453 S Gramercy Pl
Los Angeles, CA 90020
Gramercy Plaza · Build-to-Rent Property For Sale · 14 Units

PROPERTY DESCRIPTION Built in 1966, 453 S Gramercy Place is a 14-unit apartment building with a unit mix of eight large studios and six large 1bed+1bath units. The property is a two-story, 8,594-square-foot garden-style walk-up building with wood frame and stucco construction situated on two land parcels totaling approximately 8,008 land square feet. The property was renovated in 2017 and is producing significant cash flow. 13 of the 14 tenants are new since 2017. Unit 8 has the only long-term tenant at the property and is currently rented at well below market rent, providing additional long-term rental upside. The studios feature large kitchens and living areas, significant closet and storage space, and bathroom vanities have a separate space from the toilets/showers in many of the units. The one-bedroom units feature large kitchens, ample closet and storage space and the living areas and bedrooms are uniquely large for this unit type. Five of the ground floor units feature large enclosed patio spaces, and two of the downstairs and two of the upstairs units feature large balconies. Each of the units are separately metered for gas and electricity. One washer and dryer is available on-site for tenant use. There is approximately 450 square feet of concrete patio area in the back of the building that can be updated and utilized as a tenant gathering area. Renovation highlights include: Exterior New front façade architectural elements Updated large front balconies New drought resistant landscaping New modern paint scheme New sliding glass doors on 3 units New Exterior hallway lighting Unit Interiors 1 ) New paint and smoothed ceilings New vinyl/laminate flooring New recessed lighting and additional lighting fixtures throughout living areas and bedrooms Kitchens have new stainless appliances, range oven hoods, quartz countertops and tile flooring Bathrooms have new vanities, new light fixtures, new tile floors, new shower fixtures and subway-tiled showers in some units New closet sliding mirrored doors Wall air-conditioning units Wall heaters Unit 8 has not been renovated. Property Location 453 S Gramercy Place is situated on a wide, quiet street, between Western Avenue and Wilton Place, and just north of 5th St in the prime Western Koreatown/Larchmont-Hancock Park area, within a two block walk from Wilshire Boulevard office, retail and entertainment. The property is also less than 15 minutes away from the heart of Koreatown, Larchmont Village and the Grove/Park La Brea area and less than 20 mins from Hollywood, West Hollywood and Downtown Los Angeles.