$1,850,000

838 S Gramercy Place, Los Angeles, CA 90005

11 beds |
8 baths |
6,324 sqft

Multi-Family Home
Built in 1957
7,501sqft lot
—— car garage
$293/sqft
Listed 6 days ago

Property Description

PRICED TO SELL! UNBEATABLE LOCATION & MASSIVE UPSIDE! Strategically positioned on the border of Hancock Park and Koreatown, 838 S Gramercy Place represents the ultimate "Location! Location! Location!" investment. This 8-unit multifamily asset is priced to make buyers profitable from day one, offering a rare combination of immediate cash flow and significant equity growth potential. Currently operating at a strong 6.11% CAP (w/ No Vacancy) and 10.69 GRM, this property features an incredible path to 8.69% CAP (w/ No Vacancy) and 8.47 GRM based on market rents. The unit mix consists of THREE spacious 2-bedroom/1-bath units and FIVE 1-bedroom/1-bath units, providing maximum rental flexibility in a high-demand submarket. Key Highlights for Savvy Investors: 1. Aggressive Pricing: Priced to move quickly in today's market. 2. Prime Accessibility: Steps away from world-class dining, shopping, major banks, and Metro stations. 3. Low Owner Expenses: Separately metered gas and electricity plus 8 assigned parking spaces. 4. Turn-Key Readiness: Completed seismic retrofit in 2022 - no deferred maintenance headaches. Whether you are looking for a stable long-term hold or a high-yield value-add play, this is the best-priced 8-unit building in the area. Act now - opportunities at this price point and location do not last! The Seller intends to perform an IRC Section 1031 tax-deferred exchange. Seller requests buyer's cooperation at no cost to buyer. ALL OFFERS ARE WELCOME!

Listing Status:: Active
Date Added:: March 4, 2026
Data Last Updated:: March 11, 2026 at 5:16AM
Listing Office:: Epique Realty : 888-893-3537
Listing Agent:: Hyun Jin IM : 213-550-6273
MLS ID:: 26659545

Appliances: Refrigerator
Laundry: Common Area
A/C: None
Heating: Wall Furnace

Parking: AssignedCarportParking spaces: 8

General: 1

Originating MLS: CRMLS_CL
County: Los Angeles

Zoning: LAR35092025017

Source: CRMLS_CL

This listing courtesy of Hyun Jin IM , Epique Realty

Monthly Payment

$Est. Payment

Principal & Interest $
Property Taxes $
Home Insurance $
VA Funding Fee $

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Location

Schools Nearby

Wilton Place Elementary

745 S Wilton Pl, Los Angeles, CA, 90005

Grades KG-5

0.17 miles away

Pico Pico Middle School

1512 Arlington Ave, Los Angeles, CA, 90019

Grades 6-8

0.80 miles away

RFK Community Schools - UCLA Community School

700 S Mariposa Ave, Los Angeles, CA, 90005

Grades KG-12

0.89 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.