1316 S Mariposa Avenue, Los Angeles, CA 90006

Property Description

Price just reduced $100,000! 1316 South Mariposa Avenue is a 20 unit apartment complex residing between exciting Koreatown to the North and the popular West Adams neighborhood just blocks to the South. Combining the appreciation of lively Pico-Union area properties with an estimated 22% rental upside will let the buyer take advantage of this attractive investment opportunity. Additionally, there is very attractive assumable financing available at 70% LTV, 3.00% interest, amortizing. Maturity date of 3/1/26. This property features all well-laid out studio apartments averaging just under 500 square feet each (Buyer to verify) with good sized bathrooms, ample closet space, and full kitchens! The units are individually metered for electricity, and the building is master metered for gas. Many of the units have been turned already, allowing the new owner to step into an already-performing investment operating at a current 5% Cap Rate! The common area hallways have also been enhanced. 1316 Mariposa is surrounded by great neighborhoods like Harvard Heights, Pico-Union, and is in close proximity to Koreatown, West Adams, and most of Los Angeles! With a walk score of 90, tenants will be delighted in their ability to accomplish most (if not all) daily errands on foot. In addition, the area is flooded with trendy dining and entertainment options, and Pico Boulevard has an abundance of unique shops and boutiques to explore.