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1630 Gramercy Place
Los Angeles, CA 90019
Sold
1630 Gramercy Place
Los Angeles, CA 90019
Sold
7 units with an assumable loan that is fixed at a 3.150% interest rate until 2027, and part of a 3-building portfolio sale. 1630 S Gramercy Place is a 1980's construction asset that is NOT subject to LA City Rent Control. This 7-unit apartment building is in the middle of centrally located Arlington Heights and boasts a top-heavy unit mix with all 3 Bed/2 Bath units and has 14 on-site & reserved parking spaces for tenants (7 tandem). The property is being offered at an attractive 10.90 GRM and 6.00% cap rate on current rents and operating expenses. Each unit was remodeled and is getting top of the market rent that'll couple perfectly with a low 3.150% interest rate to generate a rare 8% cash on cash return on Day 1. All units have in-unit washer & dryers, and in-unit water heaters to help escape common area gas bills. Tenants are on RUBS for utility reimbursements for water, sewer & trash, and the building is separately metered for gas & electricity which keeps this building operating with low utility bills. Future land value will remain high at this property as time passes for it being located on a 10,710 SF lot that's zoned LAR3. With the remodeled units, this property will be an easy-to-manage asset to keep for generations with high cash flow, low maintenance & repairs, and minimal upkeep. Can be bought together or separate with 411 Witmer Street and 4046 Nicolet Ave.
PROPERTY INFORMATION
| MLS # | 24406423 | Lot Size | 10,713 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | N/A |
| Price | $ 2,520,000
Price Per SqFt: $ 408 |
DOM | 319 Days |
| Address | 1630 Gramercy Place | Type | Residential Income |
| City | Los Angeles | Sq.Ft. | 6,181 Sq. Ft. |
| Postal Code | 90019 | Garage | N/A |
| County | Los Angeles | Year Built | 1986 |
| Bed / Bath | 21 / 0 | Parking | 14 |
| Built In | 1986 | Status | Closed |
| Sold Date | 2024-10-18 |
INTERIOR FEATURES
| Has Laundry | Yes |
| Laundry Information | Washer Included, Dryer Included |
| Has Fireplace | No |
| Fireplace Information | None |
| Has Appliances | Yes |
| Kitchen Appliances | Dishwasher, Disposal, Microwave, Refrigerator |
| Has Heating | Yes |
| Heating Information | Wall Furnace, Electric |
| InteriorFeatures Information | Ceiling Fan(s) |
| EntryLocation | Main Level |
| Has Spa | No |
| SpaDescription | None |
| SecuritySafety | Gated Community |
EXTERIOR FEATURES
| Has Pool | No |
| Pool | None |
WALKSCORE
Walk Score: 84 (Very Walkable)
Transit Score: 60 (Good Transit)MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $2,688
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 06/20/2024 | Listed | $2,520,000 |
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Listing provided courtesy of Jonathan Rawson, Avenue Realty Group. Based on information from California Regional Multiple Listing Service, Inc. as of #Date#. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
