724 S Mariposa Avenue, Los Angeles, CA 90005
Property
Sold February 2025
Listing Agent: Adam Zunder (DRE #01821053) · Listing Office: Iconic Investments · Contact: 747-444-3300 · Bought with: Adam Zunder · Iconic Investments · MLS #24448161 · Source: CRMLS
About this property
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 description from the February 2025 sale, as reported to CRMLS.
Sale history