351 S. Mariposa, an 8-unit value-add property, is located in a central Koreatown location. Residing north of W. 6th Street, the subject property is within walking distance of a wide selection of highly-reviewed restaurants, fast-casual eateries, shopping centers, grocery stores and nightlife. Built in 1953, this charming value-add property features (3) 2-Bdrm units and (5) 1-Bdrm units. 351 S. Mariposa presents a significant value-add opportunity as current rents are approx. 48% below market rates and there is an ADU (additional dwelling unit) in Plan-Check. Property amenities include a nicely landscaped courtyard, (2) single-car garages, covered parking in the rear and each unit is separately metered for gas and electricity.
8 Value-Add Units in Koreatown
351 S. Mariposa Avenue, Koreatown
Property Details
Price $3,000,000
Year Built 1953
# of Units 8
Price P/ Unit $300,000
Sq. ft. 7,938 SF
Price p/ Sq. ft. $302
Current Cap Rate 2.94%
Proforma Cap Rate 5.40%
Lot Size 8,757 SF
Zoning LAR4
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