923 N Mariposa Ave is an an ultra-premium non-rent controlled OZ new construction 6-unit in trendy East Hollywood that is ready to close soon: a dream come true for 1031 exchange & opportunity zone buyers! CofO has not been received yet, allowing time for an opportunity zone closing. It’s important to note, the same builder has leased out a sister building (same finishes & bed/bath count) also on Mariposa at rents of $5,900 & $5,200! Based on this, we project a 6.01% cap rate on this property once complete! Additionally, the owner is willing to construct ADU’s on site if desired by the buyer (at an added cost). The buyer can choose between 1, 2 or 3 ADU’s. If 3 are constructed, we expect an extra $72,000 of annual gross rent! With potential for as many as 9 luxury units, this is a deal you don’t want to miss.
This 2023 construction masterpiece is comprised of six enormous tri-level townhomes that have been upgraded in every sense. The owner cherry picked each & every finish inside and out! 923 N Mariposa will be delivered with a lengthy list of amenities, including: 1. It comes fully loaded with washers + dryers, premium kitchen appliances, & landscaping. Totally turnkey, no work for the buyer! 2. It features an UNHEARD of 14 parking spaces: 6 garage spaces, 6 permitted driveway spaces and 2 bonus driveway spaces in the front. 3. The kitchens boast upscale tundra marble counter tops & cabinetry. 4. All bathrooms are unique and feature hand-selected tiles, mirrors, shower doors, & calacatta marble vanities. None of the generic, carbon copy stuff so many builders use! 5. It wows with custom 7.5’ doors. 6. The exterior of the property is multi-dimensional & boasts massive windows, impressive wood-like cladding surrounding all first level exterior walls, smooth stucco, impeccable landscaping with up lighting, & balconies. 7. It will be delivered with plans to add 3 additional ADU units by converting the existing garages... adding UPSIDE to this already high return investment property! (Or the seller can do the work!)
In addition to the impressive return & designer appeal, buyers will enjoy other notable perks including: NO RENT CONTROL, a 1-year builder’s warranty, brand new EVERYTHING, little to no maintenance, separate meters for gas, water & electric, & extreme desirability amongst renters for years to come.
