Homes for sale - 411 Witmer ST, Los Angeles, CA 90017

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David Burchell

david@burchellhometeam.com +1(559) 234-2579

$2,600,000

Est. payment - /mo

14 Beds

12 Baths

8,586 SqFt

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UPDATED:

10/29/2024 05:25 PM

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 8,586 sqft

Price per Sqft $302

MLS Listing ID 24406337

Bedrooms 14

HOA Y/N No

Year Built 1940

Lot Size 0.278 Acres

Property Description

Bring all offers for this 12-unit gated courtyard styled apartment building with an assumable loan that is fixed at a 3.350% interest rate until May 2027! 411 Witmer Street is located in the thinly traded Westlake sub-market of LA. The property features an ideal unit mix of (2) 2 Bed/1 Bath & (10) 1 Bed/1 Bath units, and 12 on-site, gated, and reserved parking for each unit which is a huge premium for this neighborhood that lacks parking. Tenants have separate parking leases for their assigned parking spaces which brings in substantial additional monthly income. The property is being offered at an attractive 11.04x GRM and 6.11% cap rate on current rents and operating expenses. For tenant safety, conveniently located just 1 block from LAP Rampart Station, and 1/2 mile from LAFD Station 11. Tenants also enjoy being just a couple of blocks away (less than 1 mile) and walking distance to all of the amenities that Downtown LA has to offer such as Crypto.com Arena, LA Live, LA Convention Center, The Novo, Peacock Theatre, and tons of new restaurants and dining. This easy to manage asset was completely re-piped to new copper plumbing throughout, new sewer lines, a 30-year shingle roof, brand new noise canceling vinyl windows for all 12 units, a re-painted exterior, and the foundation was bolted & retrofitted. 4 of the 12 units were completely remodeled and are getting top of the market rent, with the other units leaving approximately 35% rental upside for the next owner to capture. With great in-place cash flow and a low fixed interest rate, this property will generate a strong Day 1 cash on cash return. The next owner will enjoy low operating expenses as some tenants are on RUBS for water & sewer utility reimbursements, all units are separately metered for gas & electricity, all tenants pay for trash, and all units have in-unit individual water heaters for no constantly rising common area gas bills. With a 12,100 SF lot zoned LAR3, land value will continue to increase for future usage. Can be bought together or separate with 4046 Nicolet Avenue.

Location

State CA

County Los Angeles

Area C42 - Downtown L.A.

Zoning LAR3

Interior

Interior Features Ceiling Fan(s)

Heating Electric, Wall Furnace

Fireplace No

Appliance Dishwasher, Disposal, Microwave, Refrigerator, Dryer, Washer

Exterior

Garage Assigned

Pool None

Community Features Gated

Parking Type Assigned

Total Parking Spaces 12

Private Pool No

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5153026023

Security Features Gated Community

Financing Assumed,Cash,Conventional,Private

Special Listing Condition Standard

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Listed by Jonathan Rawson • Avenue Realty Group

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David Burchell

+1(559) 234-2579

Team Leader & Realtor | License ID: #02033130

Team Leader & Realtor License ID: #02033130

411 Witmer ST Los Angeles, CA 90017

David Burchell

David Burchell

Key Details

Location

Interior

Exterior

Building

Others

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