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Gracie on Gramercy 1832 N Gramercy Pl 28 Unit Apartment Building $6,800,000 ($242,857/Unit) 6.59% Cap Rate Los Angeles, CA 90028
Executive Summary
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.
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.
Financial Summary (Actual - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts In Escrow
| Price | $6,800,000 | Apartment Style | Low-Rise |
| Price Per Unit | $242,857 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.46 AC |
| Cap Rate | 6.59% | Building Size | 19,665 SF |
| Gross Rent Multiplier | 8.96 | Average Occupancy | 96% |
| No. Units | 28 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1964/2018 |
| Property Subtype | Apartment | Parking Ratio | 2.03/1,000 SF |
| Zoning | LAR3 - Medium-density, Multi-family residential | ||
| Price | $6,800,000 |
| Price Per Unit | $242,857 |
| Sale Type | Investment |
| Cap Rate | 6.59% |
| Gross Rent Multiplier | 8.96 |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.46 AC |
| Building Size | 19,665 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built/Renovated | 1964/2018 |
| Parking Ratio | 2.03/1,000 SF |
| Zoning | LAR3 - Medium-density, Multi-family residential |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
- Vinyl Flooring
- Quartz Countertops
Site Amenities
- Controlled Access
- Courtyard
- Laundry Facilities
- Property Manager on Site
- Gas Range
- Package Service
- Online Services
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | 447 |
| 1+1 | 17 | - | 655 |
| 2+2 | 5 | - | 890 - 934 |
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Very walkable
80/100
Very drivable
80/100
Strong public transit
80/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 5544-003-046 | Improvements Assessment | $3,499,666 (2025) |
| Land Assessment | $8,202,345 (2025) | Total Assessment | $11,702,011 (2025) |
Property Taxes
Parcel Number
5544-003-046
Land Assessment
$8,202,345 (2025)
Improvements Assessment
$3,499,666 (2025)
Total Assessment
$11,702,011 (2025)
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