15
See all 15 photos
$4,500,000
Est. payment /mo
40 BD
40 BA
24,200 SqFt
Price Dropped by $500K
724 S Mariposa AVE Los Angeles, CA 90005
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UPDATED:
12/10/2024 05:25 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 24,200 sqft
Price per Sqft $185
MLS Listing ID 24448161
Bedrooms 40
HOA Y/N No
Year Built 1930
Lot Size 8,089 Sqft
Property Description
We are pleased to present for sale, The 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 $125,000 per unit and $206 per square foot.
Location
State CA
County Los Angeles
Area C17 - Mid-Wilshire
Zoning LAR5
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Exterior
Parking Features Controlled Entrance, Community Structure
Garage Spaces 20.0
Garage Description 20.0
Total Parking Spaces 20
Building
Story 4
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5094006007
Special Listing Condition Standard
Listed by Adam Zunder • Iconic Investments