20 Units @ 7.29% CAP & 8.50 GRM - Witmer 4 | 311 S Witmer St
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20 Units @ 7.29% CAP & 8.50 GRM - Witmer 4 311 S Witmer St
20 Unit Apartment Building $2,700,000 ($135,000/Unit) 7.29% Cap Rate Los Angeles, CA 90017
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.
Executive Summary
311 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 7.29% CAP, 8.50 GRM, $135,000 per unit, and $249 per foot. 311 Witmer presents a significant value-add opportunity with approx. 55% rental upside. At projected market rents, the property will stabilize at a 13.50% CAP and 5.49 GRM. Built in 1923, the 10,856 SF two-story complex consists of (8) 1-bdrm. units and (12) studio units. Property amenities include community laundry and gated entry. 311 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 in 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 Max Berger for more information at Max@KennyStevensTeam.com or (818) 321-4972.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts In Escrow
| Price | $2,700,000 | Apartment Style | Low Rise |
| Price Per Unit | $135,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 7.29% | Building Size | 10,856 SF |
| Gross Rent Multiplier | 8.5 | Average Occupancy | 95% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1923 |
| Property Subtype | Apartment |
| Price | $2,700,000 |
| Price Per Unit | $135,000 |
| Sale Type | Investment |
| Cap Rate | 7.29% |
| Gross Rent Multiplier | 8.5 |
| 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 |
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 | - |
Walk Score ®
Walker's Paradise (90)
Transit Score ®
Rider's Paradise (90)
PROPERTY TAXES
| Parcel Number | 5153-026-007 | Total Assessment | $2,593,577 (2024) |
| Land Assessment | $1,784,828 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $808,749 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
5153-026-007
Land Assessment
$1,784,828 (2024)
Improvements Assessment
$808,749 (2024)
Total Assessment
$2,593,577 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | R3, Los Angeles (Commercial) |
| R3, Los Angeles (Commercial) |
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20 Units @ 7.29% CAP & 8.50 GRM - Witmer 4 | 311 S Witmer St
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