$2,100,000

324 Witmer Street, Los Angeles, CA 90017

  • 11,088 sqft
  • Property Icon other
  • Property Year Built Icon Built in 1923
  • Property Lot Size Icon7,405sqft lot
  • Property Parking Icon —— car garage
  • Property Price Per Square Feet Icon $189/sqft
  • Property List Date Icon Listed 1 year ago

Property Description

324 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 6.66% CAP and 8.50 GRM on current rents, $105,000 per unit, and $189 per foot. 324 Witmer is a significant value-add opportunity with approx. 81% rental upside. At projected market rents, the property will stabilize at a 15.81% CAP and 4.70 GRM. Built in 1923, the 11,088 SF two-story complex consists of (4) 1-bdrm. units and (16) studio units. Tenants pay their own electrical utilities and the building is master metered for gas. Property amenities include community laundry. 324 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 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 LA1 for more information.

Listing Status:
Pending
Date Added:
August 5, 2024
Data Last Updated:
April 17, 2026 at 2:08PM
Listing Office:
Compass : 310-230-5478
Listing Agent:
Max Berger : 818-321-4972
MLS ID:
CL24424005
  • Heating: Wall Furnace
  • Parking: None
  • County: Los Angeles
  • Zoning: LACW5153025009
  • View: None

This listing courtesy of Max Berger , Compass

Monthly Payment

$Est. Payment
  • Principal & Interest $
  • Property Taxes $
  • Home Insurance $
  • VA Funding Fee $

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Location

Schools Nearby

G

Gratts Learning Academy for Young Scholars (GLAYS)

309 Lucas Ave, Los Angeles, CA, 90017

Grades 2-6

0.08 miles away

S

Sal Castro Middle School

1575 W 2nd St, Los Angeles, CA, 90026

Grades 6-8

0.23 miles away

M

Miguel Contreras Learning Complex - Academic Leadership Community

322 Lucas Ave, Los Angeles, CA, 90017

Grades 9-12

0.13 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.

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