Commercial: MLS #0026654809

THE OPPORTUNITY: 400 S MARIPOSA AVE OFFERS A CHANCE TO ACQUIRE A 25-UNIT MULTIFAMILY ASSET ON A CORNER LOT IN THE HEART OF KOREATOWN, ONE OF LOS ANGELES' MOST RESILIENT AND RENTER-DRIVEN SUBMARKETS, WHERE DEMAND CONTINUES TO OUTPACE EVEN ROBUST NEW SUPPLY. THE 13 RENOVATED UNITS ARE ACHIEVING MARKET-MAKING RENTS, WHILE THE REMAINING 12 UNITS PRESENTS APPROX. 30% UPSIDE THROUGH A PROVEN RENOVATION AND TURNOVER STRATEGY. THE ASSET IS LOCATED ON THE CORNER OF MARIPOSA AVE AND 4TH STREET, NEAR KOREATOWN'S DENSEST COMMERCIAL CORRIDOR AND BENEFITS FROM APPROX. 19 PARKING SPACES AND SEPARATELY METERED GAS AND ELECTRIC UTILITIES. BUILDING SYSTEM UPGRADES AND STRONG CURRENT COLLECTIONS ADD TO THE ASSET'S OPERATIONAL APPEAL. THE ASSET: ORIGINALLY BUILT IN 1956, 400 S MARIPOSA IS A WELL-MAINTAINED, 25-UNIT MID-CENTURY APARTMENT BUILDING SITUATED ON A QUIET RESIDENTIAL CORNER LOT. THE PROPERTY SPANS 16,736 SQUARE FEET ACROSS A 15,070 SF DOUBLE LOT, ZONED LAR4. THIRTEEN UNITS HAVE BEEN UPGRADED WITH MODERN INTERIORS, FEATURING NEW FLOORING, RENOVATED KITCHENS AND BATHROOMS, AND CONTEMPORARY FINISHES. THE REMAINING UNITS ARE IN CLEAN, CLASSIC CONDITION AND OFFER IMMEDIATE VALUE-ADD POTENTIAL THROUGH COSMETIC RENOVATIONS. CURRENT OPERATIONS ARE STABLE, WITH STRONG COLLECTIONS AND AMPLE ROOM FOR RENT GROWTH AS UNITS TURN. THE PROPERTY OFFERS APPROXIMATELY 24 ON-SITE PARKING AND IS SEPARATELY METERED FOR GAS AND ELECTRIC, WITH MASTER-METERED WATER AND SEWER. MAJOR SYSTEM UPGRADES, INCLUDING PLUMBING, ELECTRICAL, AND WINDOWS, AND SEISMIC RETROFIT HAVE ALREADY BEEN COMPLETED, MINIMIZING NEAR-TERM CAPITAL EXPENDITURE NEEDS AND IMPROVING OPERATIONAL EFFICIENCY.