THE LONGINE APARTMENTS 520 S Mariposa Ave, Los Angeles, CA 90020

Price $9,500,000

Cap Rate 4.63%

GRM 12.95

Price Per SF $334

Units 48

Price Per Unit $197,917

Gross Sq. Footage 28,472 SF

Year Built 1928

Status available

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The elegant and spacious 48-Unit apartment building of 520 S Mariposa Avenue has been well-maintained, owned and operated by the same owner for the last 24 years. This property offers sustainable investment grade upside with great asset security for any investor looking to own in the dense rental market of Koreatown. The property itself sits in a Qualified Opportunity Zone. Allowing for an investor with holding plans to take advantage of the tax break implications. The upside can be seen with the incredible marketable location and the property offering any investor a great sum of wealth accumulation through asset appreciation. This upside, along with the area’s continuous growth in rent and developments, makes this a fantastic opportunity in the heart of Koreatown. With a Market Cap Rate of 6.82% and a Market GRM of 9.92, this investment opportunity is a great way to achieve healthy current cash flow and the opportunity to achieve over 30% rental upside.