MUST SELL! | 19 Units | 6.02% Cap | Koreatown
Partially renovated asset in Heart of Koreatown with over 20% upside
Marketing description
CatalystCRE is pleased to present 514 S Mariposa Ave, a renovated 19-unit multifamily asset located just north of 6th Street in the core of Koreatown. Built in 1960, the property sits on an 11,250 SF LAR4-zoned lot and totals 12,294 SF across 17 one-bedrooms and 2 studios, with 17 gated parking spaces.
12 of 19 units have been fully renovated to a high-end specification, quartz countertops, stainless appliances, split-system A/C, hardwood-style flooring, and updated baths. The remaining units present a clear, repeatable renovation path with approximately 20% rental upside. At full market rents the cap rate expands from 6.02% to 8.96%, one of the most compelling current-to-market spreads available in mid-market Koreatown. Separately metered gas and electric utilities.
Koreatown is one of the most renter-concentrated submarkets in Los Angeles, home to over 88% renter households and exceptional Metro transit connectivity. With a Walk Score of 94 and Transit Score of 80, the property benefits from immediate proximity to employment centers, retail, dining, and public transit, reinforcing tenant demand and long-term investment durability.
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.
Portfolio Opportunity: 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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