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, ideally suited… Read More 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 7.64 GRM and a 6.55% 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 6.39 GRM and 10.28% 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. Contact the listing broker for additional information. Read Less
Property listed by Kidder Mathews of California, Inc., Casey Lins 310-259-7556
Listing Snapshot
Days Online
1
Last Updated
Square Ft.
7,999
Lot Size
0.21 Acres
Year Built
1928
MLS Number
26829839
Additional Details
Building
Built in 1928, Living area: 7999.0, 1 building, 2 stories, Levels: ThreeOrMore, Entry level: 1
Disclosures
RentControl
Income
Gross Income: $261,019, Net Operating Income: $130,732
Lot
0.2083 acres
Parking
12 open parking spaces, 12 total parking spaces, Assigned, Driveway, Garage, Tandem
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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