KW Commercial, as the exclusive listing agent, is pleased to present the opportunity to acquire 450 South Witmer Street, a unique 24-unit multifamily apartment community located just one block from the burgeoning City West neighborhood.

Originally constructed in 1924, 450 South Witmer is a three story stucco-wood framed building that offers the astute investor solid income metrics with significant appreciating rents through unit upgrades and/or improved operating efficiencies.

Upper floor apartments offer residents extensive views of the city lights of the LA skyline.

The three-story structure has a total area of 11,817 building square feet and features 24 units featuring spacious Studio apartments averaging nearly 500 square feet.

Most interior units have been upgraded in recent past and boast wood flooring, very functional kitchens and baths and ample storage. Situated near the corner of Sixth Street between Hartford and Columbia Avenues, the offering is less than one mile west of the Financial District in the emerging Center City West submarket. This enviable location offers residents the conveniences and urban amenities of Downtown Los Angeles at its doorstep.

Location Description:

450 South Witmer Street is located just one block from the burgeoning City West neighborhood and situated just blocks west of the heart of Downtown' s Financial District. The property offers residents access to Downtown' s wide spectrum of high paying jobs, cultural activities, and nightlife with the added bonus of offering easy accessibility to neighboring destinations like Silverlake, Echo Park, and Koreatown.

Significant new multifamily development is taking place in the immediate area with approximately xx multifamily projects under construction or in planning stages.

Additionally, City West's Good Samaritan Hospital, a world class medical center affiliated with both USC and UCLA Schools of Medicine is approx.1,000 feet from the front steps of 450 South Witmer Street. Good Samaritan Hospital has undergone an $80 million expansion of it's medical campus which promises to provide hundreds of new employment opportunities to it's current staff of over 650 physicians and 1,600 employee bank.

Highlights:

>> Three Story Wood Frame and Stucco Construction

>> Separately Metered for BOTH Gas Electrical Utilities

>> Twenty Four (24) Spacious Single Units

>> Value-Add Opportunity with Significant Upside Potential in Rents

>> Current GRM of 11.8 and Cap Rate of 4.4%

>> Proforma GRM of xx and Cap Rate of xx%

>> Opportunity to Add Value Through Renovations of Basement Areas by Adding Laundry Facilities, Exterior Building Treatments and Through Unit interior Upgrades When Units Become Vacant

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