1214 S Mariposa Ave, Los Angeles, CA 90006
- Strong Koreatown Location
- Good Opportunity to Convert to a TIC, Comping Out at $400,000 Per Unit
- Seven (7) Detached Bungalow Style Units
- Significant Rental Upside Potential - Over 60% Increase with Positive Initial Cash Flow
- No Soft-Story Retrofit Required
- Three (3) Units Will Be Delivered Vacant - 43% Vacancy
Marcus and Millichap is pleased to present a seven (7) unit apartment building located at 1214 South Mariposa Avenue in Los Angeles, California. The subject property is situated in a strong Koreatown location, north of Pico Boulevard and east of Normandie Avenue.
The highly desirable area of Koreatown is a rapidly developing submarket with abundant dining and entertainment options. Considered an epicenter of jobs and amenities, residents in this area enjoy convenient access to nearly one million jobs and 138 million square feet of of?ce space. This submarket is also recognized as a premier dining and nightlife hub. With a walk score of 95, Koreatown is walkable and transit-oriented, allowing residents to capitalize on in in?ux of new development and to utilize the Metro Purple and Red Lines when needing to commute. The Los Angeles County Museum of Art (LACMA), the Miracle Mile, Olympia Medical Center, and the Wilshire Ebell Theater are prominent in this submarket, which has been enjoying an influx of tenants who find rents a bit stiff on the Westside. Recently in Koreatown, a $453 million three-site mixed-use development began construction in 2020 called The Vermont Corridor.
Built in 1917, this property contains a streamlined unit mix of seven (7) detached one bedroom / one bathroom bungalow style units. Three (3) units will be delivered vacant for immediate renovation and lease-up. The property is lush with greenery that runs down the peaceful center courtyard. Each unit has its own back porch area, separate water heaters, and is separately metered for gas and electricity. Tenants will love being just a short walking distance to prime Koreatown, boasting some of the trendiest retail, restaurant, and entertainment in Los Angeles. Residents can shop fresh at the Galleria Market, eat hearty at the numerous K-BBQ options, and unwind at one of the many karaoke spaces or bars, all within a mile of the subject property.
Situated in a strong Koreatown location, this offering presents an excellent opportunity for any investor to capitalize on positive initial cash flow with over 60% rental upside potential in a qualified Opportunity Zone of core Los Angeles.