 6.74% Cap Rate Los Angeles, CA 90017

334 Witmer Street is a fully stabilized 8-unit apartment building offering a strong 6.74 percent cap rate on actuals and near market rents in one of Downtown LA’s strongest rental pockets. Ideally located near Mid-Wilshire, Westlake, Echo Park, and the core of Downtown LA, the property was renovated down to the studs in 2018 with new plumbing, electrical, sub panels, mini split HVAC, dual pane windows, cabinetry, counters, and fully modernized kitchens and baths. A soft story retrofit was completed in 2022, enhancing long-term structural security. Tenants pay for their own electricity and gas (individually metered) and water sewer & trash through a third party billing system (RUBS), which contributes to the total monthly income of $15,303 dollars, and the building includes secure gated parking for 6 cars along with low maintenance vinyl and tile flooring.
Professionally managed and positioned near major job centers, 334 Witmer consistently attracts quality renters and is fully occupied. In addition, the property offers a strong financing advantage with an assumable interest only loan at 4.9 percent in the amount of approximately $1.278M, with maturity in December 2027 (Freddie Mac, fees and terms apply). This is a turnkey, cash flowing investment in a high demand Downtown LA rental corridor where renovated and stabilized multifamily assets are increasingly scarce, making it an ideal long-term bread and butter building for any portfolio.