Multi-Family Space For Lease @ 280 Witmer St

Pearl Group of KW Commercial as the exclusive agent is pleased to offer for sale “Witmer Apartments”, a 23-unit value-add investment opportunity located on the western perimeter of Downtown Los Angeles in City West. This 12,000 SF apartment
building was built in 1927 and sits on a 7,709 SF lot zoned RC4(CW)-U/3. The unit mix consists of 22 Singles with separate kitchens and bathrooms, and 1 one-bedroom/one-bath.

The units are master metered for water/gas and individually metered for electric, therefore allowing 5% annual rent increases. Capital improvements include copper plumbing, new exterior paint, and updates to several of the units. Additionally, there is an underutilized basement where a laundry room can be added to provide additional income. There are currently five (5) units that can be delivered vacant upon the close of escrow, which represents 22% of the total unit count. This allows an investor to begin renovations immediately and capture market rents.

This value-add opportunity is attractively priced at a 12.12 GRM and 4.83% Cap Rate going in with approximately 25% upside potential. “Witmer Apartments” is conveniently located and boasts an 89 “Walk Score” (Very Walkable) and a 90 “Transit Score” (Rider’s Paradise). This space offers accomodations for: lowrisegarden.