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$ 1,790,000
Est. payment /mo
Price Dropped by $60K
838 S Gramercy PL Los Angeles, CA 90005
11 Beds
8 Baths
6,324 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 6,324 sqft
Price per Sqft $283
MLS Listing ID 26659545
Bedrooms 11
HOA Y/N No
Year Built 1957
Lot Size 7,501 Sqft
Property Description
PRICE REDUCED FOR A QUICK SALE! UNBEATABLE LOCATION & MASSIVE UPSIDE! Strategically positioned on the border of Hancock Park and Koreatown, 838 S Gramercy Place represents the ultimate "Location! Location! Location!" investment. This 8-unit multifamily asset is priced to make buyers profitable from day one, offering a rare combination of immediate cash flow and significant equity growth potential. Currently operating at a strong 6.11% CAP (w/ No Vacancy) and 10.69 GRM, this property features an incredible path to 8.69% CAP (w/ No Vacancy) and 8.47 GRM based on market rents. The unit mix consists of THREE spacious 2-bedroom/1-bath units and FIVE 1-bedroom/1-bath units, providing maximum rental flexibility in a high-demand submarket. Key Highlights for Savvy Investors: 1. Aggressive Pricing: Priced to move quickly in today's market. 2. Prime Accessibility: Steps away from world-class dining, shopping, major banks, and Metro stations. 3. Low Owner Expenses: Separately metered gas and electricity plus 8 assigned parking spaces. 4. Turn-Key Readiness: Completed seismic retrofit in 2022 - no deferred maintenance headaches. Whether you are looking for a stable long-term hold or a high-yield value-add play, this is the best-priced 8-unit building in the area. Act now - opportunities at this price point and location do not last! The Seller intends to perform an IRC Section 1031 tax-deferred exchange. Seller requests buyer's cooperation at no cost to buyer. ALL OFFERS ARE WELCOME!
Location
State CA
County Los Angeles
Area C18 - Hancock Park-Wilshire
Zoning LAR3
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Appliance Refrigerator
Laundry Common Area
Exterior
Parking Features Assigned, Carport
Total Parking Spaces 8
Building
Story 2
Entry Level One
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 5092025017
Special Listing Condition Standard
Listed by Hyun Jin IM Epique Realty #01989280
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