Exclusive Listings

23-Unit PRIME Value-Add, 2 Vacancies, Over ±9% Proforma CAP Rate, Priced to sell at a Low Price/Unit.

Address:
280 Witmer St
Los Angeles, CA 90026
Price:
$3,480,000
Status:
Available
Type:
Apartment
# Units:
23
Year Built:
1927
Building Size:
12,000
Lot Size:
7,710
CAP Rate:
4.75%
GRM:
11.83x
Price/Unit:
$151,300
Price/SqFt:
$290

Investment Highlights

  • 23-Unit PRIME Value-Add Opportunity with Proforma CAP Rate of 9%
  • Priced to sell! Low Price Per Unit!!! ±$151K/Unit
  • Excellent rental upside with an estimated over ±9% Proforma CAP Rate & ±7x Proforma GRM!
  • Strong going in Current CAP Rate of about ±4.75% & Low ±11x GRM  
  • Can be delivered with 2 vacancies for immediate turnover!
  • STRONG Westlake Submarket! Perfectly adjacent to Downtown Los Angeles, Chinatown, Silverlake, Echo Park, MacArthur Park, and Koreatown,
  • Nearby major employers: Good Samaritan Hospital, The Ritz Carlton, The Hilton Hotel, Los Angeles Financial and Arts District, Crypto Arena, Los Angeles Convention Center & much more.
  • Nearby Major Transportation Lines: Westlake/MacArthur Park Subway Station, 7th St/Metro Center Light Rail Station, and easy access to 101 & 110 Freeways.
  • Located in the heart of major new Developments! Millions of Dollars of New Construction has been built in the last decade and more Luxury Units and Major Retail Units are on the way.  

Property Highlights

  • Walk Score of 92 (Walkers Paradise)
  • Efficient Unit Mix with (22) Studios and (1) 1-Bedroom 1-Bathroom
  • Large Studios of about ±500sf (buyer to verify)
  • Recent capital improvements: copper plumbing, new gas wall heaters, recently painted exterior, new horizontal drain lines, and new.
  • Underutilized rooftop with easy access providing beautiful views of Downtown Los Angeles. Could possibly be converted into a Tenant Common Area (Buyer to Verify & Conduct Due Diligence).
  • Two vacant basement rooms for possible storage and a laundry room to provide additional income (Buyer to Verify & Conduct Due Diligence).
  • Functional two-story layout.
  • (CW) Central City West Plan Zone & (TOC) Tier 2 for a future density bonus.


Executive Summary

Growth Investment Group is 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 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. 


Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
han.chen@growthinvestmentgroup.com

Marc Schwartz
Direct: 213.362.8500
marc.schwartz@growthinvestmentgroup.com

Abel Benitez
Direct: 626.898.9740
abel@growthinvestmentgroup.com

Thank you for your time and interest. The information you are attempting to access requires a one-time registration before you can proceed. Your email address will allow you to log in any time.
Please log in or begin registration by providing your email address.


Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
Copyright © 2022 GIG Real Estate, Inc. dba. Growth Investment Group - Corp. ID 02021933
Visit us on social media websites