532 S Gramercy Pl, Koreatown — 24-Unit Multifamily, $5.6M (Jun 2018)

Updated April 28, 2026

Units: 24 · Sale price: $5,600,000 · Price per unit: $233,333 · Closed: June 2018

A 24-unit mid-size multifamily property at 532 S Gramercy Pl in Koreatown, sold June 2018 for $5,600,000 — approximately $233,333 per unit.

2018 LA multifamily was at or near cyclical peak pricing. Institutional capital remained active across asset classes. Transaction volume was high.

Koreatown is one of the highest-density multifamily submarkets in LA, overwhelmingly pre-1978 and subject to LA City RSO. Buyer pool includes institutional value-add, 1031 exchangers, and multi-generational family offices.

Mid-size multifamily in this unit range attracts both private investors and smaller institutional buyers, particularly on value-add theses.

Set against the rest of the Koreatown record, this is the 7th largest of the 21 Koreatown apartment buildings Michael Sterman has closed.

At $233,333 a unit it sits 47% above the Koreatown median of $158,958. Per-unit price tracks condition and the in-place rent roll as much as location, so the gap is a starting question rather than a verdict.

Other Koreatown closings the same year: 350 S Reno St (36 units, $15,215,000), 514 S Gramercy Pl (24 units, $6,100,000), 934 Arapahoe St (13 units, $2,175,000).

This transaction is part of the Sterman Multifamily Group closed archive — over fourteen years at Marcus & Millichap.

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Related

• Selling Multifamily Property in Koreatown
• Koreatown: the neighborhood, its buildings and what they sell for
• How to Sell a Multifamily Property in Los Angeles
• Request a free evaluation of your building
• Verify this sale independently — search public records and coverage for this transaction yourself

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Michael Sterman, Senior Managing Director Investments at Marcus & Millichap.