261-265 Witmer Street

Highlights:

• Single story contraction on a large 10,958 square foot lot that runs block to block
• Six single car garage spaces in the rear of property in addition to one surface parking space in front
• Opportunity to convert and expand the garages into ADU's using SB 1211- build up to a two story 7 unit ADU
• 35% upside in rents to market rate
• R-3 zoning with Tier 2 TOC density bonus- potential redevelopment to 13 units by right and 20 units using density bonus

Description:

Young Lewin Advisors is pleased to present 261 Witmer Ave, a seven-unit apartment property located in the Filipinotown/Westlake neighborhood of Los Angeles to market for the first time in over fifty years.
The property consists of two side by side single story structures situated 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.

Undergoing revitalization, Westlake is a densely populated area centered on the historic MacArthur Park, with a lake and outdoor concerts. The iconic Westlake Theatre sign presides over discount stores and low-key Latin eateries, while hip galleries and bars have sprung up as artists move in.

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