Property Details
Executive Summary
Marcus & Millichap is pleased to present 1554 South Gramercy Place, Los Angeles, CA 90019. Built in 1963, this unique 20-unit property totals 13,792 SF located in Mid-City’s Harvard Heights, on the corner of Venice Blvd & Gramercy Place. The building features a unit mix that includes 3 singles, 11 one-bedrooms, and 6 two-bedrooms.
This offering presents an investor the opportunity to capture market rent through renovations when the units turn. The property is being offered at a 13.21 GRM on current income and a price per unit of $210,000. The lot is 12,687 SF and zoned LAR4.
The property features parked with 20 parking spaces and separately metered gas & electric. There is no soft story retrofit work required. Furthermore, there is a community laundry room for the building with two washers & dryers.
Harvard Heights is a densely populated neighborhood with historical and architectural significance. The demand for apartment units increases year-over-year exemplified with surrounding new residential and office developments as well as major employers established in the submarket. The subject property has a walk score of 85 with easy access to public transportation, nightlife, dining, education and the Santa Monica Freeway.
