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Berkshire Hathaway HomeServices California Properties
736 Gramercy Dr, Los Angeles, CA 90005
- $1,350,000
- 9
- BD
- 8
- BA
- 6,076
- SqFt
- List Price
- $1,350,000
- MLS#
- 26996819
- Year Built
- 1955
- Bedrooms
- 9
- Bathrooms
- 8
- Living Sq. Ft
- 6,076
- Lot Size
- 6,251
- Days on Market
- 40
- Property Type
- Multifamily
- Style
- Mid-Century
- Stories
- 2
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.
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Additional Information
- Other Buildings
- None
- Heat
- Wall
- Cooling
- None
- Number of Cars in Garage
- Carport, Driveway
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Courtesy of CB Richard Ellis, Inc., Adam Peterson - CA DRE#01815802
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