Ambassador Apartments Sold By Iconic Investments For $4.33 Million In Koreatown Los Angeles

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.