Log In/Sign Up
Your email has been sent.
1836 N Gramercy Pl - Gracie on Gramercy 28 Unit Apartment Building Offered at $7,725,000 at a 7.09% Cap Rate Los Angeles, CA 90028
Investment Highlights
- Gracie on Gramercy offers investors a proven interior renovation scope to emulate and capture 11%+ in remaining rental income upside.
- Hollywood is a high demand rental market. 96% of the population are renters and 58% are between the ages of 20 and 44.
- The Property recently achieved $1,949 on a renovated studio and $2,399 on a renovated 1-bedroom.
- Notable capital improvements include seismic retrofitting in the parking areas, upgraded electrical systems, & replacing all of the windows throughout
- The Property offers residents a true live, work, play environment just steps from Franklin Village
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.
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 11%+ upside in rental income.
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 11%+ upside in rental income.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| 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 - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| 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
| Price | $7,725,000 | Property Type | Multifamily |
| Price Per Unit | $275,893 | Apartment Style | Garden |
| Sale Type | Investment | Building Size | 19,620 SF |
| Cap Rate | 7.09% | No. Stories | 2 |
| Gross Rent Multiplier | 8.92 | Year Built | 1964 |
| No. Units | 28 | Parking Ratio | 1.43/1,000 SF |
| Zoning | R3-1 | ||
| Price | $7,725,000 |
| Price Per Unit | $275,893 |
| Sale Type | Investment |
| Cap Rate | 7.09% |
| Gross Rent Multiplier | 8.92 |
| No. Units | 28 |
| Property Type | Multifamily |
| Apartment Style | Garden |
| Building Size | 19,620 SF |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 1.43/1,000 SF |
| Zoning | R3-1 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Washer/Dryer
- Refrigerator
- Vinyl Flooring
- Quartz Countertops
Site Amenities
- Controlled Access
- Courtyard
- Laundry Facilities
- Package Service
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | 447 |
| 1+1 | 17 | - | 655 |
| 2+2 | 5 | - | 890 - 934 |
1 1
Walk Score®
Very Walkable (82)
1 of 5
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
1836 N Gramercy Pl - Gracie on Gramercy
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.
Your message has been sent!
Activate your LoopNet account now to track properties, get real-time alerts, save time on future inquiries, and more.