1630 S Gramercy Pl, Los Angeles, CA 90019

We are proud to present this 7-unit multifamily property located at 1630 S Gramercy Pl, Los Angeles, CA 90019. This 6,181 square foot property sits on a large lot of 0.25 acres, and it boasts an excellent unit mix of all 7 of the units being 3-bed/2-bath units.Built in 1986, this property is not subject to LA's rent control laws. However, it is subject to California's new rent control law AB-1482 which allows for rent increases of "5% + CPI" each year. Furthermore, the property is also not on LA's list for seismic retrofitting, meaning a buyer can avoid a large expense that many other LA multifamily properties have. The seller has already renovated 4 of the 7 units, and the only 3 non-renovated units will be delivered vacant at close of escrow. This allows a savvy investor to quickly get the entire property up to full market rents and create a heavy cash flow stream.This offering is priced at an extremely attractive 6.05% CAP rate and a 11.48 GRM.