Ambassador Apartments Sold By Iconic Investments For $4.33 Million In Koreatown Los Angeles
724 South Mariposa Avenue
$4,325,000
$178/SF
Building Size
24,200 SF
Asset Type
MultiFamily
Closing
Feb 12, 2025
AI
The sale involved a multifamily property located at 724 South Mariposa Avenue in Koreatown, Los Angeles. This building, known as Ambassador Apartments, consists of 40 units and spans a total of 24,200 square feet. The transaction was completed for a price of $4,325,000, translating to a price per square foot of $179. The property's 1930 construction contributes to its historical value, and it was sold at a 7.11% cap rate, with potential for an increase to 8.35%.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $4,325,000
- Sale Price Per Square Foot: $179
- Square Footage: 24,200
- Address: 724 South Mariposa Avenue
- Market: Los Angeles
- Number of Units: 40
- Cap Rate: 7.11%
- Potential Upside Cap Rate: 8.35%
The transaction was brokered by Adam Zunder and Hooman Ghaffari of Iconic Investments, who played a key role in facilitating the sale of the property. Their expertise in the multifamily market contributed to the successful closing of this real estate deal.
Players
Los Angeles MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.67%
Cash-on-Cash
-1.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93