$3,160,000
$3,300,000
4.2%For more information regarding the value of a property, please contact us for a free consultation.
6,499 Sqft Lot
SOLD DATE : 11/13/2023
Key Details
Sold Price $3,160,000
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
MLS Listing ID SB22249928
Sold Date 11/13/23
HOA Y/N No
Year Built 1925
Lot Size 6,499 Sqft
Property Sub-Type Mixed Use
Property Description
Price just reduced $100,000! 1316 South Mariposa Avenue is a 20 unit apartment complex residing between exciting Koreatown to the North and the popular West Adams neighborhood just blocks to the South. Combining the appreciation of lively Pico-Union area properties with an estimated 22% rental upside will let the buyer take advantage of this attractive investment opportunity. Additionally, there is very attractive assumable financing available at 70% LTV, 3.00% interest, amortizing. Maturity date of 3/1/26. This property features all well-laid out studio apartments averaging just under 500 square feet each (Buyer to verify) with good sized bathrooms, ample closet space, and full kitchens! The units are individually metered for electricity, and the building is master metered for gas. Many of the units have been turned already, allowing the new owner to step into an already-performing investment operating at a current 5% Cap Rate! The common area hallways have also been enhanced. 1316 Mariposa is surrounded by great neighborhoods like Harvard Heights, Pico-Union, and is in close proximity to Koreatown, West Adams, and most of Los Angeles! With a walk score of 90, tenants will be delighted in their ability to accomplish most (if not all) daily errands on foot. In addition, the area is flooded with trendy dining and entertainment options, and Pico Boulevard has an abundance of unique shops and boutiques to explore.
Location
State CA
County Los Angeles
Area 699 - Not Defined
Zoning LAR3
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Street Lights
Private Pool No
Building
Lot Description Street Level
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 5075008006
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Financing Assumed
Special Listing Condition Standard
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Bought with Behrouz Lavi • Keller Williams Realty-Studio City