NOT LISTED FOR SALE

1622 Gramercy Ave Torrance, CA 90501

East Torrance Neighborhood

Estimated Value: $1,535,912

21 Beds
22 Baths
14,980 Sq Ft
11,069 Sq Ft Lot

Last Sold December 29, 2021

Last sale price $5,750,000 $384 Per Sq Ft

Current estimated payment $9,367/month

39 Days on Market

Highlights

  • Laundry Room
  • Central Heating and Cooling System
  • 16 Car Garage
  • Torrance Elementary School Rated A-

About This Home

As of December 2021

Prime Location Building off the corner of Gramercy Ave. and Cravens Ave. in Old Torrance. This sale consists of 8 SEPARATELY DEEDED commercial and residential mix units with the main commercial store front being 1622 Gramercy Ave. In addition to the commercial unit, the remaining 7 are residential townhomes (6 -3bd/3ba; 1 - 3bd/4ba) , 3 with commercial tags. Each unit has their own two-car garage with alley access and outdoor space. Several units have AC, plus there is a shared outdoor courtyard with a stylish fountain and a large lattice covered patio. Great investment opportunity of this newer built 2010 complex. When property was constructed, the HOA/CC&R’s were formed but never funded because it’s been owned as a whole. All 8-units are deeded separately and can be sold separately. As such, property is not subject to statewide rent control (subject to Buyer qualifying for the exemption). SEE SUPPLEMENTS FOR FLOOR PLANS & WHITE REPORT.

Last Agent to Sell the Property

Roger Hart

Forecast Realty Inc. License #00625505 Listed on: 09/16/2021

Last Buyer's Agent

Dean Thomas

E Real Estate Corp. License #00711417

Property Details

Home Type

  • Condominium

Est. Annual Taxes

  • $41,000

Year Built

  • Built in 2010

Lot Details

  • Two or More Common Walls
  • Density is 6-10 Units/Acre
  • 7355024042, 7355024041, 7355024040, 7355024039, 7355024038, 7355024037, 7355024036

Parking

  • 16 Car Garage
  • 2 Carport Spaces
  • Parking Available

Home Design

  • 14,980 Sq Ft Home

Bedrooms and Bathrooms

  • 21 Bedrooms
  • 22 Bathrooms

Additional Features

  • Laundry Room
  • Exterior Lighting
  • Central Heating and Cooling System

Listing and Financial Details

  • Tenant pays for electricity, gas, sewer, water
  • Tax Lot 1
  • Tax Tract Number 61985
  • Assessor Parcel Number 7355024043
  • $409 per year additional tax assessments

Community Details

Overview

  • 8 Units

Building Details

  • 8 Leased Units
  • 9 Separate Electric Meters
  • 9 Separate Gas Meters
  • 9 Separate Water Meters
  • Electric Expense $3,000
  • Insurance Expense $5,931
  • Professional Management Expense $780
  • Trash Expense $9,000
  • Water Sewer Expense $2,520
  • New Taxes Expense $41,000
  • Operating Expense $62,231
  • Gross Income $278,400
  • Net Operating Income $216,169

Property Details

Home Type

Condominium

Est. Annual Taxes

$41,000

Year Built

Built in 2010

Lot Details

0.25 Acres

Parking

16

Listing Details

  • Assessments: Yes
  • CapRate: 3.60
  • Professional Management Expense: 780.00
  • Property Attached: Yes
  • Water Sewer Expenses: 2520.00
  • Property Type: Residential Income
  • Parcel Number: 7355024043
  • Year Built: 2010
  • Special Features: None
  • Property Sub Type: Condos

Interior Features

  • Common Walls: 2+ Common Walls
  • Price Per Square Foot: 383.85

Exterior Features

  • Pool Private: No

Garage/Parking

  • Carport Spaces: 2.00
  • Garage Spaces: 16.00
  • Parking: Yes
  • Parking Features: Covered, Garage
  • Total Parking Spaces: 18.00

Utilities

  • Heating: Yes
  • Laundry: Yes
  • Heating Type: Central
  • Laundry Features: Inside
  • Sewer: Public Sewer
  • Trash Expense: 9000.00
  • Water Source: Public
  • Cooling: Central Air
  • Cooling: Yes

Condo/Co-op/Association

  • Senior Community: No
  • Common Interest: Condominium
  • Community Features: Curbs, Sidewalks, Street Lights

Lot Info

  • Additional Parcels: Yes
  • Additional Parcels Description: 7355024042, 7355024041, 7355024040, 7355024039, 7355024038, 7355024037, 7355024036
  • Land Lease: No
  • Lot Features: 6-10 Units/Acre
  • Lot Size Sq Ft: 11069.00
  • Lot Size Acres: 0.2541

Rental Info

  • Tenant Pays: Electricity, Gas, Sewer, Water

Multi Family

  • Electric Expense: 3000.00
  • Gross Income: 278400.00
  • Gross Scheduled Income: 278400.00
  • Insurance Expense: 5931.00
  • Lot Size Area: 11069.0000 Square Feet
  • Net Operating Income: 216169.00
  • Number Of Separate Electric Meters: 9
  • Number Of Separate Gas Meters: 9
  • Number Of Separate Water Meters: 9
  • Number Of Units Leased: 8
  • Number Of Units Total: 8
  • Operating Expense: 62231.00
  • Rent Control: No
  • Total Expenses: 62231.00

Tax Info

  • New Taxes Expense: 41000.00
  • Tax Lot: 1
  • Tax Tract Number: 61985
  • Tax Annual Amount: 41000.00
  • Tax Year: 2020
  • TaxOtherAnnualAssessmentAmount: 409.00

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Nov 21, 2022
Sold by
Gramercy Gardens Llc
Bought by
Behan John and Aggers Debra
Current Estimated Value
$1,535,912

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$351,120
Outstanding Balance
$339,165
Interest Rate
6.95%
Mortgage Type
Seller Take Back
Estimated Equity
$1,196,747

Purchase Details

Closed on
Mar 23, 2022
Sold by
B & J Capital Group Investments
Bought by
Gramercy Gardens Llc

Purchase Details

Closed on
Feb 1, 2018
Sold by
Mulligan Michael
Bought by
Mulligan Michael and Mulligan Gina

Purchase Details

Closed on
Jan 30, 2017
Sold by
Silzan Co Inc
Bought by
Mulligan Michael

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,500,000
Interest Rate
4.32%
Mortgage Type
Commercial

Purchase Details

Closed on
Dec 2, 2011
Sold by
Mulligan Michael
Bought by
Mulligan Michael and Silzan Co Inc
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Behan John $1,325,000 Lawyers Title
Gramercy Gardens Llc -- Accommodation/Courtesy Recordi
Mulligan Michael -- Lawyers Title
Mulligan Michael $3,420,000 Chicago Title Company
Mulligan Michael -- None Available
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Behan John $351,120
Previous Owner Mulligan Michael $2,500,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
12/29/2021 12/29/21 Sold $5,750,000 -4.2% $384 / Sq Ft
10/25/2021 10/25/21 Pending -- -- --
09/16/2021 09/16/21 For Sale $5,999,000 -- $400 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $15,443 $1,378,530 $582,624 $795,906
2024 $15,443 $1,351,500 $571,200 $780,300
2023 $15,154 $1,325,000 $560,000 $765,000
2022 $9,689 $828,000 $350,000 $478,000
2021 $6,542 $547,048 $163,682 $383,366
2019 $6,354 $530,825 $158,828 $371,997
2018 $6,176 $520,417 $155,714 $364,703
2016 $4,675 $391,983 $117,680 $274,303
2015 $4,575 $386,096 $115,913 $270,183
2014 $4,459 $378,534 $113,643 $264,891
Source: Public Records

Agents Affiliated with this Home

  • Roger Hart

    Seller's Agent in 2021

    Roger Hart

    Forecast Realty Inc.

    (310) 781-2000

    14 in this area

    59 Total Sales

    Roger Hart
    Section Image
  • Dean Thomas

    Buyer's Agent in 2021

    Dean Thomas

    E Real Estate Corp.

    (310) 874-2451

    2 in this area

    32 Total Sales

    Dean Thomas
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SB21205029

California Regional Multiple Listing Service (CRMLS)

APN: 7355-024-043

California Los Angeles County Torrance 90501 East Torrance

1622 Gramercy Ave, Torrance, CA

Not Listed for Sale

Condos

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