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724 South Mariposa Avenue

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

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

Adam Zunder

Broker

$33.9M

vol

8 deals

Broker

Los Angeles MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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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