838 S Gramercy Pl · Los Angeles, CA 90005

$1,790,000

88 bd · 64.0 ba · 6,324 sqft · MultiFamily · 104 Days on market

Built 1957 Fair condition 7,502 sqft lot $283/sqft · 6% above area Est $1697k · 6% over

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.3/30.0
• DSCR +6.4/10.0
• 1% rule +5.4/10.0
• ARV discount +5.0/15.0
• Schools +3.6/10.0
• Appreciation +3.4/10.0
• Livability +3.4/5.0
• Rent growth +2.3/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

PRICE REDUCED FOR A QUICK SALE! UNBEATABLE LOCATION & MASSIVE UPSIDE! Strategically positioned on the border of Hancock Park and Koreatown, 838 S Gramercy Place represents the ultimate "Location! Location! Location!" investment. This 8-unit multifamily asset is priced to make buyers profitable from day one, offering a rare combination of immediate cash flow and significant equity growth potential. Currently operating at a strong 6.11% CAP (w/ No Vacancy) and 10.69 GRM, this property features an incredible path to 8.69% CAP (w/ No Vacancy) and 8.47 GRM based on market rents. The unit mix consists of THREE spacious 2-bedroom/1-bath units and FIVE 1-bedroom/1-bath units, providing maximum rental flexibility in a high-demand submarket. Key Highlights for Savvy Investors: 1. Aggressive Pricing: Priced to move quickly in today's market. 2. Prime Accessibility: Steps away from world-class dining, shopping, major banks, and Metro stations. 3. Low Owner Expenses: Separately metered gas and electricity plus 8 assigned parking spaces. 4. Turn-Key Readiness: Completed seismic retrofit in 2022 - no deferred maintenance headaches. Whether you are looking for a stable long-term hold or a high-yield value-add play, this is the best-priced 8-unit building in the area. Act now - opportunities at this price point and location do not last! The Seller intends to perform an IRC Section 1031 tax-deferred exchange. Seller requests buyer's cooperation at no cost to buyer. ALL OFFERS ARE WELCOME!

Key facts

• Turn-key readiness
• Prime accessibility
• 7,502 sq ft lot

Tags

• COMPLETED SEISMIC RETROFIT
• TURN-KEY READINESS
• PRIME ACCESSIBILITY

What this means for you Summary

Snapshot

• This is a 3×2bd/1ba + 5×1bd/1ba units multifamily listed at $1.79M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $286/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.79M).
• Recommended offer: $1.63M (9.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 2.1% in Los Angeles — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#273 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment B; Watch: health & safety C-, schools D+, crime F.
• Los Angeles Unified (urban): math 29% / reading 54% proficiency, ranked #223 of 517 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.8%/yr); 71 active listings in the ZIP; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $18,558/mo this rent would consume 451% of the median local household income ($49k/yr) (locally 5754% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $12k of loan paydown is wiped out by about $54k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($1.63M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.25M; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,628,900 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.04% ✓
• Cap rate: 7.83%
• Cash-on-cash: 5.48%
• DSCR: 1.24
• GRM: 8.0

CMA / ARV

• ARV (median comp): $1,696,659
• List price: $1,790,000
• Delta: 5.50%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -11.2%
• Equity multiple: 0.60×
• Total profit: $-198,278
• Equity at exit: $266,895

10-year hold

• IRR: -7.0%
• Equity multiple: 0.61×
• Total profit: $-193,850
• Equity at exit: $154,766

Cash invested: $501,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City Los Angeles: 0 Strongly Tenant-Friendly · D+22

LARSO + JCEO 2023; relocation for substantial remodel evictions.

Methodology + full state rankings →

ZIP-level market 90005

• Home prices YoY: -1.0%
• Rents YoY: -0.8%
• Active inventory: 71
• Price-to-rent: 60.2×

Monthly cashflow live

• Estimated rent: $18,558 high
• Mortgage (P&I): −$9,387
• Tax est. 1.5%: −$2,238 /mo · $26,850/yr
• Insurance: −$746
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,897
• Net cashflow: $2,291

Break-even live

Break-even rent $15,659

Max offer price $1,790,000

Occupancy floor 83%

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$7,431
▸ 5× units	1	1	$11,130
Total (8 units)			$18,558

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $447,500
• Closing costs: $53,700
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $1,790,000 Active 104 DOM
2. 2026-06-17
   days on market $1,790,000 Active 103 DOM
3. 2026-06-16
   days on market $1,790,000 Active 102 DOM
4. 2026-06-15
   days on market $1,790,000 Active 101 DOM
5. 2026-06-13
   days on market $1,790,000 Active 99 DOM
6. 2026-06-09
   days on market $1,790,000 Active 95 DOM
7. 2026-06-08
   days on market $1,790,000 Active 94 DOM
8. 2026-06-07
   days on market $1,790,000 Active 93 DOM
9. 2026-06-04
   days on market $1,790,000 Active 90 DOM
10. 2026-06-03
    days on market $1,790,000 Active 89 DOM
11. 2026-06-02
    days on market $1,790,000 Active 88 DOM
12. 2026-06-01
    days on market $1,790,000 Active 87 DOM
13. 2026-05-31
    days on market $1,790,000 Active 86 DOM
14. 2026-05-14
    historical Backup Offers Accepted 1513-char remark

    Show marketing remark (1513 chars)

    PRICE REDUCED FOR A QUICK SALE! UNBEATABLE LOCATION & MASSIVE UPSIDE! Strategically positioned on the border of Hancock Park and Koreatown, 838 S Gramercy Place represents the ultimate "Location! Location! Location!" investment. This 8-unit multifamily asset is priced to make buyers profitable from day one, offering a rare combination of immediate cash flow and significant equity growth potential. Currently operating at a strong 6.11% CAP (w/ No Vacancy) and 10.69 GRM, this property features an incredible path to 8.69% CAP (w/ No Vacancy) and 8.47 GRM based on market rents. The unit mix consists of THREE spacious 2-bedroom/1-bath units and FIVE 1-bedroom/1-bath units, providing maximum rental flexibility in a high-demand submarket. Key Highlights for Savvy Investors: 1. Aggressive Pricing: Priced to move quickly in today's market. 2. Prime Accessibility: Steps away from world-class dining, shopping, major banks, and Metro stations. 3. Low Owner Expenses: Separately metered gas and electricity plus 8 assigned parking spaces. 4. Turn-Key Readiness: Completed seismic retrofit in 2022 - no deferred maintenance headaches. Whether you are looking for a stable long-term hold or a high-yield value-add play, this is the best-priced 8-unit building in the area. Act now - opportunities at this price point and location do not last! The Seller intends to perform an IRC Section 1031 tax-deferred exchange. Seller requests buyer's cooperation at no cost to buyer. ALL OFFERS ARE WELCOME!

15. 2026-04-06
    price $1,790,000 1513-char remark

    Show marketing remark (1513 chars)

    PRICE REDUCED FOR A QUICK SALE! UNBEATABLE LOCATION & MASSIVE UPSIDE! Strategically positioned on the border of Hancock Park and Koreatown, 838 S Gramercy Place represents the ultimate "Location! Location! Location!" investment. This 8-unit multifamily asset is priced to make buyers profitable from day one, offering a rare combination of immediate cash flow and significant equity growth potential. Currently operating at a strong 6.11% CAP (w/ No Vacancy) and 10.69 GRM, this property features an incredible path to 8.69% CAP (w/ No Vacancy) and 8.47 GRM based on market rents. The unit mix consists of THREE spacious 2-bedroom/1-bath units and FIVE 1-bedroom/1-bath units, providing maximum rental flexibility in a high-demand submarket. Key Highlights for Savvy Investors: 1. Aggressive Pricing: Priced to move quickly in today's market. 2. Prime Accessibility: Steps away from world-class dining, shopping, major banks, and Metro stations. 3. Low Owner Expenses: Separately metered gas and electricity plus 8 assigned parking spaces. 4. Turn-Key Readiness: Completed seismic retrofit in 2022 - no deferred maintenance headaches. Whether you are looking for a stable long-term hold or a high-yield value-add play, this is the best-priced 8-unit building in the area. Act now - opportunities at this price point and location do not last! The Seller intends to perform an IRC Section 1031 tax-deferred exchange. Seller requests buyer's cooperation at no cost to buyer. ALL OFFERS ARE WELCOME!

16. 2026-03-22
    status Active 1513-char remark

    Show marketing remark (1513 chars)

    PRICE REDUCED FOR A QUICK SALE! UNBEATABLE LOCATION & MASSIVE UPSIDE! Strategically positioned on the border of Hancock Park and Koreatown, 838 S Gramercy Place represents the ultimate "Location! Location! Location!" investment. This 8-unit multifamily asset is priced to make buyers profitable from day one, offering a rare combination of immediate cash flow and significant equity growth potential. Currently operating at a strong 6.11% CAP (w/ No Vacancy) and 10.69 GRM, this property features an incredible path to 8.69% CAP (w/ No Vacancy) and 8.47 GRM based on market rents. The unit mix consists of THREE spacious 2-bedroom/1-bath units and FIVE 1-bedroom/1-bath units, providing maximum rental flexibility in a high-demand submarket. Key Highlights for Savvy Investors: 1. Aggressive Pricing: Priced to move quickly in today's market. 2. Prime Accessibility: Steps away from world-class dining, shopping, major banks, and Metro stations. 3. Low Owner Expenses: Separately metered gas and electricity plus 8 assigned parking spaces. 4. Turn-Key Readiness: Completed seismic retrofit in 2022 - no deferred maintenance headaches. Whether you are looking for a stable long-term hold or a high-yield value-add play, this is the best-priced 8-unit building in the area. Act now - opportunities at this price point and location do not last! The Seller intends to perform an IRC Section 1031 tax-deferred exchange. Seller requests buyer's cooperation at no cost to buyer. ALL OFFERS ARE WELCOME!

17. 2026-03-04
    listed $1,850,000 Active 1513-char remark

    Show marketing remark (1513 chars)

    PRICE REDUCED FOR A QUICK SALE! UNBEATABLE LOCATION & MASSIVE UPSIDE! Strategically positioned on the border of Hancock Park and Koreatown, 838 S Gramercy Place represents the ultimate "Location! Location! Location!" investment. This 8-unit multifamily asset is priced to make buyers profitable from day one, offering a rare combination of immediate cash flow and significant equity growth potential. Currently operating at a strong 6.11% CAP (w/ No Vacancy) and 10.69 GRM, this property features an incredible path to 8.69% CAP (w/ No Vacancy) and 8.47 GRM based on market rents. The unit mix consists of THREE spacious 2-bedroom/1-bath units and FIVE 1-bedroom/1-bath units, providing maximum rental flexibility in a high-demand submarket. Key Highlights for Savvy Investors: 1. Aggressive Pricing: Priced to move quickly in today's market. 2. Prime Accessibility: Steps away from world-class dining, shopping, major banks, and Metro stations. 3. Low Owner Expenses: Separately metered gas and electricity plus 8 assigned parking spaces. 4. Turn-Key Readiness: Completed seismic retrofit in 2022 - no deferred maintenance headaches. Whether you are looking for a stable long-term hold or a high-yield value-add play, this is the best-priced 8-unit building in the area. Act now - opportunities at this price point and location do not last! The Seller intends to perform an IRC Section 1031 tax-deferred exchange. Seller requests buyer's cooperation at no cost to buyer. ALL OFFERS ARE WELCOME!

18. 2019-03-31
    historical Expired
19. 2018-09-17
    listed Active
20. 2013-03-29
    soldstatus $1,250,000 Closed
21. 2013-01-08
    price $1,300,000 Active
22. 2013-01-08
    status Active
23. 2012-12-20
    status Pending
24. 2012-11-29
    listed $1,200,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥89°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $222,696
• − Mortgage interest: −$100,268
• − Property taxes: −$26,850
• − Insurance: −$8,950
• − Repairs & maintenance: −$17,816
• − Management: −$17,816
• − Depreciation: −$52,073
• Taxable loss: −$1,076
• Est. tax savings @ 24.0%: +$258
• After-tax cash flow: $27,745/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate repairs to exterior siding and interior walls, but is otherwise in fair condition. Painting and repairing these areas would significantly enhance its resale and rental value.

Repairs flagged

• Moderate Exterior siding — Weathered and discolored
• Minor Interior walls — Some discoloration and minor damage

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and property value
• Both Repair interior walls — Improves living conditions and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and discolored	Moderate	$3,000–15,000
Interior walls · Some discoloration and minor damage	Minor	$500–3,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and property value ↑
• Both Repair interior walls — Improves living conditions and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Los Angeles Unified
• NCES district ID: 0622710
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 54% ▲ 10.00%
• Median HH income: $50,403
• Composite: 35.67/100
• National rank: #4875
• State rank: #223 of 517 in CA

Livability — Los Angeles

• Score: 68/100
• State rank: #273
• US rank: #9237

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment B Housing B- Health & safety C- User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Los Angeles, CA
• County: Los Angeles County · 9,444,647 people
• City population: 3,838,149
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 39,142
• Household income: $49,419
• Rent vs Own: 91.1% rent · 8.9% own
• Severe rent burden: 5754.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Hispanic / Latino 48% Asian 32% Two or more races 15% White 11% Black 5% Native American 2%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Lithuanian 1% Scotch-Irish 1% Italian 1%
• Foreign-born: 53% · Canada, South Korea, China
• Languages at home: 26% English-only · Spanish 44% Korean 21% Tagalog/Filipino 3%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -3.20%
• Current HPI: 317.2795
• Rent YoY: ▼ -0.80%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+49.2% since first listed

11 events — show timeline

• 2026-05-14 Contingent — TheMLS
• 2026-04-06 Price Changed $1,790,000 TheMLS
• 2026-03-22 Relisted — TheMLS
• 2026-03-04 Listed $1,850,000 TheMLS
• 2019-03-31 Delisted — TheMLS
• 2018-09-17 Listed — TheMLS
• 2013-03-29 Sold (MLS) $1,250,000 CRMLS
• 2013-01-08 Relisted — CRMLS
• 2013-01-08 Price Changed $1,300,000 CRMLS
• 2012-12-20 Pending — CRMLS
• 2012-11-29 Listed $1,200,000 CRMLS