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Listed by Jackson Jorgensen • Younglewin Advisors, Inc.
$ 1,060,000
Est. payment | /mo
3,412 SqFt
$ 1,060,000
Est. payment | /mo
3,412 SqFt
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
Square Footage 3,412 sqft
Price per Sqft $310
MLS Listing ID PW-25256584
Year Built 1949
Lot Size 0.252 Acres
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
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.
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 Common Area
Exterior
Garage Spaces 6.0
Pool None
Community Features Urban
Building
Lot Description Rectangular Lot
Sewer Public Sewer