NOT LISTED FOR SALE
3 Beds
3 Baths
12,446 Sq Ft
0.35 Acres

Last Sold May 14, 2021

Last sale price $3,710,000 $298 Per Sq Ft

38 Days on Market

Highlights

  • Gated Community
  • Corner Lot
  • Laundry Room
  • 0.35 Acre Lot
  • No HOA
  • Controlled Entrance

About This Home

As of May 2021

Rare offering, 20 units. 1650 S Gramercy Place is located in the Harvard Heights District, and borders the Arlington Heights District, just south of Koreatown. Located on the south east corner of Gramercy Pl & W 18th St. Close to the 10 freeway, and a short commute to Koreatown, Miracle Mile and more.

Last Agent to Sell the Property

Wendy Morley

Pinnacle Estate Properties, Inc. License #01788681 Listed on: 03/01/2021

Pinnacle Estate Properties, Inc.

Co-Listed By

Larry Smart

Pinnacle Estate Properties, Inc. License #01024190

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1960

Lot Details

  • 0.35 Acre Lot
  • Two or More Common Walls
  • Corner Lot

Home Design

  • Apartment
  • Cosmetic Repairs Needed

Interior Spaces

  • 12,446 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 3 Bedrooms
  • 3 Bathrooms

Laundry

  • Laundry Room
  • Leased Washer and Dryer

Home Security

  • Carbon Monoxide Detectors
  • Fire and Smoke Detector

Parking

  • 20 Parking Spaces
  • 20 Carport Spaces
  • Parking Available
  • Controlled Entrance

Location

  • Urban Location

Listing and Financial Details

  • Tax Lot 66
  • Assessor Parcel Number 5073015009

Community Details

Overview

  • No Home Owners Association
  • 20 Units

Building Details

  • 19 Leased Units
  • Rent Control
  • Electric Expense $1,500
  • Fuel Expense $285
  • Gardener Expense $4,500
  • Insurance Expense $12,000
  • Professional Management Expense $14,000
  • Trash Expense $4,400
  • Water Sewer Expense $1,400
  • New Taxes Expense $10,842
  • Operating Expense $48,936
  • Gross Income $262,306
  • Net Operating Income $151,852

Additional Features

  • Laundry Facilities
  • Gated Community

Property Details

Home Type

Multi-Family

Year Built

Built in 1960

Lot Details

0

Listing Details

  • Assessments: Yes
  • CapRate: 4.00
  • Professional Management Expense: 14000.00
  • Property Attached: Yes
  • Security: Carbon Monoxide Detector(s), Gated Community, Smoke Detector(s)
  • Water Sewer Expenses: 1400.00
  • Zoning: LAR3
  • Property Condition: Repairs Cosmetic
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Gardener Expense: 4500.00
  • Parcel Number: 5073015009
  • Year Built: 1960
  • Special Features: None

Interior Features

  • Fireplace: No
  • Stories: 2
  • Common Walls: 2+ Common Walls
  • Levels: Two
  • Price Per Square Foot: 298.09

Exterior Features

  • Pool Private: No
  • Spa: No

Garage/Parking

  • Carport Spaces: 20.00
  • Parking: Yes
  • Parking Features: Controlled Entrance, Covered
  • Total Parking Spaces: 20.00

Utilities

  • Laundry: Yes
  • Laundry Features: Community
  • Sewer: Public Sewer
  • Trash Expense: 4400.00
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Curbs, Sidewalks, Urban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Corner Lot
  • Lot Size Sq Ft: 15232.00
  • Lot Size Acres: 0.3497

Multi Family

  • Electric Expense: 1500.00
  • Fuel Expense: 285.00
  • Gross Income: 262306.00
  • Gross Multiplier: 13.30
  • Gross Operating Income: 266317.00
  • Gross Scheduled Income: 280334.00
  • Insurance Expense: 12000.00
  • Laundry Equipment Own Lease: Lease
  • Laundry Income: 9600.00
  • Lot Size Area: 15232.0000 Square Feet
  • Net Operating Income: 151852.00
  • Number Of Units Leased: 19
  • Number Of Units Total: 20
  • Operating Expense: 114465.00
  • Rent Control: Yes
  • Total Expenses: 48936.00
  • Vacancy Allowance Rate: 5.00

Tax Info

  • New Taxes Expense: 10842.00
  • Tax Census Tract: 2213.02
  • Tax Lot: 66
  • Tax Tract: 67

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price Change Sq Ft Price
05/14/2021 05/14/21 Sold $3,710,000 0.0% $298 / Sq Ft
04/08/2021 04/08/21 Pending -- -- --
03/08/2021 03/08/21 Pending -- -- --
03/06/2021 03/06/21 Off Market $3,710,000 -- --
03/06/2021 03/06/21 For Sale $3,750,000 +1.1% $301 / Sq Ft
03/01/2021 03/01/21 Off Market $3,710,000 -- --
03/01/2021 03/01/21 For Sale $3,750,000 -- $301 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SR21024046

California Regional Multiple Listing Service (CRMLS)