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427 S Gramercy Place, Los Angeles, California 90020, Los Angeles, 90020 - 22 bed, 18 bath

427 S Gramercy Place, Los Angeles, California 90020 home-pic-0
ACTIVE UNDER CONTRACT$1,295,000
427 S Gramercy Place, Los Angeles, California 90020
22Beds
18Baths
5,814Sqft
8,010Lot
Year Built
1920
Close
-
List price
$1.29M
Original List price
$1.29M
Price/Sqft
$223
HOA
-
Days on market
-
Sold On
-
MLS number
25626317
Home ConditionTear down
Features
Patio
View-

About this home

We found 4 Cons,5 Pros. Rank: price - $1.29M(13th), sqft - 5814(50th), beds - 22(88th), baths - 18(88th).

Lender Owned Property! Rare R4-zoned redevelopment opportunity in the heart of Koreatown and the Mid-Wilshire area. This vacant, fire-damaged, and boarded-up property offers exceptional potential for restoration, conversion, or ground-up construction. The existing physical layout includes 22 rooms and 18 bathrooms, totaling approximately 5,814 sqft. on 8,010 sqft. lot. However, city records reflect 13 bedrooms and 5 bathrooms, and the Buyer is strongly advised to independently verify all permits, room/bath counts, square footage, zoning, and any unpermitted improvements. The property is located in a prime high-density residential zone (R4), allowing for multifamily or mixed-use development an opportunity rarely available in this sought-after Los Angeles location. Enjoy excellent walkability near Wilshire Blvd., shopping, dining, and public transit. The property is also located within the prestigious 3rd Street Elementary School District, adding long-term value and desirability for future redevelopment. All information provided is deemed reliable but not guaranteed by Seller or Brokers. Buyer must conduct a full independent investigation of all permits, records, zoning, square footage, property condition, and all matters related. 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
12/04/25
Listing
$1,295,000
07/07/10
Sold
$750,000
Condition Rating
Tear down
The property, built in 1920, is explicitly described as 'vacant, fire-damaged, and boarded-up.' The images confirm severe interior damage, including missing ceilings with exposed joists and wiring, and extensively peeled walls, rendering it unlivable. The listing itself highlights its value as an 'R4-zoned redevelopment opportunity' with potential for 'ground-up construction,' indicating the land is the primary asset. Given the age, extensive damage, and unlivable condition, the structure is beyond practical repair and likely requires demolition.
Pros & Cons

Pros

Prime Redevelopment Opportunity: Located in a highly sought-after Koreatown/Mid-Wilshire area, this R4-zoned property offers rare potential for multifamily or mixed-use ground-up development.
High-Density Residential Zoning: The R4 zoning is a significant asset, allowing for high-density residential or mixed-use projects, maximizing development potential in a desirable urban core.
Excellent Walkability & Amenities: The property boasts excellent walkability with close proximity to Wilshire Blvd., shopping, dining, and public transit, enhancing its appeal for future residents.
Prestigious School District: Situated within the prestigious 3rd Street Elementary School District, which adds long-term value and desirability for families, supporting future property values.
Seller Financing Option: The seller's willingness to consider private financing for qualified buyers can facilitate acquisition and potentially reduce initial capital outlay for developers.

Cons

MLS Listing Discrepancy: Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 22, other record bedroom count = 13.
Extensive Damage & Condition: The property is vacant, fire-damaged, and boarded-up, indicating significant structural and cosmetic repairs or complete demolition will be required.
Discrepancy in City Records: A substantial difference exists between the physical layout (22 beds/18 baths) and city records (13 beds/5 baths), necessitating thorough independent verification and potential permitting challenges.
High Due Diligence Burden: As a lender-owned property sold 'as-is,' buyers face a significant burden to independently verify all permits, zoning, square footage, and property condition, implying considerable risk and investigation.

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