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Keller Williams Luxury
736 Gramercy Drive, Los Angeles, CA 90005
- $1,350,000
- 9
- BD
- 8
- BA
- 6,076
- SqFt
- List Price
- $1,350,000
- Status
- ACTIVE
- MLS#
- 26996819
- Year Built
- 1955
- Bedrooms
- 9
- Bathrooms
- 8
- Living Sq. Ft
- 6,076
- Lot Size
- 6,251
- Acres
- 0.14
- Days on Market
- 1
- Property Type
- Multifamily
- Style
- Mid-Century Modern
- Stories
- Multi Level
Property Description
7 units in Prime Koreatown west of Western Ave in a Walker's Paradise (92 Walk Score). A true value-add opportunity with 30% upside (8%+ cap at market), the asset is incredibly well positioned for an investor to steward to new heights with upgrades, unit turnover and potential ADUs. Priced at $192k per unit and a 5.6% cap rate, the offering represents an attractive basis well below replacement cost and competitive cashflow right out of the gate. Most of the upside is concentrated across three longer-tenured units, making the upside capture more manageable. This stretch of Gramercy Dr. is quiet with low density residential and single family homes mixed with mid-sized apartment buildings. Within just a few blocks, residents can enjoy an incredible array of dining, retail and entertainment options including The Wiltern Theatre, Western Plaza and Koreatown Plaza.
Additional Information
- Heat
- Wall Furnace
- Cooling Description
- None
- Attached Structure
- Detached
- Number Of Units Total
- 7
Listing courtesy of Listing Agent: Adam Peterson (adam.peterson@cbre.com) from Listing Office: CB Richard Ellis, Inc..
Mortgage Calculator
Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.