Property Details


Year Built: 1924
Units: 24
Price / Unit: $133,333
Price / SqFt: $271
CAP: 4.34%
GRM: 11.78

Executive Summary


DOWNLOAD OFFERING MEMORANDUM

  • The Neema Group of Marcus & Millichap is pleased to present 450 Witmer St, a 24-unit value add apartment building in the Westlake neighborhood of Los Angeles, located just north of 6th St within walking distance of Good Samaritan Hospital
  • The property features a unit mix of 24 singles with rental upside over 38%, achievable through further interior renovations as units turn; pro forma CAP rate of 7.92%
  • At the asking price, the property is being offered for a low $133,333 price per unit and $271 price per square foot.
  • Well-maintained building with significant roof upgrades completed in recent months as well as the installation of tankless water heaters
  • Located in a rapidly gentrifying area; the subject property is next door to a 218-unit apartment development currently under construction
  • High Walk Score of 93, proximity to schools, employment, and transit options, this location makes it convenient for residents to commute throughout the city even without a vehicle
  • This neighborhood in Westlake is ideally located with a short commute to Downtown and Koreatown. Proximity to MacArthur Park, Echo Park, Dodger Stadium, and The Broad Museum provide residents with ample entertainment opportunities

Area Overview

Westlake

Westlake is adjacent to other notable neighborhoods, including Echo Park, Pico Union, Downtown and Koreatown. The neighborhood is extremely dense, with endless streets lined with small businesses. MacArthur Park, designated as the City of Los Angeles Cultural Monument #100, is located in Westlake and is adjacent to the Metro’s Westlake/MacArthur Park Station, which affords access to the Red and Purple lines. Those lines provide public transportation toward Downtown, North Hollywood and toward Koreatown, with West Side extensions projected to be completed in 2027.

Westlake has recently seen a flurry of development and public safety initiatives, from mixed-use projects to new crosswalks. M2A Architects was contracted to construct a mixed-use project at the intersection of Olympic and Hoover that will feature 173 dwelling units, nearly 37,000 square feet of ground-floor commercial space and parking for 262 vehicles. Amidi Group, a San Francisco based developer, is 50% complete with their $180 million 1027 Wilshire development. The project will span nine stories and feature 376 residential units, approximately 5,000 square feet of ground floor retail space, and subterranean parking for more than 800 vehicles.

DOWNLOAD OFFERING MEMORANDUM

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