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Listed by Jackson Jorgensen • Younglewin Advisors, Inc.
$ 1,245,000
Est. payment /mo
Price Dropped by $50K
261 Witmer Los Angeles, CA 90026
0.25 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW25256584
Year Built 1949
Lot Size 0.252 Acres
Source California Regional MLS
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 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.
Location
State CA
County Los Angeles
Area C21 - Silver Lake - Echo Park
Interior
Laundry Laundry Area
Exterior
Garage Spaces 6.0
Pool None
Building
Water District - Public
Others
Tax ID 5153027007
Special Listing Condition Not Applicable
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