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428 Witmer St
Los Angeles, CA 90017
Multifamily Property For Sale
·
8 Units
Investment Highlights
- The property is located in a Prime Rental Demand Pocket of Los Angeles, located in between downtown Los Angeles and Koreatown.
- Current rents are below market leaving approximate- ly $34,000 in additional annual upside.
- The property is producing very good income allowing a new buyer to secure favorable purchase loan terms.
- The property consist of eight (8)one bedroom, one bathroom units.
- The property offers on-site parking for 8 individual parking spaces.
Executive Summary
428 S. Witmer Street represents an attractive opportunity for a new investor to acquire a stabilized apartment building with low operating expense ratios in a proven rental market. The property is offered at an asking price of $1,600,000 and is priced at a 6.35% cap rate and 10.07 GRM based on in-place operations, providing solid going-in returns on a fully occupied asset. Operating expenses are well controlled at approximately 34% of effective gross income, supported by separately metered utilities and efficient property operations. With continued rent growth to market levels, the property offers meaningful upside. On a pro forma basis, rental income increases to approximately $192,000 annually, resulting in a projected 8.27% cap rate and 8.33 GRM, with net operating income increasing from approximately $101,500 to $132,300. The strong in-place income supports attractive financing at approximately 70% loan-to-value, allowing investors to acquire a well-performing asset with favorable leverage and long-term upside.
Property Facts
| Price Per Unit | $269,786 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 6.35% | Building Size | 4,928 SF |
| Gross Rent Multiplier | 10.07 | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1949 |
| Property Subtype | Apartment | Parking Ratio | 1.62/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | CW, Los Angeles | ||
| Price Per Unit | $269,786 CAD |
| Sale Type | Investment |
| Cap Rate | 6.35% |
| Gross Rent Multiplier | 10.07 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 4,928 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1949 |
| Parking Ratio | 1.62/1,000 SF |
| Zoning | CW, Los Angeles |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $2,698 CAD | 616 |
Property Taxes
| Parcel Number | 5153-024-010 | Improvements Assessment | $526,661 CAD |
| Land Assessment | $1,354,279 CAD | Total Assessment | $1,880,940 CAD |
Property Taxes
Parcel Number
5153-024-010
Land Assessment
$1,354,279 CAD
Improvements Assessment
$526,661 CAD
Total Assessment
$1,880,940 CAD
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