$1,499,000

We are proud to present this well maintained 7-unit investment opportunity in the highly sought-after and fast growing area of Mid Wilshire / Koreatown. Situated on a 5,904 square foot parcel, the property is comprised of one single unit, four one-bedroom units, and two two-bedroom units amounting to 4,064 square feet of living space. Originally built in 1960 (2 units have recently been remodeled), the subject property features functional and versatile layouts to accommodate various tenant preferences and each unit is equipped with separately metered gas and electricity, minimizing operational costs and complexities. Additionally the property offers on-site laundry, ample parking with space to accommodate up to eight vehicles, and has had the soft story retrofit work completed wo of the units have been updated. The property has significant rental upside through unit renovations and can present an opportunity for development-minded investors thanks to the LAR3 zoning. Ideally located within a short distance to the hub of Koreatown, DTLA, and easy access to freeways, public transportation, schools, shops, dining, and entertainment. The continued gentrification of the surrounding area along with the value-add potential for a new owner makes 1138 S Mariposa an excellent acquisition for the most discerning investor. Cap Rate of 8+% & GRM of 8.98% is based on projected income, not actual.

Listing Map