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427 S Gramercy Place, Los Angeles, California 90020, Los Angeles, 90020 - 13 bed, 5 bath

427 S Gramercy Place, Los Angeles, California 90020 home-pic-0
ACTIVE$1,299,000
427 S Gramercy Place, Los Angeles, California 90020
13Beds
5Baths
5,814Sqft
8,010Lot
Year Built
1920
Close
-
List price
$1.3M
Original List price
$1.3M
Price/Sqft
$223
HOA
-
Days on market
-
Sold On
-
MLS number
25608107
Home ConditionTear down
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.30M(13th), sqft - 5814(50th), beds - 13(88th), baths - 5(38th).

Lender Owned Property!!! Rare R4-zoned redevelopment opportunity in the heart of Koreatown and Mid-Wilshire area. This vacant, fire-damaged, and boarded-up property offers tremendous potential for restoration, conversion, or new construction. The existing structure features 13 rooms and 5 bathrooms, totaling approximately 5,814 sq.ft., situated on a 7,996 sq.ft. lot with wood-frame construction. Zoned R4, the site supports high-density residential or mixed-use developmentan opportunity rarely available in this prime area of Los Angeles. Enjoy excellent walkability (Walk Score 94) near Wilshire Blvd, shopping, dining, and public transit.Located within prestigious 3rd Street Elementary School District, adding long-term value and desirability. All information regarding the property is not guaranteed by Seller or Brokers. Buyer must conduct a full independent investigation of all permits, zoning, square footage, property condition, and all matters related thereto prior to purchase. Offer subject to interior inspection. Seller may consider providing private financing to qualified buyers.

Nearby schools

6/10
Wilshire Park Elementary School
Public,•K-5•0.4mi
6/10
Charles H. Kim Elementary School
Public,•K-5•0.4mi
3/10
Wilton Place Elementary School
Public,•K-5•0.5mi
5/10
Cahuenga Elementary School
Public,•K-5•0.5mi
3/10
Harvard Elementary School
Public,•K-5•0.9mi
6/10
Van Ness Avenue Elementary School
Public,•K-5•1.0mi
3/10
Hobart Boulevard Elementary School
Public,•K-5•1.0mi
3/10
Rfk Community Schools - Ambassador School - Global Education
Public,•K-5•1.1mi
4/10
Alexandria Avenue Elementary School
Public,•K-5•1.1mi
/10
Mariposa-Nabi Primary Center
Public,•K-2•1.2mi
4/10
Frank Del Olmo Elementary School
Public,•K-6•1.2mi
8/10
Third Street Elementary School
Public,•K-5•1.3mi
3/10
Los Angeles Elementary School
Public,•K-5•1.3mi
7/10
Queen Anne Place Elementary School
Public,•K-5•1.5mi
7/10
Dr. Sammy Lee Medical And Health Science Magnet Elementary
Public,•K-5•1.5mi
5/10
Commonwealth Avenue Elementary School
Public,•K-5•1.7mi
8/10
Hoover Street Elementary School
Public,•K-5•1.7mi
3/10
Leo Politi Elementary School
Public,•K-5•1.8mi
6/10
Carson-Gore Academy Of Enviornmental Studies
Public,•K-5•1.9mi
5/10
Virgil Middle School
Public,•6-8•1.3mi
4/10
Young Oak Kim Academy
Public,•6-8•1.3mi
7/10
John Burroughs Middle School
Public,•6-8•1.4mi
5/10
Pio Pico Middle School
Public,•6-8•1.5mi
3/10
Berendo Middle School
Public,•6-8•1.6mi
3/10
Johnnie Cochran, Jr., Middle School
Public,•6-8•1.8mi
6/10
Thomas Starr King Middle School
Public,•6-8•2.8mi
3/10
Rfk Community Schools-Ambassador-Global Leadership
Public,•6-12•1.1mi
4/10
Rfk Community Schools-Los Angeles High School Of The Arts
Public,•9-12•1.1mi
5/10
Rfk Community Schools- For The Visual Arts And Humanities
Public,•9-12•1.1mi
4/10
Los Angeles Senior High School
Public,•9-12•1.3mi
4/10
West Adams Preparatory High School
Public,•9-12•2.3mi
3/10
Belmont Senior High School
Public,•9-12•2.9mi
7/10
Fairfax Senior High School
Public,•9-12•3.0mi
8/10
John Marshall Senior High School
Public,•9-12•3.5mi

Price History

Date
Event
Price
10/17/25
Listing
$1,299,000
07/07/10
Sold
$750,000
Condition Rating
Tear down
The property is explicitly described as 'vacant, fire-damaged, and boarded-up,' rendering it unlivable. Built in 1920, the extensive fire damage, as confirmed by the description and images of a boarded-up exterior, indicates the structure is likely beyond economical repair. Its primary value lies in the R4-zoned land and its redevelopment potential, rather than the existing structure.
Pros & Cons

Pros

Redevelopment Opportunity: Rare R4-zoned property in a prime Los Angeles area (Koreatown/Mid-Wilshire), supporting high-density residential or mixed-use development, which is a significant value proposition for investors and developers.
Prime Location: Situated in the highly desirable Koreatown and Mid-Wilshire area, offering excellent access to urban amenities and strong market demand.
Exceptional Walkability: Boasts an excellent Walk Score of 94, indicating convenient access to shopping, dining, and public transit, enhancing its appeal for future residents.
Prestigious School District: Located within the highly-rated 3rd Street Elementary School District (rating 8), adding long-term value and desirability for families.
Generous Lot Size: A substantial 7,996 sq.ft. lot provides ample space for significant redevelopment under the R4 zoning, maximizing potential unit count or project scope.

Cons

Extensive Damage & Condition: The property is fire-damaged, vacant, and boarded-up, requiring substantial capital investment for restoration, conversion, or new construction.
Lender-Owned & As-Is Sale: Being lender-owned and sold 'as-is' means limited seller disclosures, no guarantees on information, and places the full burden of due diligence and potential risks on the buyer.
Uncertain Interior Access: The offer is subject to interior inspection, implying that immediate or easy access for a thorough assessment may not be guaranteed, posing a challenge for detailed planning and cost estimation.

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