940 South Gramercy Place

Los Angeles, CA 90019

$2,495,000
Price
10
Beds
8
Baths
6,412 Sq. Ft.
$389 / Sq. Ft.
6,412
Sq. Ft.
$389
per Sq. Ft.

Description

A diamond in the rough~~~ this can be a cash cow for those who can imagine. Possibly more units can be delivered VACANT AT CLOSE OF ESCROW. Huge bedrooms, larger living rooms. First time in the Market in 34 years! Each unit has it's own central a/c. This subject property is a two-story 8-unit apartment building constructed in 1965 with classical and Modern touch architecture situated on a Hard Corner Lot. The rents are significantly below market. The property could also generate additional income...A diamond in the rough~~~ this can be a cash cow for those who can imagine. Possibly more units can be delivered VACANT AT CLOSE OF ESCROW. Huge bedrooms, larger living rooms. First time in the Market in 34 years! Each unit has it's own central a/c. This subject property is a two-story 8-unit apartment building constructed in 1965 with classical and Modern touch architecture situated on a Hard Corner Lot. The rents are significantly below market. The property could also generate additional income potential using the ADU process to add dwellings (buyer to verify). The landlord pays for trash service, but there are separate gas and electric meters for each unit, which the tenants pay for. The property is located within few minutes to Larchmont Village, Restaurants, and Markets, which is a quiet residential neighborhood. Also, provides convenient access to the 10 freeway, Mid-Wilshire, Koreatown, Downtown LA, USC, and has a walk score of 82 (Very Walkable). This offering provides huge upside in future income with stability of current income as it is 100% leased with all tenants paying their full rent on time. One 2 bedroom 1 bathroom unit can be delivered vacant at COE. Very well-maintained building, retrofitting is done. Well gated, quiet street. Coin-operated laundry facility. Buyer to verify all facts.
  1. Listed by Max Lee • DRE #01905008 • Brokerage DRE #01180851 • Real Broker

Property Details for 940 South Gramercy Place

Zoning
LAR3
Parcel Number
5081032001
Total Units
8.0
Living Area
6412
Source Living Area
Vendor Enhanced
Area
Hancock Park-Wilshire
Vacancy Rate
3
Lot Size Area
6877
LISTING UPDATED: 11/18/2024 10:22 AM

Property Details for 940 South Gramercy Place

StatusActive
MLS #24-448139
Days on Market51
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1965
Lot Size0.16 AC / 6,877 SF
CountyLos Angeles County

Building Information for 940 South Gramercy Place

Stories2Residences-Year Built1965Building Size-Lot Size0.16 AC / 6,877 SF

Property Information for 940 South Gramercy Place

Community / Development
Community / Development
  • Number Of Units: 8
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: 1+1, 2+1
Contract Info
Contract Info
  • Disclosures: As Is
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $136,122
  • Net Operating Income: $95,285.00
  • Gross Income: $136,122
  • Gross Rent Multiplier: $.00
  • Total Annual Expense: 40836
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1579
  • Lot Size Square Feet: 6877
  • Lot Size Dimensions: 55x125
  • Source Lot Size Dimensions: Vendor Enhanced
Parking Details
Parking Details
  • Parking Garage: Assigned
  • Total Parking: 13
  • Parking Features: Assigned
Interior Features
Interior Features
  • Levels: One
  • Cooling Type: Window Unit(s)
  • Heating Type: Wall Gas
  • Equipment: Refrigerator, Range/Oven
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 10-02-2024
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,405.00
  • Unit Actual Rent: $1,405.00
  • Unit Projected Rent: $2,600.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,180.00
  • Unit Actual Rent: $1,180.00
  • Unit Projected Rent: $2,600.00
  • Like Units: 1
Unit 3 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,455.00
  • Unit Actual Rent: $1,455.00
  • Unit Projected Rent: $2,600.00
  • Like Units: 1
Unit 4 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,295.00
  • Unit Actual Rent: $1,295.00
  • Unit Projected Rent: $2,600.00
  • Like Units: 1
Unit 5 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,110.00
  • Unit Actual Rent: $1,110.00
  • Unit Projected Rent: $2,600.00
  • Like Units: 1
Unit 6 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,205.00
  • Unit Actual Rent: $1,295.00
  • Unit Projected Rent: $2,600.00
  • Like Units: 1
Unit 7 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,295.00
  • Unit Actual Rent: $1,295.00
  • Unit Projected Rent: $3,000.00
  • Like Units: 1
Unit 8 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $3,000.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $660,523.00
  • Assessed Improvement Percent: 62.46
  • Assessed Land Value: $396,999.00
  • Assessed Land Percent: 37.54
  • Assessed Total Value: $1,057,522.00

Property History for 940 South Gramercy Place

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 940 South Gramercy Place

Taxable ValueLand$404,938Additions$673,733Total$1,078,671
Tax Record2024$14,083 ($1,174 / month)
Home Facts
Total Finished SqFt6,412 SqFtAbove Grade Finished SqFt6,412 SqFtLot Size6,875 SqFtStyleMulti-Family Res (5+ Units)Year Built1965ZoningLAR3CountyLOS ANGELESAPN5081-032-001

Schools near 940 South Gramercy Place

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - 6 to 8
Rating
School
Distance
Wilton Place Elementary School
PublicK to 5

Pio Pico Middle School
Public6 to 8

Los Angeles Senior High School
Public9 to 12

Magnolia Science Academy 6 School
Charter6 to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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940 South Gramercy Place is a multi-family home for sale in Los Angeles, CA 90019. This property was listed for sale on October 2, 2024 by Real Broker, it's currently listed at $2,495,000. It has been on the market for a total of 51 days and was last sold on August 27, 1990. This listing's school district is Los Angeles Unified School District. Nearby schools include Wilton Place Elementary School, Pio Pico Middle School and Los Angeles Senior High School. 940 South Gramercy Place is a 10-bed, 8-bath, 6,412 sqft multi-family home built in 1965.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Real Broker, Max Lee, DRE #01905008

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.