Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Bedrooms

7

Building size

6,076 sqft

Lot size

6,251 sqft

Year built

1955

Stories

2

Style

Mid Century Modern

Heating

Wall Furnace

Cooling

None

Status

Active

Days on market

8

MLS #

247894326

About this property

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.

Location

736 Gramercy Drive

Los Angeles, Los Angeles, CA, 90005