411 Witmer Street, Los Angeles, CA 90017 (MLS # 24406337)
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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 6.11% cap rate on current rents and operating expenses. For tenant safety, conveniently located just 1 block from LAP Rampart Station, and 1/2 mile from LAFD Station 11. Tenants also enjoy being just a couple of blocks away (less than 1 mile) 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.
| DAYS ON MARKET | 120 | LAST UPDATED | 10/7/2024 |
|---|---|---|---|
| YEAR BUILT | 1940 | COMMUNITY | Downtown L.A. |
| COUNTY | Los Angeles | STATUS | Active |
| PROPERTY TYPE(S) | Residential Income |
| PRICE HISTORY | |
| Prior to Aug 29, '24 | $2,700,000 |
|---|---|
| Aug 29, '24 - Today | $2,600,000 |
| ADDITIONAL DETAILS | |
| APPLIANCES | Dishwasher, Disposal, Dryer, Microwave, Refrigerator, Washer |
|---|---|
| AREA | Downtown L.A. |
| GARAGE | Assigned |
| HEAT | Electric, Wall Furnace |
| INTERIOR | Ceiling Fan(s) |
| LOT | 0.28 acre(s) |
| PARKING | Assigned |
| POOL DESCRIPTION | None |
| STORIES | 2 |
| ZONING | LAR3 |
TOTAL MONTHLY PAYMENT
| SATELLITE VIEW |
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