PRICED TO SELL! 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… Read More 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! Read Less
Property listed by Epique Realty, Hyun Jin IM 310-259-7556
Listing Snapshot
Days Online
8
Last Updated
Beds
11
Square Ft.
6,324
Lot Size
0.17 Acres
Year Built
1957
MLS Number
26659545
Additional Details
Appliances & Equipment
Refrigerator
Building
Built in 1957, Living area: 6324.0, 1 building, 2 stories, Levels: One
Cooling
None
Disclosures
FamilialRelation, TrustConservatorship
Heating
WallFurnace
Income
Gross Income: $174,018, Net Operating Income: $107,891
Laundry
CommonArea
Lot
0.1722 acres
Parking
8 total parking spaces, Assigned, Carport
Taxes
Parcel Number: 5092025017, Zoning: LAR3
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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