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Price Reduced 7.11% CAP! 7.24 GRM! 724 S Mariposa Ave

40 Unit Block of Flats £3,524,850 (£88,121/Unit) 7.11% Net Initial Yield Los Angeles, CA 90005

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Investment Highlights

Great Location in Koreatown / Walking Distance to Wilshire and Metro
On-Site Subterranean Parking for 20 Vehicles
Low Cost per SF of $206

Actual Cap Rate of 6.40% With Upside To 8.35% | Current GRM of 8.05
Ownership Has Already Implented Rubs on Newer Tenants
First Time On The Market In Over 30 Years

Executive Summary

Iconic Investments is pleased to present for sale, Ambassador Apartments, located at 724 S. Mariposa Ave. This prime Koreatown location is just south of Wilshire BLVD and east of Normandie Ave, offering easy access to the Wilshire/Normandie Metro Station, restaurants, shopping, and entertainment.
Ambassador Apartments features 40 units with eight Bachelors, twenty-four Studios, and eight 1 Bedroom/ 1 Bath units. The property has a subterranean parking garage with 20 individual parking spaces. Utilities are master metered for both gas and electric, with one central water heater. The roof was completely replaced, down to the plywood, in 2020. Ambassador Apartments was built in 1930 and is brick construction.
This is a great opportunity to acquire Ambassador Apartments with an in-place Cap Rate of 7.11% and a 7.24 GRM, with upside to a 8.35% Cap Rate and a 7.09 GRM. The price per unit is $112,500 per unit and $206 per square foot.

724 Mariposa Final OM

Financial Summary (Actual - 2023) Click Here to Access	Annual	Annual Per SF
Gross Rental Income	$99,999	$9.99
Other Income	-	-
Vacancy Loss	-	-
Effective Gross Income	$99,999	$9.99
Net Operating Income	-	-

Financial Summary (Actual - 2023) Click Here to Access

Gross Rental Income
Annual	$99,999
Annual Per SF	$9.99

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	-
Annual Per SF	-

Effective Gross Income
Annual	$99,999
Annual Per SF	$9.99

Net Operating Income
Annual	-
Annual Per SF	-

Property Facts

Price	£3,524,850	Apartment Style	Mid Rise
Price Per Unit	£88,121	Building Class	C
Sale Type	Investment	Lot Size	0.19 AC
Net Initial Yield	7.11%	Building Size	24,200 SF
Gross Rent Multiplier	7.24	Number of Floors	5
No. Units	40	Year Built	1930
Property Type	Residential	Parking Ratio	0.83/1,000 SF
Property Subtype	Apartment	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Price	£3,524,850
Price Per Unit	£88,121
Sale Type	Investment
Net Initial Yield	7.11%
Gross Rent Multiplier	7.24
No. Units	40
Property Type	Residential
Property Subtype	Apartment
Apartment Style	Mid Rise
Building Class	C
Lot Size	0.19 AC
Building Size	24,200 SF
Number of Floors	5
Year Built	1930
Parking Ratio	0.83/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.