SoldBroker Activity · Entry № 10

36 Units for $5M - Why I Like It

This Is Why I Track Every Apartment Sale in Los Angeles.

PublishedMay 2026
StatusSold, Just Closed
DatelineHollywood, Los Angeles
1825 N Gramercy Pl hero photo
FIG. 01, 1825 N GRAMERCY PL, HOLLYWOOD 90028. 36-UNIT BUILDING, 1968, MASONRY, 3 STORIES. SALE CLOSED APRIL 1, 2026. PHOTO VIA ATLAS BRIEF LISTING FILE.
Four takeawaysFour things an operator sees at 1825 N Gramercy Pl
  1. The Comp.  9 Studios and 27 One Bedrooms, 1968, 31,338 SF on a 15,009 SF lot in Hollywood. Sold April 1, 2026 for $5.05M. $140,278 per door. $161/SF. 
  2. The Math  A 6.15% current cap on a 1968.  One bedrooms rent for $2000 a month in this market and Studios are about $1500.   There is a lot of upside left beyond the in place income.
  3. Parking.  The building has 36 attached garage stalls, one per unit making it easier to rent units.  That's becoming a competitive advantage with developers delivering under parked buildings. 
  4. The Pro FormaUsing market rents of roughly $2,000 for one-bedrooms and $1,500 for studios, the deal pencils to about a 6.5x GRM. I like comparing today's purchase price against tomorrow's income because it tells me what the building could be worth after getting rents to market over the next 5-10 years that the investor holds this asset.
Deal Stats · 1825 N Gramercy Pl
Sale Price
$5,050,000
closed Apr 1, 2026
Units
36
all studios
Price / Unit
$140,278
per door
Price / SF
$161
31,338 gross SF
CAP (Current)
6.15%
at close, CoStar
Year Built
1968
LARSO applies
Lot SF
15,009
0.34 acres, LAR3
Loan
$3,282,500
65% LTV, originated Apr 10
Submarket $/Door
$370,000
CoStar Hollywood median
ULA Status
Below
no mansion tax exposure

What an Operator Sees

This is the kind of deal that gets my attention.

You're buying at $161 per square foot, $140,714 per unit, with a 6.15% going-in cap and one parking space per unit. Those numbers are getting harder and harder to find in Los Angeles.

Could I build this today for anywhere close to this basis? Not even close.

Yes, it's an older RSO building, so there will be maintenance, tenant issues, and more hands-on management than newer product. But those are operational challenges experienced owners know how to solve.  And if you own or bought one of these and need advice on how to get ahead of these, email me.

What I like most is the parking. Every unit has a space, and I believe parking is becoming more valuable every year. I can renovate a kitchen or replace flooring. I can't create parking where it doesn't exist, and I've learned firsthand that leasing apartments without parking in many LA neighborhoods is much harder than people think.  

I track every multifamily sale in Los Angeles so you don't have to.

If you found this useful, share it.

Send OMs: David@AtlasBrief.LA

Brokers
Listing Broker
Jared M. Levine
JML Real Estate Group
Buyer Broker
Hirsch Sherman
Commercial Agent
KW Commercial
Written from the field

David Safai, operator, developer, GC.

Atlas Home Builders, Inc. is a Los Angeles owner-operator and general contractor. If you are a broker with a listing you want an honest read on, send the OM and the T-12 to David@AtlasBrief.La.

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