Description

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.