We are pleased to present this 8 unit offering located at 428-432 Witmer, Los Angeles, CA 90017 in the MacArthur Park submarket of Los Angeles. The building has an excellent unit mix consisting of (8) 1 Bed / 1 Bath units with a gross leasable area of 4,928 square feet and is situated on a 6,550 square foot lot that is zoned LACW. The subject property was built in 1949 and offers investors significant upside potential with rents well below market. With great in place cash flow, investors will be able to achieve a 5.30% cap rate day and be able to capture rental upside throughout the investment period.
The property benefits greatly from it’s location as it sits just west of Downtown Los Angeles, which has seen a massive resurgence over the past decade. Hosting a large number of LA’s eateries, bars, nightlife, the draw to renters has surged making the submarket a premiere rental pocket. Additionally, Downtown Los Angeles continues to be an economic hub and employment center putting the subject property in an ideal location for investors to capitalize on future growth.
428-432 Witmer is part of a 4 building Portfolio that includes 743 S. Berendo(16 Units), 924 N. Kingsley(8 Units), and 4533 Pickford(17 Units). Properties can be sold individually or together as a portfolio.
