About this home

We are pleased to present 1740 N Gramercy Pl, a 17-unit multifamily investment in the heart of Hollywood, offered at $2,900,000 ($170,588 per unit and $268.57 per gross SF). The offering generates a current CAP rate of 4.58% and a current GRM of 10.11 on in-place income, improving to a 7.09% market CAP rate and 7.89 market GRM as the remaining below-market tenancies roll to market levels. The property comprises twelve studio units, four one-bedroom/one-bath units, and a detached three-bedroom/two-bath rear house, totaling approximately 10,798 gross square feet on a 10,002 SF R3-zoned lot. The investment carries approximately 28% rental upside to market, with current scheduled gross income of $286,832 growing to a market potential of $367,440. Market rents are underwritten at $1,585 per month for studios and $1,900 per month for one-bedrooms. The detached rear house, currently occupied at a deeply below-market rate, represents the single largest driver of upside in the building and provides a disproportionate lift to net operating income as its tenancy resolves. The building has received meaningful capital investment at the infrastructure level, including new circuit breakers installed on a per-unit basis in the basement electrical room. The main building operates on master-metered gas and electric, while the rear house tenant pays their own utilities directly, providing a natural cost separation between the two structures. On-site laundry is available in the basement, adding a convenience amenity and potential ancillary income source. Four units (101, 102, 201, and 202) feature dual entrances, a functional distinction that supports flexible leasing configurations and tenant privacy. The building's original 1924 construction gives the property a character and scale consistent with the historic rental stock that defines the surrounding Hollywood neighborhood. 1740 N Gramercy is positioned within one of Los Angeles' most established and continually evolving rental corridors. Hollywood's employment base spans entertainment production, technology, hospitality, and healthcare, anchored by major studios, streaming company offices, and the growing density of the Vine Street and Cahuenga corridors. The property offers convenient access to the 101 Freeway and Metro Red Line, connecting tenants to Downtown Los Angeles, the Westside, and the Valley with ease.

Facts and features

Schools

• Grant Elementary School

  elementary · K-6 · 0.2 mi

  6

• Joseph Le Conte Middle School

  middle · 6-8 · 0.7 mi

  3

• Hollywood Senior High School

  high · 9-12 · 1.6 mi

  8

• Immaculate Heart Middle and High School

  middle · 6-12 · 0.2 mi

• Dennison Academy

  middle · 7-12 · 0.3 mi

• Apex Academy

  middle · 7-12 · 0.5 mi

  1

Price history

• Oct 6, 2026 · Listed$2,900,000
• Jul 31, 1984 · Sold$450,000

Tax history

• 2025$26,382 tax · $2,109,453 assessed
• 2024$26,003 tax · $2,068,092 assessed
• 2023$25,520 tax · $1,987,787 assessed
• 2022$24,375 tax · $1,948,812 assessed
• 2021$24,034 tax · $1,910,601 assessed
• 2020$24,264 tax · $1,891,011 assessed
• 2019$15,998 tax · $1,228,671 assessed
• 2018$15,890 tax · $1,204,580 assessed

Where it is