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    The Largest CRE Database in the US with Over 1 Million Listings

    311 Witmer St Los Angeles, CA 90017

    Sponsored
    For Sale
    Pending
    $2,700,000

    MULTI_FAMILY - Los Angeles, CA

    Property size:
    10,856 SF
    Lot size:
    0.15 Acres
    Days on Market:
    553
    Last Refresh:
    Feb 12 at 10:06 am

    Property Features for 311 Witmer St

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Pending
    Zoning
    LAR3
    Rooms
    Bathroom 14, Bedroom 1, Bathroom 5, Bedroom 6, Bathroom 20, Bathroom 1, Bathroom 8, Bedroom 7, Bathroom 15, Bathroom 17, Bathroom 18, Bedroom 2, Bathroom 4, Bathroom 9, Bathroom 2, Bedroom 4, Bedroom 8, Bathroom 3, Bathroom 11, Bathroom 16, Bedroom 5, Bathroom 7, Bathroom 6, Bathroom 19, Bedroom 3, Bathroom 10, Bathroom 13, Bathroom 12
    Bedrooms
    8
    Bathrooms
    20
    APN
    5153-026-007
    Size
    10,856 SF
    Lot size
    0.15 Acres

    Building Details

    Year built
    1923
    Floors in Building
    2
    Number of units
    20

    We can help!

    Listing Contact
    Max Berger

    Compass

    Listing agent Max Berger (310) 230-5478 License #02054048

    Listing date Aug 9, 2024

    MLS# 24-423967

    Copyright © 2025 TheMLSCLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Value-Add Multifamily Investment Opportunity

    The property at 311 Witmer St, Los Angeles, CA 90017 is a 20-unit complex located 1.4 miles south of Echo Park Lake and the heart of Downtown LA. Situated just south of W. 3rd St, the property is near Echo Park, Silver Lake, Koreatown, the 101 Fwy, and the 110 Fwy. Built in 1923, this two-story complex has 10,856 square feet and consists of eight 1-bedroom units and twelve studio units. The property, zoned LAR3, sits on a lot of approximately 0.15 acres. Community laundry and gated entry are among the property's amenities. This complex presents a significant value-add opportunity with approximately 55% rental upside. The property is part of the Witmer 4, which includes 84 units across 4 buildings within 1 block of Witmer St. The Witmer 4 is being sold in conjunction with another 24-unit complex in East Hollywood.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    KamilliLiquidhight Big Box & Wholesale Store

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Law Firm Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.263998
    Latitude
    34.058723

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    FAQs

    What type of property is this?
    Apartment building - 20-unit complex near Downtown LA with significant rental upside.
    Where is this apartment building located?
    The property is located at 311 Witmer St Los Angeles, CA.
    What is the asking price?
    The asking price for this property is $2,700,000.
    What are key features of this property?
    This property features: - Significant value-add opportunity with approximately 55% rental upside.; - High potential **stabilized CAP rate of 13.50%** at projected market rents.; - Located in close proximity to Echo Park, Silver Lake, Koreatown, the 101 Fwy, and the 110 Fwy.
    (310) 230-5478
    Request Owner's contact information
    311 Witmer St Los Angeles, CA 90017
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    Los Angeles, CA 90017
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    311 Witmer St Los Angeles, CA 90017
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    We can help!
    Listing Contact
    Max Berger
    Real Estate License ID: 02054048
    (310) 230-5478
    Learn more
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