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    400 Witmer St Los Angeles, CA 90017

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    Claim this Listing
    Pending
    $3,350,000

    MULTI_FAMILY - Los Angeles, CA

    Property size:
    9,800 SF
    Lot size:
    0.16 Acres
    Added:
    Aug 5, 2024
    Days on Market:
    633
    Last Refresh:
    Apr 29 at 3:06 am

    Property Features for 400 Witmer St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    LACW
    Bedrooms
    9
    Bathrooms
    24
    Rooms
    Bathroom 20, Bathroom 14, Bathroom 17, Bathroom 18, Bathroom 19, Bedroom 4, Bedroom 6, Bedroom 8, Bathroom 13, Bathroom 3, Bathroom 24, Bathroom 1, Bathroom 8, Bedroom 2, Bathroom 5, Bathroom 4, Bathroom 2, Bathroom 10, Bathroom 12, Bathroom 23, Bedroom 1, Bathroom 11, Bathroom 21, Bathroom 15, Bathroom 22, Bathroom 6, Bedroom 5, Bathroom 9, Bedroom 3, Bedroom 9, Bathroom 16, Bedroom 7, Bathroom 7
    Standard status
    Pending
    APN
    5153-025-012
    Size
    9,800 SF
    Lot size
    0.16 Acres

    Building Details

    Year built
    1924
    Floors in Building
    2
    Number of units
    24

    We can help!

    Listing Contact
    Max Berger

    Listing agent Max Berger License #02054048

    Listing office Compass 9454 Wilshire Blvd. Suite 400, Los Angeles, CA

    Listing date Aug 5, 2024

    MLS# 24-424029 Listing URL

    Copyright © 2026 The MLS/CLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Value-Add Multifamily Near Downtown LA

    The property is a 9,800 square foot, two-story complex built in 1924, featuring nine one-bedroom units and fifteen studio units. Located 1.4 miles south of Echo Park Lake and the heart of Downtown LA, the property is situated just south of W. 3rd St, offering close proximity to Echo Park, Silver Lake, Koreatown, the 101 Fwy, and the 110 Fwy. The property is a value-add opportunity with approximately 42% rental upside with a vacant studio unit. Tenants are responsible for their own electrical utilities, and the building is master metered for gas. This 24-unit complex is part of the Witmer 4, which consists of 84 units across 4 buildings within one block of Witmer St. The intended use of the property is multifamily residential. The lot size is 0.1566 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dr. Abram M. ... Physician

    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
    -118.263831
    Latitude
    34.057857

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    FAQs

    What type of property is this?
    Apartment building - 24-unit complex near Echo Park with significant rental upside.
    Where is this apartment building located?
    The property is located at 400 Witmer St Los Angeles, CA.
    What is the asking price?
    The asking price for this property is $3,350,000.
    What are key features of this property?
    This property features: Significant value‑add opportunity with approximately 42% rental upside and a vacant studio unit.; High potential stabilized CAP rate of 11.58% and GRM of 5.99 at projected market rents.; Offered at a 6.98% CAP and 8.41 GRM on current rents.
    (818) 321-4972
    We can help!
    Listing Contact
    Max Berger
    Real Estate License ID: 02054048
    Learn More
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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
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