453 S Gramercy Pl Case Study
Western Koreatown / Hancock Park, Los Angeles, CA
The Opportunity
453 S. Gramercy Place is a value-add, rent-controlled, 14-unit apartment building built in 1966 in Western Koreatown/Hancock Park. Most tenants were long-term occupants paying rents about 80% below market, complicating a sale at full value.
The Solution
We represented both the buyer and the seller in this January 2017 sale. We identified an off-market buyer with proven expertise acquiring below-market rental properties with established tenants, enabling a direct transaction.
The Results
The building sold for $2,200,000 in January 2017. The sale closed smoothly and quickly. The buyer agreed to assume the soft-story retrofit requirement, a key win for the seller given the complexity involved.
The Second Sale, in 2020
We later sold 453 S Gramercy Pl a second time, in a separate transaction in 2020. This time we represented only the seller, and the buyer was represented by another broker. By then most of the units had been fully renovated and the seismic retrofit was complete, so the building suited investors looking for a stabilized asset. We held multiple tours for individual investors and brokers, and the building sold for $4,050,000. See the 2020 closed sale record.
See the full closed sale record for 453 S Gramercy Pl.
If You Are in a Similar Situation
Selling a value-add or rent-controlled building
Buildings with below-market rents and deferred work sell differently from fully renovated ones, and the rent rules shape what buyers will pay. Start with our guides to selling with tenants under rent control, the 2026 AB 1482 rent cap, and how buyers value an apartment building.
Frequently Asked Questions
How much did 453 S Gramercy Pl sell for?
453 S Gramercy Pl (Western Koreatown / Hancock Park, Los Angeles, CA) sold for $2,200,000 in January 2017. The building has 14 units, or about $157,143 per unit, and about $256 per square foot of building area. It later sold again in a separate transaction; see below.
What happened in the sale of 453 S Gramercy Pl?
A 14-unit Koreatown building, rents about 80% below market, sold off-market in January 2017 with us on both sides. We sold it again in 2020 for the seller.
Did Highlight sell 453 S Gramercy Pl more than once?
Yes, in two separate transactions. In January 2017 we represented both the buyer and the seller, and the building sold for $2,200,000. In 2020 we represented only the seller, and it sold for $4,050,000 after most of the units were renovated and the seismic retrofit was completed.
Can Highlight help me sell a similar building?
Yes. We advise apartment owners across the Los Angeles area on sales, 1031 exchanges, and trust and probate sales. Start with a free, confidential Broker Opinion of Value, or see our other case studies and closed sales.