280 Witmer Street

Description

Proud to present the sale of The Witmer Apartments (280 Witmer St). A 23-unit Prime Value-Add Opportunity at the heart of the Westlake Neighborhood. This submarket has been on the uptick for years as more and more luxury apartment & retail units pour into the area, which has been pushing the rental market for the last decade. Priced to sell at below recent sales comparable in the area and low price per unit, this investment offers a very attractive Proforma CAP Rate of over 9% and 7x Proforma GRM (buyer to verify)! The Witmer Apartments are perfectly adjacent to Downtown Los Angeles, Chinatown, Silverlake, Echo Park, MacArthur Park, and Koreatown.Built-in 1927, this building consists of 23 exceptional units totaling 12,000 SF of building area on a sizeable 7,710 SF lot. The property is an easily maintained two-story building, with an efficient unit mix of (22) Studios and (1) 1-Bedroom. Each unit is spacious (average SF size of about 500sf buyer to verify), functional, with large full kitchens & bathrooms and large closet space. Four of the units have been upgraded.The ownership has completed many significant capital improvements which include copper plumbing to units, a new gas wall heater for all units (2015), a recently repainted exterior (2017), new horizontal drain lines underneath the building (2022), and a new 100 gallons boiler (2022). In addition to all of this, the property contains two rare vacant basement rooms that can be possibly used as additional storage or laundry room to provide additional income boosting the cash flow of the property. (Buyer to verify & conduct due diligence). With an underutilized roof-top buyers can possibly convert it into a prime Tenant Common Area with added amenities & stunning view of Downtown Los Angeles.