Property listed by Younglewin Advisors, Inc., Jackson Jorgensen [email protected]
$1,245,000
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,… Read More 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 addition—substantially increasing the property’s 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. Read Less
Listing Snapshot
Days Online
27
Last Updated
Property Type
Apartment
Lot Size
0.25 Acres
Year Built
1949
MLS Number
PW25256584
Additional Details
Building
Built in 1949, 2 buildings, 1 storey, Entry level: 1, Entry location: 1
Community
Urban
Expenses
Operating: $45,197
Garage
6 spaces
Income
Gross Income: $114,396, Gross ScheduledIncome: $114,396, Net Operating Income: $76,566
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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