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1500 S Gramercy Pl, Los Angeles, CA 90019
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1500 S Gramercy Pl Los Angeles, CA 90019

$7,850,000 Sold Price as of 12/24/2020
  • 62 Beds
  • 49 Baths
  • 38,209 Sq.Ft.
Sold
$7,850,000 Sold Price as of 12/24/2020 Refinance Your Mortgage
Map preview of 1500 S Gramercy Pl, Los Angeles, CA 90019

Property Overview: 1500 S Gramercy Pl Los Angeles, CA has 62 bedrooms, 49 bathrooms, 38,209 living square feet and 26,318 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 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.

Listed by Neema Ahadian | BRE #01346750 | Marcus & Millichap
Last checked: 11 minutes ago | Last updated: June 5th, 2023 | Source CRMLS | DOM: 51

Home details

Lot Sq. Ft
26,318
HOA Dues
$0/mo
Year built
1964
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
20650226
City
Los Angeles
County
Los Angeles
Time on Site
1232 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 40
  • Total # of Buildings: 1
Unit Breakdown 1
  • # of Units: 18
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,160
  • Total Rent: $1,700
  • Pro Forma/Market Rent: $30,600
Unit Breakdown 2
  • # of Units: 13
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,362
  • Total Rent: $2,200
  • Pro Forma/Market Rent: $28,600
Unit Breakdown 3
  • # of Units: 9
  • # of Beds: 2
  • # of Baths: 2
  • Furnishing: Unfurnished
  • Actual Rent: $1,416
  • Total Rent: $2,300
  • Pro Forma/Market Rent: $20,700
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: 13.6
  • Gross Scheduled Income: --
  • Net Operating Income: $306,308
  • Gross Operating Income: $593,737
Annual Expense Breakdown
  • Total Operating Expense: --

Property Details for 1500 S Gramercy Pl

Interior Features
Laundry Information
  • Has Laundry
  • Washer Included, Dryer Included, Community
Room Information
  • Flooring: Wood
Interior Features
  • Ceiling Fan(s)
Exterior Features
Exterior Features
  • Pool Features: Exercise Pool
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 40
  • Has Parking
  • Parking Features: Community Structure
Property Information
  • Total # of Units: 40
  • Parcel Number: 5073007017
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Location / Neighborhood
Location Information
  • Directions: Located between Pico & Venice in Harvard Heights
View more facts & features

Local Los Angeles Agent

Sale History for 1500 S Gramercy Pl

Last sold for $7,850,000 on December 24th, 2020

  • February, 2021

  • Feb 19, 2021

    Date

    Sold

    CRMLS: 20650226

    $7,850,000

    Price

  • Feb 16, 2021

    Date

    Expired

    CRMLS: 20650226

    $8,500,000

    Price

  • Nov 6, 2020

    Date

    Withdrawn

    CRMLS: 20650226

    $8,500,000

    Price

  • Oct 29, 2020

    Date

    Pending

    CRMLS: 20650226

    $8,500,000

    Price

  • December, 2020

  • Dec 24, 2020

    Date

    Sold (Public Records)

    Public Records

    $7,850,000

    Price

  • December, 2019

  • Dec 20, 2019

    Date

    Sold (Public Records)

    Public Records

    $6,050,000

    Price

Show More

Tax History for 1500 S Gramercy Pl

Assessed Value (2020): $6,062,150
Year Land Value Improved Value Assessed Value
2020 $4,235,000 $1,827,150 $6,062,150

Home Value Compared to the Market

This property vs the competition

1500 S Gramercy Pl sold on December 24, 2020 for 567.19% higher than the current median sold price for the city of Los Angeles which is $1,274,000. The median sold price per/sqft for Los Angeles is $791 and this home is sold at $222.46 per/sqft which puts the price per square foot 71.88% lower than the current median sale per square foot for the city of Los Angeles.

About 1500 S Gramercy Pl

Detailed summary of property

1500 S Gramercy Pl is a multi family that recently sold in Los Angeles, CA 90019. This multi family property offered 62 bedrooms, 49 bathrooms, roughly 38,209 living square feet, and sits on an approximately 26,318 square foot lot. 1500 S Gramercy Pl was first listed on ArdentRealEstateGroup.com on February 19, 2021. The homeowner sold the property for $7,850,000. Home in Los Angeles are selling for a median price of $1,274,000 and a median price per square foot of $791. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 567.19% higher than the current median priced home. Local homes that are currently for sale include 11666 Mayfield Ave, 11942-11948 Darlington Ave and 11975-11977 Mayfield Ave. While the average home in Los Angeles, CA is selling in 100 days, 1500 S Gramercy Pl has a days on market of 51 days. There are currently 3938 homes for sale in the Los Angeles real estate market and 2648 of them are single family homes while 1176 of them are condos and 106 are townhomes. For more information on this home for sale at 1500 S Gramercy Pl Los Angeles, CA 90019 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 1500 S Gramercy Pl

Public county record property details
Beds
--
Baths
--
Year built
1964
Sq. Ft.
38,209
Lot Size
26,317
Stories
--
Type
Apartment House (5+ Units)
Pool
Yes
Spa
No
County
Los Angeles
Lot#
15,16
APN
5073-007-017

The source for these homes facts are from public records.

90019 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,459,000
Median List Price/Sq.Ft.
$690
Median Sold Price
$1,935,500
Median Sold Price/Sq.Ft.
$855
Total Inventory
76
Median Sale to List Price %
102.14%
Avg Days on Market
18
Loan Type
Conventional (14.29%), FHA (0%), VA (14.29%), Cash (14.29%), Other (14.29%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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