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$ 2,500,000
Est. payment /mo
Active Under Contract
280 Witmer Los Angeles, CA 90026
1 Bed
2 Baths
7,710 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID AR26080904
Bedrooms 1
Lot Size 7,710 Sqft
Property Sub-Type Res Income 2-4 Units
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 450500 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-gallon boiler. These upgrades reduce near-term capital expenditure risk, allowing investors to focus on executing a unit renovation strategy and capturing rental upside. Additional value-add opportunities include two vacant basement rooms with potential for storage or laundry income, as well as an underutiliz
Location
State CA
County Los Angeles
Zoning Assessor
Direction West of the 110 and just north of 3rd St
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 5153028009
Acceptable Financing Cash
Listing Terms Cash
Listed by Justin McCardle, DRE#01895720 Growth Investment Group Pasade