933 S Gramercy Pl
Los Angeles, CA 90019
TOC Tier 2 Bonus for 15+ Units .... UPSIDE! · Multifamily Property For Sale · 17 Units

933 South Gramercy Place offers a prime ground-up multifamily development opportunity in Los Angeles’ thriving Mid-City/Koreatown corridor. This vacant parcel is zoned LAR3 on a 7,506 square foot lot and benefits from TOC Tier 2 incentives, allowing for a density bonus above the base zoning while reducing parking and setback requirements. By-right zoning supports approximately nine units, with TOC Tier 2 bonuses expanding the development potential to 14–15 units. The property is currently presented with a fully conceptualized plan for 17 units, including two deed-restricted affordable units to satisfy TOC requirements, offering investors a bold but realistic roadmap to maximize the site’s value.
The proposed program capitalizes on transit-oriented incentives, minimizing hard costs tied to subterranean parking and aligning with the city’s sustainable urban growth objectives. Land pricing equates to roughly $82,000–93,000 per buildable door, which is competitive in today’s market and provides a favorable entry point against recent Koreatown/Mid-City land sales. Estimated stabilized valuations for comparable new construction trade near $400,000–450,000 per door, supporting an after-build value in the $7–8 million range and highlighting the significant upside potential. With new construction rents in the submarket averaging $2,600–3,200 for one-bedroom units and $3,600–4,200 for two-bedrooms, revenue projections support a solid yield-on-cost spread relative to estimated construction costs.
933 South Gramercy Place is a strategically positioned, clean land play with a clear entitlement path, strong rental demand drivers, and conceptual plans available for investor review. This is a compelling opportunity for developers and investors seeking to place capital in one of Los Angeles’ strongest rental growth markets, with the framework in place to deliver a high-performing multifamily asset and generate substantial long-term returns. Serious inquiries are encouraged to request and review the conceptual plans in full.