736 Gramercy Dr

Los Angeles CA 90005

6076 sq. ft.

6251 sq. ft.

Other

Currently for sale - view listing

Overview

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.

Features

9 bedrooms

8 bathrooms

9 carspaces

6076 sq. ft. floor area

6251 sq. ft. lot size

Other

Property history for 736 Gramercy Dr

2015

Sold

$1,330,000

22 May 2015 by Adam Peterson, of CB Richard Ellis, Inc.

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