Gracie on Gramercy 1832 N Gramercy Pl 28 Unit Apartment Building $7,300,000 ($260,714/Unit) 6.13% Cap Rate Los Angeles, CA 90028

$425,000 PRICE REDUCTION
OFFERED CONCURRENTLY WITH SIENNA ON SANBORN (SILVER LAKE. OPPORTUNITY TO PURCHASE INDIVIDUALLY OR TOGETHER.
Institutional Property Advisors (“IPA”), as the exclusive listing agent, is pleased to present the opportunity to acquire Gracie on Gramercy (the “Property”), a 28-unit multifamily community located in the Hollywood submarket of Los Angeles.
Originally constructed in 1964, the property has been substantially renovated with an estimated $500K+ in total upgrades spent by a prior owner and $467K of additional capital improvements under the current ownership group. Many of the Property’s mechanical systems and building improvements have been addressed which allows investors to focus almost entirely on high return on investment interior renovations moving forward.
23 of the 28 unit interiors (82%) have been extensively renovated, including new cabinetry, new appliances, upgraded flooring, quartz countertops, tile backsplash, new dual-pane windows, modern LED lighting fixtures, upgraded plumbing fixtures and in-unit washers and dryers. Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 5 units (18%) and capture 14%+ upside in rental income.