$2,520,000
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1630 S Gramercy Pl Los Angeles, CA 90019
21 Beds
14 Baths
6,181 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 6,181 sqft
Price per Sqft $412
MLS Listing ID 24-406423
Bedrooms 21
Year Built 1986
Lot Size 10,713 Sqft
Property Description
7 units with an assumable loan that is fixed at a 3.150% interest rate until 2027, and part of a 3-building portfolio sale. 1630 S Gramercy Place is a 1980's construction asset that is NOT subject to LA City Rent Control. This 7-unit apartment building is in the middle of centrally located Arlington Heights and boasts a top-heavy unit mix with all 3 Bed/2 Bath units and has 14 on-site & reserved parking spaces for tenants (7 tandem). The property is being offered at an attractive 10.90 GRM and 6.00% cap rate on current rents and operating expenses. Each unit was remodeled and is getting top of the market rent that'll couple perfectly with a low 3.150% interest rate to generate a rare 8% cash on cash return on Day 1. All units have in-unit washer & dryers, and in-unit water heaters to help escape common area gas bills. Tenants are on RUBS for utility reimbursements for water, sewer & trash, and the building is separately metered for gas & electricity which keeps this building operating with low utility bills. Future land value will remain high at this property as time passes for it being located on a 10,710 SF lot that's zoned LAR3. With the remodeled units, this property will be an easy-to-manage asset to keep for generations with high cash flow, low maintenance & repairs, and minimal upkeep. Can be bought together or separate with 411 Witmer Street and 4046 Nicolet Ave.
Location
State CA
County Los Angeles
Area Mid Los Angeles
Zoning LAR3
Rooms
Other Rooms None
Interior
Heating Wall, Electric
Cooling Air Conditioning, Ceiling Fan
Fireplaces Type None
Equipment Ceiling Fan, Dishwasher, Dryer, Freezer, Garbage Disposal, Hood Fan, Ice Maker, Microwave, Washer, Refrigerator, Range/Oven
Laundry In Unit
Exterior
Garage Assigned
Garage Spaces 14.0
Pool None
Building
Story 2
Others
Special Listing Condition Standard
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The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
Bought with Realty Plus Investment, Inc.