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Listed by Justin McCardle, DRE #01895720 • Growth Investment Group Pasade
$ 2,500,000
Est. payment /mo
Price Dropped by $150K
280 Witmer Los Angeles, CA 90026
7,710 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRAR26080904
Year Built 1927
Lot Size 7,710 Sqft
Source California Regional MLS
Property Description
The Witmer Apartments (280 Witmer St), a 23-unit value-add multifamily opportunity located in the heart of the rapidly evolving Westlake submarket of Los Angeles. Offered at a competitive basis of $115,200 per unit and $221 per square foot, the property features a strong in-place CAP rate of ±7.38% and GRM of 7.96x, providing immediate cash flow with substantial upside potential. The property offers approximately ±35% rental upside, with in-place rents that have historically performed at or above market levels within the Westlake submarket. This presents investors with a compelling opportunity to acquire a well-performing asset with clear pathways to increase revenue through unit renovations and operational improvements. Built in 1927, The Witmer Apartments consist of 23 units totaling ±12,000 square feet on a ±7,710 square foot lot, featuring an efficient unit mix of (22) studios and (1) one-bedroom unit. Units average approximately ±450-500 square feet (buyer to verify) and offer functional layouts that align with strong rental demand in the area. Ownership has completed significant capital improvements, including copper plumbing, a complete electrical panel upgrade, partial roof replacement (pitched portion), updated horizontal drain lines, new gas wall heaters, and a 100-gal
Location
State CA
County Los Angeles
Area C21 - Silver Lake - Echo Park
Interior
Laundry None
Exterior
Pool None
Building
Water District - Public
Others
Tax ID 5153028009
Special Listing Condition Not Applicable
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