Los Angeles, CA 90019 1630 S Gramercy Place
$2,520,000
Pending
11 more
Presented By: Jonathan Rawson with Avenue Realty Group;
Home Details
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.
Presented By: Jonathan Rawson with Avenue Realty Group;
Interior Features for 1630 S Gramercy Place
Bedrooms
Total Bedrooms21
Bathrooms
1/4 Baths0
3/4 Baths0
Half Baths
Total Baths14
Other Interior Features
Air Conditioning Y/NNo
Basement (Y/N)No
Electric On Property Y/NNo
Fireplace FeaturesNone
Fireplace Y/NNo
Heating Y/NYes
Total Stories2
General for 1630 S Gramercy Place
Additional Parcels Y/NNo
AppliancesDishwasher, Disposal, Microwave, Refrigerator, Dryer, Washer
Attached Garage No
Buyer FinancingAssumed, Cash, Conventional
Cap Rate6.0
Carport Y/NNo
CityLos Angeles
Community FeaturesGated
CountyLos Angeles
Days on Market32
DirectionsNorth of Washington, South of Venice, West of Western & East of Arlington
Entry LocationMain Level
Full Baths
Garage Y/NNo
Gross Income230787.0
HeatingElectric, WallFurnace
Home Owner AssocNo
Home Warranty Y/NNo
Interior FeaturesCeilingFans
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsTwo
Lot Size Square Feet10713.0
Lot Size UnitsSquareFeet
MLS AreaC16 - Mid Los Angeles
MobileHomeRemainsYNNo
Net Operating Income151172.0
New ConstructionNo
NumberOfUnitsTotal7
Occupancy TypeTenant
Open Parking Spaces14.0
Pool FeaturesNone
Private PoolNo
Property ConditionUpdatedRemodeled
Property TypeResidentialIncome
Rent Control Y/NNo
Security FeaturesGatedCommunity
Senior Community Y/NNo
Spa FeaturesNone
Special Listing ConditionsStandard
Standard StatusPending
StatusPending
Stories2
Tenant PaysElectricity, Gas
View Y/NNo
Waterfront Y/NNo
Year Built1986
ZoningLAR3
Exterior for 1630 S Gramercy Place
Building Area Total6181.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot Size Acres0.2459
Lot Size Area10713.0
Number of Buildings1
Open Parking Y/NNo
Parking FeaturesAssigned
SpaNo
Total Parking14.0
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480