821 S Gramercy Drive,Los Angeles, CA 90005
Current Cap Rate
25907 Oak Street | Lomita, CA 90717
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Stepp Commercial, as the exclusive listing agent, is pleased to present 821 S. Gramercy Drive, a 9 unit multifamily property located in Los Angeles, California. The property is situated in the heart of Koreatown, one of the most desirable submarkets of Los Angeles.
Originally built in 1991, 821 S. Gramercy Drive offers a 10.1% Cash on Cash return with current income opportunity for investors given the strong rental market in Koreatown. Mostly 2 bedroom units, and deliverable with 5 vacancies to allow an investor the opportunity to renovate the property to their specifications and garner the highest rental rates possible.
Within walking distance of the vibrant area surrounding Wilshire and Western, the Property is well situated to take advantage of the continuing redevelopment of the area, including entertainment, nightlife, restaurants and shops.
The Property provides residents with convenient access to centrally located transportation hubs, including the Metro Purple Line Station, which runs along Wilshire Blvd. There is a current expansion of the Metro Purple Line that will extend the line west through West Los Angeles, opening up additional opportunities to residents.
821 S. Gramercy offers an investor the opportunity for long term growth in an area that is still experiencing a strong redevelopment, which will only continue with the planned revitalization of the area.