7
See all 7 photos
$1,060,000
Est. payment /mo
4 Beds
4 Baths
0.25 Acres Lot
Pending
261 Witmer Los Angeles, CA 90026
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Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Pending
Purchase Type For Sale
MLS Listing ID PW25256584
Bedrooms 4
Lot Size 0.252 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
We are pleased to present 261 Witmer Ave, a seven-unit apartment building located in the Filipinotown/Westlake neighborhood of Los Angeles to market for the first time in over fifty years. The property is made up of two side by side single story structures consisting of five 1 bed/1 bath units, one 2 bed/1 bath unit, and one studio unit on a large 10,958 square foot lot that runs block to block. Parking is ample, with six single-car garages at the rear of the property and one surface parking space in front of each garage. Under SB 1211, a new owner has the opportunity to convert and expand the garages into ADUs, allowing for the construction of up to a two-story, seven-unit ADU additionsubstantially increasing the propertys income potential. Current rents are approximately 35% below market, providing strong upside potential for a new buyer. The site is zoned R-3 with a Tier 2 TOC density bonus, allowing for the development of up to 13 units by right and 20 units with the density bonus.
Location
State CA
County Los Angeles
Zoning Appraiser
Direction Witmer and 3rd
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 1
Level or Stories 1
Others
Senior Community No
Tax ID 5153027007
Acceptable Financing Conventional
Listing Terms Conventional
Listed by Jackson Jorgensen Younglewin Advisors, Inc.
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