838 S Gramercy Place,Los Angeles, CA 90005
Los Angeles, CA 90005
Description
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 6.33% CAP (w/ No Vacancy) and 10.34 GRM, this property features an incredible path to 9.03% CAP (w/ No Vacancy) and 8.20 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 and SB721(Safety of the Balcony) inspection and clearance completed in March 2026 - 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!
Details
| MLS # | 26878631 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1957 |
| Days On Site | 32 |
| Listing Provided By | Seeders Real Estate | Hyun Jin IM |
Features
| Bed(s) | 11 |
|---|---|
| Bath(s) | 8 |
| SQ Feet | 6,324 |
| Car Port | Yes |
| Story(s) | 1 |
| Units | 8 |
| Building(s) | 1 |
| Zoning | LAR3 |
| Acreage | 0.17 |
Interior
| Cooling | None |
|---|---|
| Heating | Wall Furnace |
| Heating Yes / No | Yes |
| Cooling Yes / No | No |
| Appliances | Refrigerator |
Parking
| Parking Features | Assigned, Carport |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90005 |
| Area | C18 Hancock Park Wilshire |
| Listing VS Median (in 90005) | |
Price: $1,790,000 low | high Med: $597,450 sqft: 6,324 low | high Med: 1,197 $ / sqft: $283 low | high Med: $521 On site: 32 low | high Med: 141.5 | |
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: $1,790,000 low | high Med: $597,450 sqft: 6,324 low | high Med: 1,197 $ / sqft: $283 low | high Med: $521 On site: 32 low | high Med: 141.5 | |
