724 S Mariposa Avenue

Los Angeles, CA 90005

PRICE REDUCED

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-$500,000 (-10.00%)

$4,500,000

List Price

40

bed Beds

40

shower Baths

24,200 sqft

straighten / sqft

1930

calendar_month Built

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.

Listing Information

List Price $4,500,000
Status Active
MLS 24448161
Type Residential Income
Year Built 1930
Lot Size 8,087
Structure Size 24,200
DOM 68
Courtesy Of Iconic Investments
Listing Agent Adam Zunder DRE#01821053

Interior Features

Total Bedroom
Bedrooms 40
Total Bathroom
Bathrooms 40
Cooling Type
Cooling Type None

Exterior Information

Maps

Listing information courtesy of: Adam Zunder, Iconic Investments 747-214-0470. *Based on information from the Association of REALTORS/Multiple Listing as of Dec 10th, 2024 at 5:25 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.