$2,520,000
- Beds
- 21
- sq ft
- 6,181
1630 S Gramercy Pl, Los Angeles, CA 90019
1630 S Gramercy Pl
Los Angeles, CA 90019
- 8 days on market
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.
Details
Property type
Property condition
Updated/Remodeled
Lot size
0.2459 acres
Price per sq ft
$408
Year built
1986
HOA
No
Price History
06/20/2024
CLAW #24406423
Listed
$2,520,000
Schools & Community
Neighborhood:
Arlington Heights
Elementary school:
Unknown
Middle school:
Unknown
High school:
Unknown
Community features: Gated
Community features:
Gated
Status: Active
Tomo last checked: 06/29/2024 at 6:00 AM
Listing updated: 06/28/2024 at 5:13 AM
Listed by: Jonathan Rawson, Avenue Realty Group Phone #: (310) 310-8624
MLS: CLAW #24406423
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