1500 S Gramercy Pl, Los Angeles, CA 90019

Totaling 38,209 SF, the subject property includes 40 apartment units located between W Pico Blvd and Venice Blvd just west of Western Ave. This is a true value-add opportunity with significant rental upside of over 54%.Built in 1964, 1500 S Gramercy Pl has an ideal unit mix of spacious units including 18 one-bedroom units (approximately 690 SF), 13 two-bedroom one-bathroom units (approximately 870 SF) and nine two-bedroom two-bathroom units (1,000 SF). Many of the units include balconies. Current rents are below market and presents an investor the opportunity to capture pro forma rents over time through interior renovations. At the asking price, the subject property is being offered at a low price per square foot of $223 and $212,500 per unit. The property has 40 parking spaces.Harvard Heights is a densely populated neighborhood with historical and architectural significance.