1843 S Gramercy Place

Description

**MOTIVATED SELLER** We are pleased to present the opportunity to acquire Gramercy Place Apartments in the submarket of Arlington Heights (LA Market) and in close proximity to Mid City and Koreatown. This offering includes a 11 unit multifamily building built in 1962 with a foot print of approximately 9,828 SF, sitting on a 8,899 SF Lot zoned LAR3. Gramercy Place Apartments offers an investor a significant value add opportunity with approximately 36% (+/-) of potential upside in rents spread across a desirable unit mix of mostly 2 bedroom units. This well-located multifamily property offers an investor a rare opportunity to secure a good sized asset in a high demand and growth submarket with real reposition opportunity. Arlington Heights is diverse and populated neighborhood in Central Los Angeles with Koreatown to the north, Mid City and Mid-Wilshire to the west, jefferson Park to the south and Harvard Heights to the east. Located centrally in Los Angeles, Arlington Heights is a transit friendly melting pot of cultural influences. Situated just north of the 10 FWY, this neighborhood provides easy access to Culver City to the west and downtown LA to the east. Along La Brea Avenue, Wilshire Blvd, and Western Ave you will find restaurants and popular bars. The stretch of Washington Blvd, anchored by the Underground Museum between 3rd and 6th avenue, is becoming a desirable location for art galleries and boutiques. Nestled right at the convergence of main thoroughfares and freeways, Arlington Heights allows for easy access to the wider region of LA and key employment centers. Gramercy Place Apartments can also be purchased with nearby 22 units located at 3066 W 15th Street. This would allow an investor to purchase 33 units across 2 buildings in close proximity to each other. Please contact us to request an OM(s)