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1/29/21
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A nine-unit apartment property in L.A.’s Koreatown submarket traded for $2.85 mil ($317k/unit). The property, located at 821 S. Gramercy Dr, 66% vacant upon close of escrow, presenting significant upside potential for the new ownership.
Built in 1991, the two-story property includes eight two-bedroom units and one one-bedroom unit. It also features controlled access and 17 subterranean parking spaces.
Located in the heart of Koreatown, the asset is within walking distance to many trendy restaurants, nightlife venues and shops. It is also one mile from the Wilshire/Normandie Metro Station, and provides easy access to downtown Los Angeles and the 10 and 101 freeways.
Kimberly R. Stepp and Len Kay of Stepp Commercial represented the seller, a California-based family trust, as well as the buyer, a Los Angeles-based private investor.
“Koreatown is one of the most desirable rental submarkets in the Los Angeles area,” said Kay. “With six of the units delivered vacant at close of escrow, once renovated and leased up, the asset is poised to offer a 10.1% cash-on-cash return to the new ownership given the strong rental market in this neighborhood, despite the pandemic.”
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