410 Witmer Street,Los Angeles, CA 90017
Los Angeles, CA 90017
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 6.99 GRM and a 7.27% 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 5.85 GRM and 11.35% 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.
Details
| MLS # | 26829839 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1928 |
| Days On Site | 138 |
| Listing Provided By | Kidder Mathews of California, Inc. | Casey Lins |
Features
| Bath(s) | 20 |
|---|---|
| SQ Feet | 7,999 |
| Story(s) | 2 |
| Units | 20 |
| Building(s) | 1 |
| Zoning | LACW |
| Acreage | 0.21 |
Parking
| Parking Features | Assigned, Driveway, Garage, Tandem |
|---|---|
| Garage Yes / No | Yes |
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90017 |
| Area | C42 Downtown L.A. |
| Listing VS Median (in 90017) | |
Price: $1,825,000 low | high Med: $477,500 sqft: 7,999 low | high Med: 965 $ / sqft: $228 low | high Med: $521 On site: 138 low | high Med: 104 | |
Market Activity 90017
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90017 |
| Area | C42 Downtown L.A. |
| Listing VS Median (in 90017) | |
Price: $1,825,000 low | high Med: $477,500 sqft: 7,999 low | high Med: 965 $ / sqft: $228 low | high Med: $521 On site: 138 low | high Med: 104 | |
 | $3,300,000401 Witmer StreetLos Angeles, CA 90017 |
 | $2,975,000401 Witmer StreetLos Angeles, CA 90017 |