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Diego Magdaleno

diego@1visionproperties.com +1(714) 376-8652

$1,790,000

Est. payment - /mo

11 Beds

8 Baths

6,324 SqFt

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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

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Listed by Hyun Jin IM Epique Realty #01989280

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838 S Gramercy PL Los Angeles, CA 90005