245 N Gramercy Place, Los Angeles, CA 90004

Property Description

We are pleased to present 245 N Gramercy Pl, an exceptional value-add opportunity located in the highly sought-after neighborhood of Larchmont Village. Whether you're an experienced investor, renovation specialist, or an owner-user looking to create your forever home, this property offers a rare chance to reimagine a classic residence in one of Los Angeles' most desirable neighborhoods. Situated on a generous 6,886 square foot lot, the property currently consists of a 3-bedroom, 2.5-bathroom single-family residence totaling approximately 1,888 square feet. While the home requires a comprehensive renovation, its existing footprint, lot size, and desirable location provide the ideal foundation for a transformative project. Buyers will have the opportunity to restore its original character while incorporating today's modern finishes, floor plan preferences, and design elements to create a truly one-of-a-kind residence. To further enhance the opportunity, the Seller has ready-to-issue permit & plans available to, without moving walls, efficiently transform the existing home into a stunning 4-bedroom, 4-bathroom residence. These plans present a compelling option for buyers seeking a larger family home, a co-living investment, or housing for transitional or sober living (subject to buyer verification and all applicable regulations). The property's favorable lot configuration and driveway access also provide the opportunity to construct a 2-bedroom, 2-bathroom Accessory Dwelling Unit (ADU) that also already has its own ready-to-issue permit & plans. An ADU could provide additional living space for multigenerational households, a guest house, home office, or supplemental rental income while preserving valuable onsite parking. Ideally positioned just moments from the shops, restaurants, cafs, and weekly farmers market of Larchmont Village, the property also offers convenient access to Hollywood, Koreatown, Hancock Park, Beverly Grove, Downtown Los Angeles, and Beverly Hills. Opportunities to acquire and renovate a single-family home in such a premier central Los Angeles location are increasingly scarce, making 245 N Gramercy Pl an outstanding opportunity for buyers looking to create substantial value in a neighborhood with enduring demand. Contact listing broker for additional information.