20 Units @ 7.28% CAP & 8.96 GRM - Witmer 4 | 401 S Witmer St
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20 Units @ 7.28% CAP & 8.96 GRM - Witmer 4 401 S Witmer St
20 Unit Apartment Building $3,300,000 ($165,000/Unit) 7.28% Cap Rate Los Angeles, CA 90017
Investment Highlights
- 401 Witmer is a 20 unit value-add complex located 1.4 miles south of Echo Park Lake and the heart of Downtown LA.
- Offered at a 7.28% CAP and 8.96 GRM on current rents, $165,000 per unit, and $376 per foot.
- All tenants pay their own electricity and gas utilities.
- 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.
- Value-add opportunity offers approx. 25% rental upside with 2 VACANT studio units. At projected market rents, the property will stabilize at a 9.92% C
- 401 Witmer, which can be purchased individually, is part of the Witmer 4 - 84 units across 4 buildings within 1 block of Witmer St.
Executive Summary
401 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 a 7.28% CAP and 8.96 GRM on current rents, $165,000 per unit, and $376 per foot. This value-add opportunity offers approx. 25% rental upside with 2 VACANT studio units. At projected market rents, the property will stabilize at a 9.92% CAP and 7.17 GRM. Built in 1924, the 8,776 SF two-story complex consists of (6) 1-bdrm. units and (14) studio units. All tenants pay their own electricity and gas utilities. Property amenities include community laundry and gated entry. 401 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 LA 1 for more information.
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 | $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 | 7.28% | Building Size | 8,776 SF |
| Gross Rent Multiplier | 8.96 | Average Occupancy | 90% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1924 |
| Property Subtype | Apartment |
| Price | $3,300,000 |
| Price Per Unit | $165,000 |
| Sale Type | Investment |
| Cap Rate | 7.28% |
| Gross Rent Multiplier | 8.96 |
| 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 | 90% |
| No. Stories | 2 |
| Year Built | 1924 |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
- Recycling
- Lounge
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $1,759 | - |
| Studios | 14 | $1,289 | - |
Walk Score ®
Walker's Paradise (91)
Transit Score ®
Rider's Paradise (93)
PROPERTY TAXES
| Parcel Number | 5153-026-018 | Total Assessment | $3,039,785 (2024) |
| Land Assessment | $2,342,588 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $697,197 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
5153-026-018
Land Assessment
$2,342,588 (2024)
Improvements Assessment
$697,197 (2024)
Total Assessment
$3,039,785 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | LAR3 (Commercial) |
| LAR3 (Commercial) |
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20 Units @ 7.28% CAP & 8.96 GRM - Witmer 4 | 401 S Witmer St
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