Price Reduced Listing
280 Witmer,Los Angeles, CA 90026
Los Angeles, CA 90026
Description
The Witmer Apartments (280 Witmer St), a 23-unit value-add multifamily opportunity located in the heart of the rapidly evolving Westlake submarket of Los Angeles. Offered at a competitive basis of $115,200 per unit and $221 per square foot, the property features a strong in-place CAP rate of ±7.38% and GRM of 7.96x, providing immediate cash flow with substantial upside potential. The property offers approximately ±35% rental upside, with in-place rents that have historically performed at or above market levels within the Westlake submarket. This presents investors with a compelling opportunity to acquire a well-performing asset with clear pathways to increase revenue through unit renovations and operational improvements. Built in 1927, The Witmer Apartments consist of 23 units totaling ±12,000 square feet on a ±7,710 square foot lot, featuring an efficient unit mix of (22) studios and (1) one-bedroom unit. Units average approximately ±450-500 square feet (buyer to verify) and offer functional layouts that align with strong rental demand in the area. Ownership has completed significant capital improvements, including copper plumbing, a complete electrical panel upgrade, partial roof replacement (pitched portion), updated horizontal drain lines, new gas wall heaters, and a 100-gallon boiler. These upgrades reduce near-term capital expenditure risk, allowing investors to focus on executing a unit renovation strategy and capturing rental upside. Additional value-add opportunities include two vacant basement rooms with potential for storage or laundry income, as well as an underutilized rooftop with direct access and views of Downtown Los Angeles, offering potential for conversion into a tenant amenity space (buyer to verify).
Details
| MLS # | AR26080904 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | Resale |
| Status | Active |
| Year | 1927 |
| Days On Site | 114 |
| Listing Provided By | Growth Investment Group Pasade | Justin McCardle |
Features
| SQ Feet | 12,000 |
|---|---|
| Story(s) | 2 |
| Units | 23 |
| Building(s) | 1 |
| Acreage | 0.18 |
Exterior
| Lot Features | No Landscaping |
|---|
Parking
| Garage Yes / No | No |
|---|
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Urban |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90026 |
| Area | C21 Silver Lake Echo Park |
| Listing VS Median (in 90026) | |
Price: $2,500,000 low | high Med: $1,699,000 sqft: 12,000 low | high Med: 6,454 $ / sqft: $208 low | high Med: $270 On site: 114 low | high Med: 349 | |
Market Activity 90026
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90026 |
| Area | C21 Silver Lake Echo Park |
| Listing VS Median (in 90026) | |
Price: $2,500,000 low | high Med: $1,699,000 sqft: 12,000 low | high Med: 6,454 $ / sqft: $208 low | high Med: $270 On site: 114 low | high Med: 349 | |
 | $2,700,000311 Witmer StreetLos Angeles, CA 90017 |
 | $2,100,000324 Witmer StreetLos Angeles, CA 90017 |