Cap Rate and GRM listed here assumes forward-looking 4% annual rent increases through 7/1/2020 per the scheduled dates listed in the rent roll on page 23 of our offering memorandum. Bachelor unit (519 3/4 N Mariposa) is not on Certificate of Occupancy but was permitted through the LADBS(Permit No 35762) as a bachelor addition on Nov 1st 1937.
Property Description
515 N Mariposa Avenue is a six-unit plus one permitted bachelor addition apartment building classic garden-style apartment building constructed in 1937. The unit mix consists of four (4) two bedroom/one bath units and two (2) studio units and one (1) permitted bachelor addition. The property is a two-story 4,049 square foot walk-up building with wood frame and stucco construction situated on a 7,499 square foot lot.
The building sits on an above street-grade parcel, that provides a unique element of privacy for the tenants and fantastic views from the units, especially on the upper level. An investor can immediately benefit from the strong in-place cash flow, and the efficient unit layouts, carport parking and great property location provide an investor with the perfect opportunity to complete their own renovation plan to take the property to the next level and significantly increase rents. All units feature original hardwood floors, large kitchens and bathrooms and a significant amount of closet space with some units also featuring walk-in closets, additional sitting space next to the bathroom, wall heating and wall AC units, balconies/porches and dual access from the front and rear of the unit. The landlord pays for water. The property is separately metered for gas and electricity and tenants also pay for their own trash, so the utility costs at this property are significantly lower than most comparable properties. Parking is provided on-site with seven (7) spaces comprised of five carport spaces and two surface spaces. The property features a very large open lawn area in front than can be converted into a welcoming gathering space for tenants. The roof of the garage carport was replaced in 1999.
Property Location
515 N Mariposa Avenue is located on a quiet block, one street west of Normandie Ave. and just north of Rosewood Ave. in Northern Koreatown. The property is a very short drive away from access to the 101 Freeway. The property is also less than 20 minutes away from Beverly Hills, Larchmont, Park La Brea, Hollywood, West Hollywood and Downtown Los Angeles. A short drive to either the 10 or 110 Fwy gives tenant’s access to all of the major employment centers including Downtown Los Angeles, West Los Angeles, The South Bay and the San Fernando Valley.
