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Matt O'Brien

matt@homecrave.com +1(619) 302-3010

$ 1,895,000

Est. payment | -/mo

20 Baths

7,999 SqFt

Save

$ 1,895,000

Est. payment | -/mo

Save

20 Baths

7,999 SqFt

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 7,999 sqft

Price per Sqft $236

MLS Listing ID 26829839

HOA Y/N No

Year Built 1928

Lot Size 9,073 Sqft

Property 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 7.26 GRM and a 6.96% 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 6.07 GRM and 10.89% 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.

Location

State CA

County Los Angeles

Area C42 - Downtown L.A.

Zoning LACW

Interior

Fireplace No

Exterior

Parking Features Assigned, Driveway, Garage, Tandem

Total Parking Spaces 12

Building

Story 2

Entry Level Three Or More

Level or Stories Three Or More

New Construction No

Others

Senior Community No

Tax ID 5153025015

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)

Listed by Casey Lins Kidder Mathews of California, Inc. #01902650

NEARBY SCHOOL & BUSINESS

+1(619) 302-3010

matt@homecrave.com

San Diego, CA 92124

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410 Witmer ST Los Angeles, CA 90017