Del Arms Apartments

05-26-2022
05-26-2022

1316 S Mariposa Ave, Los Angeles, CA 90006

  • Highly Desirable Pico-Union Area
  • Buyer Can Assume Attractive In-Place Financing
  • Pro Forma 6.05% Cap Rate & 10.87 GRM with 16% Upside Remaining
  • 13 of 20 Units Newly Renovated
  • Professionally Managed

Property Description

Iconic Investments is pleased to present for sale, The Del Arms Apartments, in the Pico-Union submarket of Los Angeles. Built in the 1920’s, the property features twenty charming studio units with efficient use of space. Located at 1316 S. Mariposa Ave, The Del Arms Apartments is just south of Pico Blvd and east of Normandie Ave. The building features one central water heater and is master-metered for gas and individually metered for electric. The Seller has renovated 13 of the 20 units with newer kitchens, hardwood flooring, bathroom upgrades, modern paint, fixtures and ceiling fans. In addition, the common areas have been modernize with hardwood flooring, paint, lighting and door numbers. The purchaser has the ability to continue to remodel and renovate units to attract higher-paying tenants. Tenants are moving to the Pico Union submarket for its affordability and closeness to Downtown Los Angeles, Koreatown and Mid-City. A Buyer can greatly increase their day-1 cashflow by simply assuming the attractive in-place financing. The in-place debt is $2,389,000 (39% LTV) at a rate of 3.00% (interest only) with a maturity date of March 2nd, 2026. The lender is Greystone Servicing. In the event a Buyer chooses to assume the existing loan, all assumption costs shall be the responsibility of the Buyer.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 3,900,000
No. of Units
20
Cap Rate
4.01%
GRM / GIM
13.58
Year Built
1925
Building Size
9,840 Sq ft
Lot Size
6497 sq ft
No. of Stories
2
APN
5075-008-006
Opportunity Zone
No
Price per unit
$ 195,000
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34.046655, -118.298385

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