324 Witmer ST, Los Angeles, CA 90017
324 Witmer ST, Los Angeles, CA 90017
324 Witmer ST, Los Angeles, CA 90017
324 Witmer ST, Los Angeles, CA 90017
324 Witmer ST, Los Angeles, CA 90017
324 Witmer ST, Los Angeles, CA 90017
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Ruby Raymond

Ruby Raymond

+1(805) 201-6341
$ 2,100,000
Est. payment | /mo

4 Beds

20 Baths

11,088 SqFt

Save
$ 2,100,000
Est. payment | /mo
Save

4 Beds

20 Baths

11,088 SqFt

Key Details

Property Type Single Family Home

Listing Status Pending

Purchase Type For Sale

Square Footage 11,088 sqft

Price per Sqft $189

MLS Listing ID 24424005

Bedrooms 4

HOA Y/N No

Year Built 1923

Lot Size 7,592 Sqft

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.

Location

State CA

County Los Angeles

Area C42 - Downtown L.A.

Zoning LACW

Interior

Heating Wall Furnace

Fireplace No

Laundry Common Area

Exterior

Parking Features None

View Y/N No

View None

Building

Faces West

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5153025009

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)
Listed by Max Berger Compass #02054048

NEARBY SCHOOL & BUSINESS

REVIEWS

Ximena Ames Nugent

Professional & Paid Attention to My Needs

I am very impressed with the professionalism of this team! They worked very hard with terrific attention to details and respect for my needs. I would highly recommend Ruby and Patrick as they are knowledgeable, and dedicated to their clients.

Jeff M

Purchase

Ruby and the Raymond Team were great. We're in our new home right now writing this. Ruby helped make this happen and if you are looking for a home in the 5 Cities area I suggest you give Ruby a call. Thanks Ruby, SM

RonSteinback

The broker that everyone hopes to hire!

Patrick listed and sold two properties for me this year, and I intend to use him on a third transaction. Patrick is responsive and knows the local area. I am a broker myself, but located in southern California. Patrick is the broker that everyone hopes to hire!

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Ruby Raymond
Ruby Raymond

Broker Associate | License ID: 01342959

+1(805) 201-6341 | homes@raymondteamre.com

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By checking this box, I agree by electronic signature to the Electronic Disclosure Consent Agreement; to receive recurring marketing communication from or on behalf of Ruby Raymond, including auto-dialed calls, texts, and artificial/prerecorded voice messages (message frequency varies; data rates may apply; reply "STOP" to opt-out of texts or "HELP" for assistance); and to the Terms of Service and Privacy Policy of this website. Consent not required to make a purchase. I understand that I can call to obtain direct assistance.