Gracie on Gramercy
A Turnkey 28-Unit Apartment Building with Upside in Hollywood
Marketing description
$425,000 PRICE REDUCTION
OFFERED CONCURRENTLY WITH SIENNA ON SANBORN (SILVER LAKE). OPPORTUNITY TO PURCHASE INDIVIDUALLY OR TOGETHER.
Institutional Property Advisors (“IPA”), as the exclusive listing agent, is pleased to present the opportunity to acquire Gracie on Gramercy (the “Property”), a 28-unit multifamily community located in the Hollywood submarket of Los Angeles.
Originally constructed in 1964, the property has been substantially renovated with an estimated $500K+ in total upgrades spent by a prior owner and $467K of additional capital improvements under the current ownership group. Many of the Property’s mechanical systems and building improvements have been addressed which allows investors to focus almost entirely on high return on investment interior renovations moving forward.
23 of the 28 unit interiors (82%) have been extensively renovated, including new cabinetry, new appliances, upgraded flooring, quartz countertops, tile backsplash, new dual-pane windows, modern LED lighting fixtures, upgraded plumbing fixtures and in-unit washers and dryers. Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 5 units (18%) and capture 9%+ upside in rental income.
Investment highlights
A COMPELLING TURN-KEY WITH UPSIDE
Gracie on Gramercy offers investors a proven interior renovation scope to emulate and capture 9%+ in remaining rental income upside.
COMMON AREA CAPEX NEEDS ALREADY ADDRESSED
With most of the mechanical systems and deferred maintenance needs addressed, investors will be able to focus almost entirely on high return on investment interior renovations in the remaining unrenovated units.
HIGH IMPACT IMPROVEMENTS
Notable capital improvements include seismic retrofitting in the parking areas, upgraded electrical systems, and replacing all of the windows throughout the community.
STEPS FROM FRANKLIN VILLAGE & HOLLYWOOD BOULEVARD
Hollywood is a high demand rental market. 96% of the population are renters and 58% are between the ages of 20 and 44. The median home value is over $1.2M which prices most of the population out of home ownership.
A TRUE LIVE, WORK, PLAY LOCATION
The Property offers residents a true live, work, play environment just steps from Franklin Village with some of the regions best dining, retail shopping, and cultural destinations, and ideal proximity to thousands of high paying jobs in the surrounding hubs such as Hollywood, Mid-Wilshire, Glendale, and Downtown Los Angeles.
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