Property
| Ownership: | For Sale |
|---|---|
| Bedrooms: | 9 BR |
| Bathrooms: | 8 |
| Area: | 6251 sq ft |
| Lot Size: | 0.1 Acres |
Financials
Price:$1,350,000
Listing Courtesy of CB Richard Ellis, Inc.
736 Gramercy Dr 9BR Hancock Park La
Description
7 units in Prime Koreatown west of Western Ave in a Walker's Paradise (92 Walk Score). A true value-add opportunity with 30% upside (8%+ cap at market), the asset is incredibly well positioned for an investor to steward to new heights with upgrades, unit turnover and potential ADUs. Priced at $192k per unit and a 5.6% cap rate, the offering represents an attractive basis well below replacement cost and competitive cashflow right out of the gate. Most of the upside is concentrated across three longer-tenured units, making the upside capture more manageable. This stretch of Gramercy Dr. is quiet with low density residential and single family homes mixed with mid-sized apartment buildings. Within just a few blocks, residents can enjoy an incredible array of dining, retail and entertainment options including The Wiltern Theatre, Western Plaza and Koreatown Plaza.
Neighborhood
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All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.