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$ 1,949,000
Est. payment | /mo
7,999 SqFt
$ 1,949,000
Est. payment | /mo
7,999 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 7,999 sqft
Price per Sqft $243
MLS Listing ID CL26829839
HOA Y/N No
Year Built 1928
Lot Size 9,072 Sqft
Acres 0.2083
Property Sub-Type Other
Property Description
410 Witmer Street is a 20-unit, wood-frame building with a raised foundation and twelve (12) parking spots, located in a rapidly evolving submarket of Los Angeles, just west of Downtown Los Angeles. The offering represents a compelling value-add opportunity with strong in-place cash flow and significant rental upside, with a new roof and recently upgraded electrical that makes it ideally suited for investors seeking both yield and long-term appreciation. The property consists of a two-story, wood-frame building with a raised foundation, totaling 7,999 rentable square feet on a 9,072 square foot LACW-zoned mid-block lot. Originally constructed in 1928, the asset features a unit mix of twenty (20) studio units and benefits from twelve (12) uncovered on-site tandem parking spaces, an exceptional parking ratio for the area and a meaningful competitive advantage in this dense urban submarket. 410 Witmer Street is currently operating at a 7.47 GRM and a 6.74% cap rate on in-place rents, with a clear path to increased cash flow through a strategic value-add program. By implementing interior renovations, improving operational efficiencies, and capturing mark-to-market rent potential, a new owner can achieve a projected 6.25 GRM and 10.55% cap rate upon stabilization. Situated near the intersection of Witmer Street and W 3rd Street, the property offers excellent connectivity to the 101, 110, and 10 freeways, as well as multiple Metro transit lines. The location benefits from its proximity to high-demand rental neighborhoods including Echo Park, Silver Lake, Elysian Heights, and Koreatown, all of which continue to experience strong tenant demand driven by their access to employment centers, lifestyle amenities, and cultural hubs. 410 Witmer Street presents a rare opportunity to acquire a well-located, income-producing asset with a favorable parking ratio and a clear roadmap to unlocking additional value in one of Los Angeles' most dynamic rental corridors.
Location
State CA
County Los Angeles
Zoning LACW
Interior
Fireplace No
Building
New Construction No
Others
Tax ID 5153025015
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Listed by Casey Lins • Kidder Mathews of California, Inc.
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