This Multifamily Property is Off-Market.

341 S. Mariposa Avenue
Los Angeles, CA 90020 ·

12 Units · Multifamily For Sale

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Mariposa Apartments - 341 S. Mariposa

Price N/A Cap Rate 5.70%
No. Units 12 Gross Rent Multiplier 10.90
Building Size 8,944 SF Occupancy 100%
Property Type Multifamily No. Stories 2
Property Sub-type Garden/Low-Rise Year Built 1956
Property Use Type Investment Lot Size 10,498 SF
Commission Split 2.5%
Listing ID: 16782231 Date Created: 08/02/2010 Last Updated: 01/04/2011

Description

341 S. Mariposa Avenue, is a 12-unit apartment community completed in 1956. Situated on over 10,000 square feet of land, the 8,944 square foot property consists of 12 one bedroom, one bath units and 2 two bedroom, one bath units. The property features included controlled access, on-site laundry facilities and ample parking.

The owner has been renovating units once they become vacant and available for rent. Upgrades to the units include new paint, new carpet and stoves as needed.

The property boasts well maintained mature landscaping and appears to have been kept up over the years, and is conveniently located in the heart of Koreatown, and minutes to Downtown Los Angeles, Hollywood, Hancock Park and the Westside.

Koreatown is a neighborhood in the Mid-Wilshire district of the city of Los Angeles, California. Home to a population of more than 120,000 and covering just under 3-square-mile, it has one of the highest population density of all neighborhoods in Los Angeles.
The neighborhood is in the midst of a construction boom that has helped fuel an influx of new residents priced out from nearby Los Feliz and West Hollywood. The neighborhood is known for its many commercial and residential mid and high rise towers, its rich collection of pre-1940 brick colonial revival buildings, Asian high fashion boutiques, and holding the largest concentration of nightclubs and 24-hour businesses and restaurants in Southern California.
In 2000, the city of Los Angeles began to promote smart-growth and removed many of the parking, low-housing, bed, pollution, tourist and new construction taxes that placed restrictions on any development and growth. With very little open land left in the city, the city eyed pre-1980's Koreatown as the ideal and model for the future of L.A. Most importantly however, Koreatown is in the center of the city of Los Angeles.

Highlights

  • 34 Unit Apartment Portfolio in the Heart of Koreatown
  • Excellent Opportunity to Buy Income Producing Units Now, Redevelop Later
  • Properties Can Be Purchased Seperately or Together
  • Property Is Situated on a 10,498 SF Lot Zoned R4 - 26 Unit Allowed "By Right"
  • Good Mix of One & Two Bedrooms, Laundry Facilities, Gated Parking

Research

341 S. Mariposa Avenue, Los Angeles, CA 90020 (Los Angeles County)

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