1554 S Gramercy Place, Los Angeles, CA 90019

Built in 1963, this 20-unit property totals 13,792 SF located in Mid-City's Harvard Heights neighborhood, on the corner of Venice Blvd & Gramercy Place. The building features a unit mix that includes 3 singles, 11 one-bedrooms, and 6 two-bedrooms.This offering presents an investor the opportunity to capture market rents through renovations when the units turn. The property is being offered at a 4.28% CAP rate on current income with substantial rental upside as the current loss to lease is 27%.The property features 20 parking spaces. The soft-story retrofifit work has been completed. The building is separately metered gas & electric. Furthermore, there is a community laundry room for the building with two washers & dryers. The lot is 12,687 SF and zoned R3-1-CPIO.