20 Units with 7.29% CAP & 8.50 GRM by DTLA

311 Witmer is a 20 unit value-add complex located 1.4 miles south of Echo Park Lake and the heart of Downtown LA. Located just south of W. 3rd St, the property is in close proximity to Echo Park, Silver Lake, Koreatown, the 101 Fwy, and the 110 Fwy. The property is offered at 7.29% CAP, 8.50 GRM, $135,000 per unit, and $249 per foot. 311 Witmer presents a significant value-add opportunity with approx. 55% rental upside. At projected market rents, the property will stabilize at a 13.50% CAP and 5.49 GRM. Built in 1923, the 10,856 SF two-story complex consists of (8) 1-bdrm. units and (12) studio units. Property amenities include community laundry and gated entry. 311 Witmer, which can be purchased individually, is part of the Witmer 4 – 84 units across 4 buildings within 1 block of Witmer St. The Witmer 4 is being in sold in conjunction with 1000 N. Serrano, a 24-unit complex in East Hollywood offered at a 6.75% CAP on real expenses.