Multifamily
Gracie on Gramercy
1836 N Gramercy Pl, Los Angeles, CA 90028
Listing Price: $7,725,000
Investment Overview
Marcus & Millichap (“M&M”), as the exclusive listing agent, is pleased to present the opportunity to acquire Gracie on Gramercy (the “Property”), a 28-unit multifamily community located in the Hollywood submarket of Los Angeles.
Originally constructed in 1964, the property has been substantially renovated with an estimated $500K+ in total upgrades spent by a prior owner and $467K of additional capital improvements under the current ownership group. Many of the Property’s mechanical systems and building improvements have been addressed which allows investors to focus almost entirely on high return on investment interior renovations moving forward.
23 of the 28 unit interiors (82%) have been extensively renovated, including new cabinetry, new appliances, upgraded flooring, quartz countertops, tile backsplash, new dual-pane windows, modern LED lighting fixtures, upgraded plumbing fixtures and in-unit washers and dryers. Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 5 units (18%) and capture 11%+ upside in rental income.
Gracie on Gramercy
Investment Highlights
- A COMPELLING TURN-KEY WITH UPSIDE - Gracie on Gramercy offers investors a proven interior renovation scope to emulate and capture 11%+ in remaining rental income upside.
- COMMON AREA CAPEX NEEDS ALREADY ADDRESSED - investors will be able to focus almost entirely on high return on investment interior renovations in the remaining unrenovated units.
- HIGH IMPACT IMPROVEMENTS - Notable capital improvements include seismic retrofitting in the parking areas, upgraded electrical systems, and replacing all of the windows throughout the community.
- STEPS FROM FRANKLIN VILLAGE & HOLLYWOOD BOULEVARD - Hollywood is a high demand rental market. 96% of the population are renters and 58% are between the ages of 20 and 44. The median home value is over $1.2M which prices most of the population out of home ownership.
- A TRUE LIVE, WORK, PLAY LOCATION - The Property offers residents a true live, work, play environment just steps from Franklin Village with some of the regions best dining, retail shopping, and cultural destinations.
- STRONG RECENT LEASING - The Property recently achieved $1,949 on a renovated studio and $2,399 on a renovated 1-bedroom.
Exclusively Listed By
Listing Price: $7,725,000
Investment Highlights
- A COMPELLING TURN-KEY WITH UPSIDE - Gracie on Gramercy offers investors a proven interior renovation scope to emulate and capture 11%+ in remaining rental income upside.
- COMMON AREA CAPEX NEEDS ALREADY ADDRESSED - investors will be able to focus almost entirely on high return on investment interior renovations in the remaining unrenovated units.
- HIGH IMPACT IMPROVEMENTS - Notable capital improvements include seismic retrofitting in the parking areas, upgraded electrical systems, and replacing all of the windows throughout the community.
- STEPS FROM FRANKLIN VILLAGE & HOLLYWOOD BOULEVARD - Hollywood is a high demand rental market. 96% of the population are renters and 58% are between the ages of 20 and 44. The median home value is over $1.2M which prices most of the population out of home ownership.
- A TRUE LIVE, WORK, PLAY LOCATION - The Property offers residents a true live, work, play environment just steps from Franklin Village with some of the regions best dining, retail shopping, and cultural destinations.
- STRONG RECENT LEASING - The Property recently achieved $1,949 on a renovated studio and $2,399 on a renovated 1-bedroom.
Investment Overview
Marcus & Millichap (“M&M”), as the exclusive listing agent, is pleased to present the opportunity to acquire Gracie on Gramercy (the “Property”), a 28-unit multifamily community located in the Hollywood submarket of Los Angeles. Originally constructed in 1964, the property has been substantially renovated with an estimated $500K+ in total upgrades spent by a prior owner and $467K of additional capital improvements under the current ownership group. Many of the Property’s mechanical systems and building improvements have been addressed which allows investors to focus almost entirely on high return on investment interior renovations moving forward. 23 of the 28 unit interiors (82%) have been extensively renovated, including new cabinetry, new appliances, upgraded flooring, quartz countertops, tile backsplash, new dual-pane windows, modern LED lighting fixtures, upgraded plumbing fixtures and in-unit washers and dryers. Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 5 units (18%) and capture 11%+ upside in rental income.
Exclusively Listed By
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