$2,600,000
Calculate Payment
Calculate Payment
411 Witmer Street Los Angeles, CA 90017
Cluster
Residence
14
Beds
12
Baths
...
Bed/Bath
8,586
Sq. Ft.
Property Activity
Time on Site
days
Days on Market
Views
Saves
Large price adjustment! 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 6.09% cap rate on current rents and operating expenses. Tenants enjoy being just a couple of blocks away 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.
Continue reading
MLS#
24406337
Property Type
Cluster
Bedrooms
14
Bathrooms
Year Built
1940
Square Feet
8,586
sq. ft
Lot Size
0.28
Stories
2.0
Receive an email as soon as the price changes
Receive an email
as soon as the price changes
Get Price Alerts
Don't miss your chance. Receive an email as soon as the price changes.
Get email alerts when
a home price changes
Sign up
Enter your work address to view actual drive times with traffic for this property.
Walk Score measures the walkability of any address, Transit Score measures access to public transit on a scale of 1-100.
Source: Walk Score®
How much home can I afford?
Kickstart your home search journey with our online Pre-Approval.
Nearby Homes For Sale
Just Listed
And
Homes Available
In
See How Much You Could Save
Thinking about buying or selling? Talk to one of our Mortgage Professionals today to see how much you could save on your next home. Call us at 833-981-2030.