401 Witmer St · Los Angeles, CA 90017

$3,150,000

120 bd · 20.0 ba · 8,776 sqft · MultiFamily public records · 68 Days on market

Built 1924 6,020 sqft lot $359/sqft · 37% above area Est $2293k · 37% over

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Why this score? — see what drove the C 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 +27.2/30.0
• DSCR +9.5/10.0
• 1% rule +7.1/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +1.3/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 20 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

We are proud to present 401 Witmer St, a 20-unit multifamily community located in the North West Lake neighborhood of Los Angeles, offered at a 9.13 GRM and a 6.24% CAP on actual rents, with upside potential to achieve an 8.96 GRM and an 6.43% CAP with market rents. The property is comprised of one, two-story building consisting of a total of 8,776 rentable square feet. Built in 1923, the property sits on a 6,020 square foot LAR3-zoned midblock lot. The unit mix features six (6) one-bedroom one-bathroom units and fourteen (14) studio units. Fourteen out of sixteen units have been renovated, and there are currently four VACANT units: one (1) one-bedroom unit and three (3) studio units. Located off of Witmer St and W 3rd St nearby Gratts Elementary School and Contreras High School, this location offers excellent access with close proximity to the 101, 110 and 10 freeways, multiple Metro stations, and easy access to Downtown Los Angeles and neighboring communities such as Silver Lake, Echo Park, Elysian Heights, Koreatown and more. Contact the listing broker for additional information.

Key facts

• Lar3 zoned lot
• Renovated units
• Two story building

Tags

• MULTIFAMILY COMMUNITY
• TWO STORY BUILDING
• RENOVATED UNITS
• LAR3 ZONED LOT
• CLOSE PROXIMITY TO FREEWAYS
• ACCESS TO DOWNTOWN LOS ANGELES

What this means for you Summary

Snapshot

• This is a 6×1bd/1ba + 14×?bd/1ba units multifamily listed at $3.15M.

Deal economics

• At list price, monthly cash flow is $9k ($108k/yr) — positive. Per door: $452/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($38k rent vs $3.15M).
• Recommended offer: $2.96M (6.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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 (-1.9%/yr); 125 active listings in the ZIP; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $38,072/mo this rent would consume 867% of the median local household income ($53k/yr) (locally 4819% 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 $22k of loan paydown is wiped out by about $94k 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.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($2.96M) is reasonable based on typical stale-listing flexibility.
• 8 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 $2.73M; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1924 — 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 $2,961,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% 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 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.21% ✓
• Cap rate: 9.74%
• Cash-on-cash: 12.30%
• DSCR: 1.55
• GRM: 6.9

CMA / ARV

• ARV (median comp): $2,293,114
• List price: $3,150,000
• Delta: 37.37%
• Verdict: OVERPRICED
• Comps: 17 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -1.4%
• Equity multiple: 0.95×
• Total profit: $-46,116
• Equity at exit: $469,675

10-year hold

• IRR: 4.8%
• Equity multiple: 1.31×
• Total profit: $270,554
• Equity at exit: $272,354

Cash invested: $882,000 (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 90017

• Home prices YoY: -2.3%
• Rents YoY: -1.9%
• Active inventory: 125
• Price-to-rent: 163.8×

Monthly cashflow live

• Estimated rent: $38,072 high
• Mortgage (P&I): −$16,519
• Tax from tax record: −$3,205 /mo · $38,464/yr
• Insurance: −$1,312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,995
• Net cashflow: $9,040

Break-even live

Break-even rent $26,629

Max offer price $3,150,000

Occupancy floor 71%

Sensitivity live

Price	-10% $10,823	-5% $9,932	+0% $9,040	+5% $8,149	+10% $7,257
Rent	-10% $6,032	-5% $7,536	+0% $9,040	+5% $10,544	+10% $12,048
Rate	-1.0pp $10,626	-0.5pp $9,841	base $9,040	+0.5pp $8,224	+1.0pp $7,393

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$9,618
▸ 14× units	0	1	$28,462
Total (20 units)			$38,072

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: $787,500
• Closing costs: $94,500
• Reserves months: —
• Total cash needed: —

Listing history 38 events

1. 2026-06-21
   days on market $3,150,000 Active 68 DOM
2. 2026-06-18
   days on market $3,150,000 Active 65 DOM
3. 2026-06-17
   days on market $3,150,000 Active 64 DOM
4. 2026-06-16
   days on market $3,150,000 Active 63 DOM
5. 2026-06-15
   days on market $3,150,000 Active 62 DOM
6. 2026-06-13
   days on market $3,150,000 Active 60 DOM
7. 2026-06-09
   days on market $3,150,000 Active 56 DOM
8. 2026-06-08
   days on market $3,150,000 Active 55 DOM
9. 2026-06-07
   days on market $3,150,000 Active 54 DOM
10. 2026-06-04
    days on market $3,150,000 Active 51 DOM
11. 2026-06-03
    days on market $3,150,000 Active 50 DOM
12. 2026-06-02
    days on market $3,150,000 Active 49 DOM
13. 2026-06-01
    days on market $3,150,000 Active 48 DOM
14. 2026-05-31
    days on market $3,150,000 Active 47 DOM
15. 2026-04-14
    listed $3,300,000 Active 1099-char remark

    Show marketing remark (1099 chars)

    We are proud to present 401 Witmer St, a 20-unit multifamily community located in the North West Lake neighborhood of Los Angeles, offered at a 9.13 GRM and a 6.24% CAP on actual rents, with upside potential to achieve an 8.96 GRM and an 6.43% CAP with market rents. The property is comprised of one, two-story building consisting of a total of 8,776 rentable square feet. Built in 1923, the property sits on a 6,020 square foot LAR3-zoned midblock lot. The unit mix features six (6) one-bedroom one-bathroom units and fourteen (14) studio units. Fourteen out of sixteen units have been renovated, and there are currently four VACANT units: one (1) one-bedroom unit and three (3) studio units. Located off of Witmer St and W 3rd St nearby Gratts Elementary School and Contreras High School, this location offers excellent access with close proximity to the 101, 110 and 10 freeways, multiple Metro stations, and easy access to Downtown Los Angeles and neighboring communities such as Silver Lake, Echo Park, Elysian Heights, Koreatown and more. Contact the listing broker for additional information.

16. 2024-08-09
    status Pending 1064-char remark

    Show marketing remark (1064 chars)

    401 Witmer is a 20 unit value-add complex located 1.4 miles south of Echo Park Lake and the heart of Downtown LA. Located just south of W. 3rd St, the property is in close proximity to Echo Park, Silver Lake, Koreatown, the 101 Fwy, and the 110 Fwy. The property is offered at a 7.28% CAP and 8.96 GRM on current rents, $165,000 per unit, and $376 per foot. This value-add opportunity offers approx. 25% rental upside with 2 VACANT studio units. At projected market rents, the property will stabilize at a 9.92% CAP and 7.17 GRM. Built in 1924, the 8,776 SF two-story complex consists of (6) 1-bdrm. units and 14) studio units. All tenants pay their own electricity and gas utilities. Property amenities include community laundry and gated entry. 401 Witmer, which can be purchased individually, is part of the Witmer 4 - 84 units across 4 buildings within 1 block of Witmer St. The Witmer 4 is being in sold in conjunction with 1000 N. Serrano, a 24-unit complex in East Hollywood offered at a 6.75% CAP on real expenses. Please contact LA 1 for more information.

17. 2024-08-05
    listed $3,300,000 Active 1064-char remark

    Show marketing remark (1064 chars)

    401 Witmer is a 20 unit value-add complex located 1.4 miles south of Echo Park Lake and the heart of Downtown LA. Located just south of W. 3rd St, the property is in close proximity to Echo Park, Silver Lake, Koreatown, the 101 Fwy, and the 110 Fwy. The property is offered at a 7.28% CAP and 8.96 GRM on current rents, $165,000 per unit, and $376 per foot. This value-add opportunity offers approx. 25% rental upside with 2 VACANT studio units. At projected market rents, the property will stabilize at a 9.92% CAP and 7.17 GRM. Built in 1924, the 8,776 SF two-story complex consists of (6) 1-bdrm. units and 14) studio units. All tenants pay their own electricity and gas utilities. Property amenities include community laundry and gated entry. 401 Witmer, which can be purchased individually, is part of the Witmer 4 - 84 units across 4 buildings within 1 block of Witmer St. The Witmer 4 is being in sold in conjunction with 1000 N. Serrano, a 24-unit complex in East Hollywood offered at a 6.75% CAP on real expenses. Please contact LA 1 for more information.

18. 2018-06-15
    soldstatus $2,725,000
19. 2015-02-13
    soldstatus $1,625,000
20. 2013-08-21
    historical Expired
21. 2013-07-23
    price
22. 2013-05-06
    price
23. 2013-02-22
    listed Active
24. 2009-06-29
    soldstatus $1,100,000
25. 2009-05-12
    soldstatus $1,165,000 Closed
26. 2009-04-03
    historical
27. 2009-02-05
    listed $1,250,000
28. 2008-12-30
    historical
29. 2008-11-26
    listed $1,299,900
30. 2008-04-04
    historical
31. 2008-01-03
    listed $1,399,999
32. 2005-08-15
    soldstatus $1,350,000
33. 2005-07-15
    historical
34. 2005-05-11
    listed
35. 2002-11-05
    soldstatus $540,000
36. 2002-07-18
    listed $550,000
37. 1996-05-17
    soldstatus $185,450
38. 1986-07-18
    soldstatus $440,000

ⓘ 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: $38,464 · $3,205/mo
• Projected year-2 tax: $38,464 · $3,205/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: $456,864
• − Mortgage interest: −$176,449
• − Property taxes: −$38,464
• − Insurance: −$15,750
• − Repairs & maintenance: −$36,549
• − Management: −$36,549
• − Depreciation: −$91,636
• Taxable income: $61,466
• Est. tax owed @ 24.0%: −$14,752
• After-tax cash flow: $93,729/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): 30,172
• Household income: $52,717
• Rent vs Own: 94.3% rent · 5.7% own
• Severe rent burden: 4819.0

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 0.62)
• Race & ethnicity: Hispanic / Latino 56% Asian 18% Black 13% White 11% Two or more races 9% Native American 1%
• Hispanic origin (detail): Mexican 28%
• Common ancestry: Slovak 1% Lithuanian 1% Italian 1%
• Foreign-born: 44% · Canada, South Korea, China
• Languages at home: 34% English-only · Spanish 48% Korean 9% Chinese 3%

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: ▼ -7.36%
• Current HPI: 308.6973
• Rent YoY: ▼ -1.91%
• 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

+650.0% since first listed

24 events — show timeline

• 2026-04-14 Listed $3,300,000 TheMLS
• 2024-08-09 Pending — TheMLS
• 2024-08-05 Listed $3,300,000 TheMLS
• 2018-06-15 Sold (Public Records) $2,725,000 Public Records
• 2015-02-13 Sold (Public Records) $1,625,000 Public Records
• 2013-08-21 Delisted — TheMLS
• 2013-07-23 Price Changed — TheMLS
• 2013-05-06 Price Changed — TheMLS
• 2013-02-22 Listed — TheMLS
• 2009-06-29 Sold (Public Records) $1,100,000 Public Records
• 2009-05-12 Sold (MLS) $1,165,000 CRMLS
• 2009-04-03 Listing Removed — CRMLS
• 2009-02-05 Listed $1,250,000 CRMLS
• 2008-12-30 Listing Removed — CRMLS
• 2008-11-26 Listed $1,299,900 CRMLS
• 2008-04-04 Listing Removed — CRMLS
• 2008-01-03 Listed $1,399,999 CRMLS
• 2005-08-15 Sold (Public Records) $1,350,000 Public Records
• 2005-07-15 Delisted — TheMLS
• 2005-05-11 Listed — TheMLS
• 2002-11-05 Sold (MLS) $540,000 CRMLS
• 2002-07-18 Listed $550,000 CRMLS
• 1996-05-17 Sold (Public Records) $185,450 Public Records
• 1986-07-18 Sold (Public Records) $440,000 Public Records

Property tax history

+4.5%/yr

Latest (2025): $38,464 · +1.2% YoY. Source: county tax records.