1825 N Gramercy Pl — 36 Units for $5M

At a glance

Sale Price

$5,050,000

closed Apr 1, 2026

Units

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 matters

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.

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.

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.

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. At a 6.5 GRM, this has the potential to get to a 9% Cap Rate.

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.

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.

I research these transactions to sharpen my own investment strategy and share what I find so Los Angeles owners, brokers and investors can debate the market with better information.

Know one other LA owner who'd want this deal? Forward this — reply with their email and I'll add them.

Property and transaction data: CoStar Research.