941 S Gramercy Place, Los Angeles, California 90019, Los Angeles, 90019 - bed, bath

941 S Gramercy Place, Los Angeles, California 90019 home-pic-0
ACTIVE$2,699,999
941 S Gramercy Place, Los Angeles, California 90019
0Bed
0Bath
7,360Sqft
6,870Lot
Year Built
1964
Close
-
List price
$2.7M
Original List price
$3M
Price/Sqft
$367
HOA
-
Days on market
-
Sold On
-
MLS number
GD25134258
Home ConditionFair
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $2.70M(50th), sqft - 7360(50th), beds - undefined(50th), baths - undefined(50th).

HUGE PRICE REDUCTION ALERT! Best 12 Units in town priced right for quicker sale. 941 S GRAMERCY PL is a beautiful 12 unit residential income property located in Koreatown neighborhood of Los Angeles. The property features 12 spacious and beautiful 1 Bedroom 1 Bathroom units with 12 assigned parking. Centrally located and close to all amenities of the town this property has always been in high demand rental market. Current monthly gross rental income of $17,600 and $211,200 annually, provide a huge opportunity for rent increase and more profit for the new owner. More information and details are available upon request.

Price History

Date
Event
Price
10/14/25
Price Change
$2,699,999-3.6%
10/13/25
Price Change
$2,799,999-3.4%
09/25/25
Price Change
$2,899,999-3.3%
06/16/25
Listing
$2,999,999
03/18/16
Sold
$2,470,000
Condition Rating
Fair

The property was built in 1964, making it 60 years old. The provided image is only of the exterior, which appears maintained but clearly shows an older architectural style consistent with its age. There are no interior photos to assess the condition of kitchens, bathrooms, appliances, or other interior features. While the description mentions 'beautiful 1 Bedroom 1 Bathroom units,' without visual evidence or specific renovation dates, it's highly probable that the interiors, especially kitchens and bathrooms, are dated and would require updates to meet current market expectations and maximize rental income, as suggested by the 'opportunity for rent increase.' The building is functional and income-producing, but its age and lack of visible or described recent major renovations place it in the 'Fair' category, indicating it requires minor to moderate updates.
Pros & Cons

Pros

High-Demand Location: Positioned in the vibrant Koreatown neighborhood of Los Angeles, a consistently strong rental market with excellent access to amenities and high tenant demand.
Substantial Income-Generating Asset: A 12-unit residential income property with a current gross annual income of $211,200, providing immediate and significant cash flow.
Significant Value-Add Potential: Explicitly highlighted 'huge opportunity for rent increase,' indicating current rents are likely below market, offering substantial upside for a new owner.
Valuable Parking Provision: Includes 12 assigned parking spaces, a critical and highly sought-after amenity in a dense urban environment like Los Angeles.
Motivated Seller & Price Adjustment: A recent 'HUGE PRICE REDUCTION' of $300,000 from the original list price signals a motivated seller and potential for a competitive acquisition.

Cons

Aging Infrastructure: Built in 1964, the property is over 50 years old, suggesting potential for deferred maintenance, outdated systems, and future capital expenditure requirements.
Current Under-Market Rents: While an opportunity, realizing the 'huge opportunity for rent increase' requires active management, potential tenant turnover, and navigating rent control regulations, which can be time-consuming.
Limited Lot Space: The 6,870 sqft lot for a 12-unit building implies minimal outdoor or common area space, which might be a consideration for tenant appeal or future property enhancements.

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