Peter Strauss - Commercial Real Estate Showcase

Peter Strauss Property Listings
Iconic Investments
16530 Ventura Blvd
Suite 409
Encino, CA 91436

514 S Mariposa Avenue

Los Angeles, CA 90020 - Koreatown MF Submarket

Property Type:Multi-Family Number of Units:19 Status:Existing Year Built:1960
Stories:2 Building Size:12,294 SF Land Area:.26 AC (11,238 SF)
For Sale Price:$4,050,000 Price/Unit:$213,157.89 Cap Rate:3.14 % GRM:17.03

Parking:1.13 Parking Spaces / 1,000 SF

Sale Notes:
Iconic Investments is pleased to be marketing for sale Habitat Apartments, a 19-unit property located at 514 S. Mariposa Ave. in LA's thriving Koreatown. This is an excellent opportunity for investors who want to capitalize on this submarket's soaring popularity.

The unit mix at Habitat Apartments is 2 studios and 17 one-bedroom/one-bath units. A renovation oriented buyer can remodel and reposition the property to offer millennials a well-appointed alternative to brand-new construction.

The property also presents an opportunity for development-minded investors. The 11,250-square-foot lot is zoned R4-2, which allows for no high restriction and a 6 to 1 Floor to Area Ratio. By right, a developer can construct a 28-unit apartment building plus the possibility of a density bonus.

In light of robust demand, Koreatown is experiencing an explosion in residential development. Habitat Apartments is surrounded by many of the new developments currently under construction or planned.

Iconic Investments
Peter Strauss
(747) 444-3303

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