1740 N Gramercy PL, Los Angeles, CA 90028
1740 N Gramercy PL, Los Angeles, CA 90028
1740 N Gramercy PL, Los Angeles, CA 90028
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The Warburton Team Brokered By EXp

The Warburton Team Brokered By EXp

+1(626) 630-2141
$2,900,000
Est. payment /mo
7 Beds
18 Baths
10,798 SqFt
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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 10,798 sqft

Price per Sqft $268

MLS Listing ID 26997775

Bedrooms 7

HOA Y/N No

Year Built 1924

Lot Size 10,005 Sqft

Property Description

We are pleased to present 1740 N Gramercy Pl, a 17-unit multifamily investment in the heart of Hollywood, offered at $2,900,000 ($170,588 per unit and $268.57 per gross SF). The offering generates a current CAP rate of 4.58% and a current GRM of 10.11 on in-place income, improving to a 7.09% market CAP rate and 7.89 market GRM as the remaining below-market tenancies roll to market levels. The property comprises twelve studio units, four one-bedroom/one-bath units, and a detached three-bedroom/two-bath rear house, totaling approximately 10,798 gross square feet on a 10,002 SF R3-zoned lot. The investment carries approximately 28% rental upside to market, with current scheduled gross income of $286,832 growing to a market potential of $367,440. Market rents are underwritten at $1,585 per month for studios and $1,900 per month for one-bedrooms. The detached rear house, currently occupied at a deeply below-market rate, represents the single largest driver of upside in the building and provides a disproportionate lift to net operating income as its tenancy resolves. The building has received meaningful capital investment at the infrastructure level, including new circuit breakers installed on a per-unit basis in the basement electrical room. The main building operates on master-metered gas and electric, while the rear house tenant pays their own utilities directly, providing a natural cost separation between the two structures. On-site laundry is available in the basement, adding a convenience amenity and potential ancillary income source. Four units (101, 102, 201, and 202) feature dual entrances, a functional distinction that supports flexible leasing configurations and tenant privacy. The building's original 1924 construction gives the property a character and scale consistent with the historic rental stock that defines the surrounding Hollywood neighborhood. 1740 N Gramercy is positioned within one of Los Angeles' most established and continually evolving rental corridors. Hollywood's employment base spans entertainment production, technology, hospitality, and healthcare, anchored by major studios, streaming company offices, and the growing density of the Vine Street and Cahuenga corridors. The property offers convenient access to the 101 Freeway and Metro Red Line, connecting tenants to Downtown Los Angeles, the Westside, and the Valley with ease.

Location

State CA

County Los Angeles

Area C20 - Hollywood

Zoning LAR3

Interior

Heating None

Cooling None

Fireplace No

Exterior

Parking Features None

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5544003029

Special Listing Condition Standard

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Listed by Neema Ahadian Marcus & Millichap #01346750

NEARBY SCHOOL & BUSINESS

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