427 S Gramercy Pl
Land | 8,010 SqFt
Marketing description
Lender Owned Property!!! Rare R4-zoned redevelopment opportunity in the heart of Koreatown and Mid-Wilshire area. This vacant, fire-damaged, and boarded-up property offers tremendous potential for restoration, conversion, or new construction. The existing structure features 13 rooms and 5 bathrooms, totaling approximately 5,814 sq. ft., situated on a 7,996 sq. ft. lot with wood-frame construction. Zoned R4, the site supports high-density residential or mixed-use development an opportunity rarely available in this prime area of Los Angeles. Enjoy excellent walkability (Walk Score 94) near Wilshire Blvd, shopping, dining, and public transit. Located within prestigious 3rd Street Elementary School District, adding long-term value and desirability. All information regarding the property is not guaranteed by Seller or Brokers. Buyer must conduct a full independent investigation of all permits, zoning, square footage, property condition, and all matters related thereto prior to purchase. Offer subject to interior inspection. Seller may consider providing private financing to qualified buyers.
Investment highlights
Lender-Owned Redevelopment Opportunity
Rare chance to acquire an R4-zoned multifamily or mixed-use development site in the heart of Koreatown / Mid-Wilshire.
🏗️ High-Density Development Potential
Zoning: R4 – Supports high-density multifamily or mixed-use development
7,996 SF lot | Approx. 5,814 SF existing structure (13 rooms, 5 baths)
Fire-damaged and boarded – ideal for redevelopment, restoration, or conversion
📍 PRIME CENTRAL LOCATION
Excellent walkability | Walk Score 94
Steps from Wilshire Blvd., shopping, dining, transit, and major employment centers
Within the coveted 3rd Street Elementary School District
📈 VALUE-ADD OPPORTUNITY
Vacant property – no relocation or tenant issues
Lender-owned – motivated Seller
Seller may consider private financing for qualified buyers
⚠️ IMPORTANT NOTICE
All information deemed reliable but not guaranteed
Buyer to conduct full independent investigation of permits, zoning, square footage, structural condition, and development feasibility
Offer subject to interior inspection
⭐ Ideal For:
✔ Developers
✔ Opportunity Zone / Value-Add Investors
✔ Build-to-Rent or Condo Developers
✔ Long-Term Land Bankers
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