Property
Beds
62
Full Baths
None
1/2 Baths
None
Year Built
1964
Sq.Footage
38,209
Totaling 38,209 SF, the subject property includes 40 apartment units located between W Pico Blvd and Venice Blvd just west of Western Ave. This is a true value-add opportunity with significant rental upside of over 54%.Built in 1964, 1500 S Gramercy Pl has an ideal unit mix of spacious units including 18 one-bedroom units (approximately 690 SF), 13 two-bedroom one-bathroom units (approximately 870 SF) and nine two-bedroom two-bathroom units (1,000 SF). Many of the units include balconies. Current rents are below market and presents an investor the opportunity to capture pro forma rents over time through interior renovations. At the asking price, the subject property is being offered at a low price per square foot of $223 and $212,500 per unit. The property has 40 parking spaces.Harvard Heights is a densely populated neighborhood with historical and architectural significance.
Features & Amenities
Interior
-
Other Interior Features
Ceiling Fan(s)
-
Total Bedrooms
62
Area & Lot
-
Lot Size(acres)
0.6042
-
Property Type
Residential Income
Exterior
-
Garage
No
-
Parking
Community Structure
Financial
-
Sales Price
$8,500,000
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Location
County
Los Angeles
Elementary School
Middle School
High School
Listing Courtesy of Neema Ahadian , Marcus & Millichap
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