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Witmer Apartments 401 S Witmer St 20 Unit Apartment Building $3,300,000 ($165,000/Unit) 6.24% Cap Rate Los Angeles, CA 90017
Executive Summary
We are proud to present 401 Witmer St, a 20-unit multifamily community located in the North West Lake neighborhood of Los Angeles, offered at a 9.13 GRM and a 6.24% CAP on actual rents, with upside potential to achieve an 8.96 GRM and an 6.43% CAP with market rents. The property is comprised of one, two-story building consisting of a total of 8,776 rentable square feet. Built in 1923, the property sits on a 6,020 square foot LAR3-zoned midblock lot. The unit mix features six (6) one-bedroom one-bathroom units and fourteen (14) studio units. Fourteen out of sixteen units have been renovated, and there are currently four VACANT units: one (1) one-bedroom unit and three (3) studio units. Located off of Witmer St and W 3rd St nearby Gratts Elementary School and Contreras High School, this location offers excellent access with close proximity to the 101, 110 and 10 freeways, multiple Metro stations, and easy access to Downtown Los Angeles and neighboring communities such as Silver Lake, Echo Park, Elysian Heights, Koreatown and more. Contact the listing broker for additional information.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$205,955
|
$23.47
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $205,955 |
| Annual Per SF | $23.47 |
Property Facts
| Price | $3,300,000 | Apartment Style | Low-Rise |
| Price Per Unit | $165,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 6.24% | Building Size | 8,776 SF |
| Gross Rent Multiplier | 9.13 | Average Occupancy | 80% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1924 |
| Property Subtype | Apartment | ||
| Zoning | LAR3 | ||
| Price | $3,300,000 |
| Price Per Unit | $165,000 |
| Sale Type | Investment |
| Cap Rate | 6.24% |
| Gross Rent Multiplier | 9.13 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 8,776 SF |
| Average Occupancy | 80% |
| No. Stories | 2 |
| Year Built | 1924 |
| Zoning | LAR3 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 14 | $1,471 | 350 - 600 |
| 1+1 | 6 | $1,837 | - |
1 1
Very walkable
80/100
Moderately drivable
60/100
Exceptional public transit
100/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 5153-026-018 | Improvements Assessment | $711,140 |
| Land Assessment | $2,389,439 | Total Assessment | $3,100,579 |
Property Taxes
Parcel Number
5153-026-018
Land Assessment
$2,389,439
Improvements Assessment
$711,140
Total Assessment
$3,100,579
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Witmer Apartments | 401 S Witmer St
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