280 Witmer · Los Angeles, CA 90026

$2,650,000

23 bd · 529.0 ba · 11,100 sqft · MultiFamily public records · 43 Days on market

Built 1927 7,710 sqft lot $239/sqft · at area comps Est $2914k · 9% under

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +11.6/15.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 23 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

The Witmer Apartments (280 Witmer St), a 23-unit value-add multifamily opportunity located in the heart of the rapidly evolving Westlake submarket of Los Angeles. Offered at a competitive basis of $115,200 per unit and $221 per square foot, the property features a strong in-place CAP rate of ±7.38% and GRM of 7.96x, providing immediate cash flow with substantial upside potential. The property offers approximately ±35% rental upside, with in-place rents that have historically performed at or above market levels within the Westlake submarket. This presents investors with a compelling opportunity to acquire a well-performing asset with clear pathways to increase revenue through unit renovations and operational improvements. Built in 1927, The Witmer Apartments consist of 23 units totaling ±12,000 square feet on a ±7,710 square foot lot, featuring an efficient unit mix of (22) studios and (1) one-bedroom unit. Units average approximately ±450–500 square feet (buyer to verify) and offer functional layouts that align with strong rental demand in the area. Ownership has completed significant capital improvements, including copper plumbing, a complete electrical panel upgrade, partial roof replacement (pitched portion), updated horizontal drain lines, new gas wall heaters, and a 100-gallon boiler. These upgrades reduce near-term capital expenditure risk, allowing investors to focus on executing a unit renovation strategy and capturing rental upside. Additional value-add opportunities include two vacant basement rooms with potential for storage or laundry income, as well as an underutilized rooftop with direct access and views of Downtown Los Angeles, offering potential for conversion into a tenant amenity space (buyer to verify).

Key facts

• Unit renovations
• Copper plumbing
• Westlake submarket

Tags

• WESTLAKE SUBMARKET
• RENTAL UPSIDE
• UNIT RENOVATIONS
• OPERATIONAL IMPROVEMENTS
• CAPITAL IMPROVEMENTS
• COPPER PLUMBING

What this means for you Summary

Snapshot

• This is a 23 × 1-bed/1-bath units multifamily listed at $2.65M.

Deal economics

• At list price, monthly cash flow is $13k ($156k/yr) — positive. Per door: $564/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($38k rent vs $2.65M).
• Recommended offer: $2.57M (3.0% below list) — sets the bar for market timing.
• Cap rate 12.2% vs local median 2.1% in Los Angeles — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#273 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment B; Watch: health & safety C-, schools D+, crime F.
• Los Angeles Unified (urban): math 29% / reading 54% proficiency, ranked #223 of 517 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.0%/yr); 179 active listings in the ZIP; solid renter incomes; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $37,633/mo this rent would consume 517% of the median local household income ($87k/yr) (locally 4974% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $18k of loan paydown is wiped out by about $80k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $742k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($2.57M) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 24y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.28M; list at $2.65M implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,570,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.42% ✓
• Cap rate: 12.17%
• Cash-on-cash: 20.97%
• DSCR: 1.93
• GRM: 5.9

CMA / ARV

• ARV (median comp): $2,913,647
• List price: $2,650,000
• Delta: -9.05%
• Verdict: FAIR
• Comps: 13 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 10.1%
• Equity multiple: 1.39×
• Total profit: $285,843
• Equity at exit: $395,124

10-year hold

• IRR: 16.7%
• Equity multiple: 2.19×
• Total profit: $884,640
• Equity at exit: $229,124

Cash invested: $742,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City Los Angeles: 0 Strongly Tenant-Friendly · D+22

LARSO + JCEO 2023; relocation for substantial remodel evictions.

Methodology + full state rankings →

ZIP-level market 90026

• Rents YoY: -0.0%
• Active inventory: 179
• Price-to-rent: 135.0×

Monthly cashflow live

• Estimated rent: $37,633 high
• Mortgage (P&I): −$13,897
• Tax from tax record: −$1,761 /mo · $21,134/yr
• Insurance: −$1,104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,903
• Net cashflow: $12,968

Break-even live

Break-even rent $21,218

Max offer price $2,650,000

Occupancy floor 61%

Sensitivity live

Price	-10% $14,468	-5% $13,718	+0% $12,968	+5% $12,218	+10% $11,468
Rent	-10% $9,995	-5% $11,481	+0% $12,968	+5% $14,454	+10% $15,941
Rate	-1.0pp $14,302	-0.5pp $13,642	base $12,968	+0.5pp $12,281	+1.0pp $11,583

23-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 23× units	1	1	$37,628
Total (23 units)			$37,633

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $662,500
• Closing costs: $79,500
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $2,650,000 Active 43 DOM
2. 2026-06-17
   days on market $2,650,000 Active 42 DOM
3. 2026-06-16
   days on market $2,650,000 Active 41 DOM
4. 2026-06-15
   days on market $2,650,000 Active 40 DOM
5. 2026-06-13
   days on market $2,650,000 Active 38 DOM
6. 2026-06-09
   days on market $2,650,000 Active 34 DOM
7. 2026-06-08
   days on market $2,650,000 Active 33 DOM
8. 2026-06-07
   days on market $2,650,000 Active 32 DOM
9. 2026-06-04
   days on market $2,650,000 Active 29 DOM
10. 2026-06-03
    days on market $2,650,000 Active 28 DOM
11. 2026-06-02
    days on market $2,650,000 Active 27 DOM
12. 2026-06-01
    days on market $2,650,000 Active 26 DOM
13. 2026-05-31
    days on market $2,650,000 Active 25 DOM
14. 2026-05-06
    listed $2,650,000 Active 1792-char remark

    Show marketing remark (1792 chars)

    The Witmer Apartments (280 Witmer St), a 23-unit value-add multifamily opportunity located in the heart of the rapidly evolving Westlake submarket of Los Angeles. Offered at a competitive basis of $115,200 per unit and $221 per square foot, the property features a strong in-place CAP rate of ±7.38% and GRM of 7.96x, providing immediate cash flow with substantial upside potential. The property offers approximately ±35% rental upside, with in-place rents that have historically performed at or above market levels within the Westlake submarket. This presents investors with a compelling opportunity to acquire a well-performing asset with clear pathways to increase revenue through unit renovations and operational improvements. Built in 1927, The Witmer Apartments consist of 23 units totaling ±12,000 square feet on a ±7,710 square foot lot, featuring an efficient unit mix of (22) studios and (1) one-bedroom unit. Units average approximately ±450–500 square feet (buyer to verify) and offer functional layouts that align with strong rental demand in the area. Ownership has completed significant capital improvements, including copper plumbing, a complete electrical panel upgrade, partial roof replacement (pitched portion), updated horizontal drain lines, new gas wall heaters, and a 100-gallon boiler. These upgrades reduce near-term capital expenditure risk, allowing investors to focus on executing a unit renovation strategy and capturing rental upside. Additional value-add opportunities include two vacant basement rooms with potential for storage or laundry income, as well as an underutilized rooftop with direct access and views of Downtown Los Angeles, offering potential for conversion into a tenant amenity space (buyer to verify).

15. 2023-08-11
    historical
16. 2023-01-05
    listed $3,480,000 Active
17. 2012-04-26
    soldstatus $1,276,300 Closed
18. 2012-04-26
    soldstatus $1,276,500
19. 2012-04-13
    status Pending
20. 2012-01-21
    listed $1,369,000 Active
21. 2008-03-26
    historical
22. 2007-09-05
    listed $1,675,000
23. 2006-04-17
    historical
24. 2006-01-27
    listed
25. 2005-06-10
    historical
26. 2005-06-03
    listed $1,675,000
27. 2004-10-25
    soldstatus $1,560,000
28. 2004-08-02
    price $268,000
29. 2004-08-02
    price $268,000
30. 2004-08-02
    price $268,000
31. 2004-08-02
    price $268,000
32. 2004-08-02
    price $268,000
33. 2004-08-02
    price $268,000
34. 2004-08-01
    price $1,750,000
35. 2004-08-01
    price $1,750,000
36. 2004-08-01
    price $1,750,000
37. 2004-08-01
    price $1,750,000
38. 2004-08-01
    price $1,750,000
39. 2004-08-01
    price $1,750,000
40. 2004-07-31
    historical
41. 2004-07-22
    listed $1,750,000
42. 2004-04-16
    listed $1,750,000
43. 2003-04-02
    historical
44. 2002-12-19
    soldstatus $965,000
45. 2002-12-19
    soldstatus $965,000
46. 2002-12-10
    soldstatus $965,000
47. 2002-11-09
    historical
48. 2002-10-08
    listed $995,000
49. 2002-10-08
    listed $985,000
50. 2002-10-08
    listed $995,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $21,134 · $1,761/mo
• Projected year-2 tax: $21,134 · $1,761/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥93°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $451,596
• − Mortgage interest: −$148,441
• − Property taxes: −$21,134
• − Insurance: −$13,250
• − Repairs & maintenance: −$36,128
• − Management: −$36,128
• − Depreciation: −$77,091
• Taxable income: $119,425
• Est. tax owed @ 24.0%: −$28,662
• After-tax cash flow: $126,952/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Los Angeles Unified
• NCES district ID: 0622710
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 54% ▲ 10.00%
• Median HH income: $50,403
• Composite: 35.67/100
• National rank: #4875
• State rank: #223 of 517 in CA

Livability — Los Angeles

• Score: 68/100
• State rank: #273
• US rank: #9237

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment B Housing B- Health & safety C- User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Los Angeles, CA
• County: Los Angeles County · 9,444,647 people
• City population: 3,838,149
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 62,692
• Household income: $87,334
• Rent vs Own: 76.5% rent · 23.5% own
• Severe rent burden: 4974.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Hispanic / Latino 46% White 31% Asian 13% Two or more races 13% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 26%
• Common ancestry: Lithuanian 2% Italian 2% Romanian 1%
• Foreign-born: 34% · Canada, China, South Korea
• Languages at home: 47% English-only · Spanish 39% Tagalog/Filipino 5% Chinese 2%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1087.70%
• Current HPI: 456.3465
• Rent YoY: ▬ -0.01%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+278.6% since first listed

40 events — show timeline

• 2026-05-06 Listed $2,650,000 CRMLS
• 2023-08-11 Listing Removed — CRMLS
• 2023-01-05 Listed $3,480,000 CRMLS
• 2012-04-26 Sold (Public Records) $1,276,500 Public Records
• 2012-04-26 Sold (MLS) $1,276,300 TheMLS
• 2012-04-13 Pending — TheMLS
• 2012-01-21 Listed $1,369,000 TheMLS
• 2008-03-26 Listing Removed — CRMLS
• 2007-09-05 Listed $1,675,000 CRMLS
• 2006-04-17 Delisted — TheMLS
• 2006-01-27 Listed — TheMLS
• 2005-06-10 Listing Removed — CRMLS
• 2005-06-03 Listed $1,675,000 CRMLS
• 2004-10-25 Sold (MLS) $1,560,000 CRMLS
• 2004-08-02 Price Changed $268,000 CRMLS
• 2004-08-02 Price Changed $268,000 CRMLS
• 2004-08-02 Price Changed $268,000 CRMLS
• 2004-08-02 Price Changed $268,000 CRMLS
• 2004-08-02 Price Changed $268,000 CRMLS
• 2004-08-02 Price Changed $268,000 CRMLS
• 2004-08-01 Price Changed $1,750,000 CRMLS
• 2004-08-01 Price Changed $1,750,000 CRMLS
• 2004-08-01 Price Changed $1,750,000 CRMLS
• 2004-08-01 Price Changed $1,750,000 CRMLS
• 2004-08-01 Price Changed $1,750,000 CRMLS
• 2004-08-01 Price Changed $1,750,000 CRMLS
• 2004-07-31 Listing Removed — CRMLS
• 2004-07-22 Listed $1,750,000 CRMLS
• 2004-04-16 Listed $1,750,000 CRMLS
• 2003-04-02 Listing Removed — CRMLS
• 2002-12-19 Sold (Public Records) $965,000 Public Records
• 2002-12-19 Sold (MLS) $965,000 TheMLS
• 2002-12-10 Sold (MLS) $965,000 CRMLS
• 2002-11-09 Delisted — TheMLS
• 2002-10-08 Listed $995,000 CRMLS
• 2002-10-08 Listed $985,000 CRMLS
• 2002-10-08 Listed $995,000 TheMLS
• 1989-01-04 Sold (Public Records) $895,000 Public Records
• 1989-01-04 Sold (Public Records) $700,000 Public Records
• 1989-01-04 Sold (Public Records) $700,000 Public Records

Property tax history

+0.4%/yr

Latest (2025): $21,134 · +1.6% YoY. Source: county tax records.