736 Gramercy Drive,Los Angeles, CA 90005
Los Angeles, CA 90005
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.
Details
| MLS # | 26996819 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1955 |
| Days On Site | 15 |
| Listing Provided By | CB Richard Ellis, Inc. | Adam Peterson |
Features
| Bed(s) | 9 |
|---|---|
| Bath(s) | 8 |
| SQ Feet | 6,076 |
| Car Port | Yes |
| Story(s) | 2 |
| Units | 7 |
| Building(s) | 1 |
| Zoning | LAR4 |
| Acreage | 0.14 |
Interior
| Cooling | None |
|---|---|
| Heating | Wall Furnace |
| Heating Yes / No | Yes |
| Cooling Yes / No | No |
Exterior
| Security Features | Gated Community |
|---|
Parking
| Parking Features | Carport, Driveway |
|---|
Location
| Community Features | Gated |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90005 |
| Area | C18 Hancock Park Wilshire |
| Listing VS Median (in 90005) | |
Price: $1,350,000 low | high Med: $660,000 sqft: 6,076 low | high Med: 1,214 $ / sqft: $222 low | high Med: $545 On site: 15 low | high Med: 55.5 | |
Market Activity 90005
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90005 |
| Area | C18 Hancock Park Wilshire |
| Listing VS Median (in 90005) | |
Price: $1,350,000 low | high Med: $660,000 sqft: 6,076 low | high Med: 1,214 $ / sqft: $222 low | high Med: $545 On site: 15 low | high Med: 55.5 | |
