Description

1836 North Gramercy Pl, Los Angeles, CA 90028

Price: $11,400,000 
Units: 28
Year Built/Renovated: 1964/2018
Size: ± 19,620
Current Cap Rate: 4.2%
Current GRM: 15.16
Market Cap Rate: 5.2%
Market GRM: 12.98
Price per Unit: $407,143
Price per Square Foot: $581

Stepp Commercial is pleased to present Gramercy Hollywood, a best-in-class 28 unit apartment community in one of the most coveted locations in Hollywood. The property has just undergone a complete transformation into a boutique property featuring a modern style of living with luxury amenities. Each chic residence is crafted with structural simplicity, sleek finishes, and clean lines creating an airy, open-plan design.

Originally built in 1964, the property is set on a 20,038 square foot lot and offers 19,665 gross rentable square feet of exceptional living space. The unit mix includes 5 two-bedroom units, 17 one-bedroom units, and 6 studios. 21 of the 28 units have been fully renovated and are successfully achieving market-leading rents, further proving that the property has no rival in the market. These renovated units were stripped to the studs and reimagined with thoughtful design. They feature stainless steel appliances (including microwaves and dishwashers), custom designer cabinetry, quartz countertops, tiled backsplashes, wood-style flooring, recessed lighting, central HVAC, custom-tiled baths and in-unit washers and dryers. In addition, there remains 6 unrenovated, occupied units that present a 17% upside in rental income.