MUST SELL! | 19 Units | 6.02% Cap | Koreatown
Partially renovated asset in Heart of Koreatown with over 20% upside
Marketing description
THE OPPORTUNITY: 514 Mariposa is a best-in-class, 19-unit value-add opportunity located just north of Wilshire Boulevard in the heart of Koreatown—one of L.A.’s most sought-after and supply-constrained rental submarkets. The building has already undergone a substantial renovation program, with 12 of the 19 units upgraded to a luxury spec and achieving market-making rents that rival new construction—but at a meaningfully lower basis.
The unit mix includes 17 large one-bedrooms and 2 studios, totaling approximately 12,294 square feet on an 11,250 square foot LAR4-zoned lot. Renovated interiors feature quartz countertops, stainless steel appliances, split-system A/C, custom tile, and updated baths with deep soaking tubs. All units are separately metered for gas and electricity.
Investment highlights
- Over 20% Rental Upside: Legacy units leasing approximately $350-$1,100 below market, with a proven renovation template already delivering results in 63% of units.
- Renovated Mid-Century Asset: 12 of 19 units fully renovated with high-end finishes.
- High Walk Score of 94: “Walker’s Paradise” designation with immediate access to shopping, transit, and Koreatown nightlife. Core Koreatown asset with immediate access to Metro Purple/Red Line, the 10 and 101 freeways, and Koreatown's premier dining corridor. This quiet residential pocket is blocks from 6th St and Koreatown’s commercial core.
- Turnkey Interiors with Upside: Renovated units feature quartz countertops, stainless appliances, split-system A/C, and custom tile. Separately metered gas and electric. Gated parking.
- Strong Submarket Fundamentals: Koreatown absorbed 910 units over the past 12 months. 1 & 2 Star vacancy holds at 5.0% with 88% renter households. Rents run 18% below the metro average, signaling further growth runway.
- Parking: Provides plenty of rare off-street parking advantage in a dense, transit-friendly urban core.
- LAR4 Zoning: Adds long-term development or repositioning optionality in a rapidly evolving corridor.
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