JUST CLOSED!
Maplewood Apartments
Iconic Investments is pleased to announce the sale of Maplewood Apartments in Koreatown. The property closed escrow at $2,100,000, which equates to $210,000 per unit and a 3.9% Cap Rate on actual rents. In addition to the purchase price the buyer will be required to spend +/- $100k to complete the mandatory earthquake retrofit work. This asset had been in the same family for over 40 years. The unit mix is two studio units, two one-bedroom/one-bath units, and six two-bedroom/one-bath units.
# of Property Tours: 9 Groups
# of Offers: 5 Offers
Range of Offers: $1.9 to $2.1 Million
HIGHLIGHTS
Virtually no updates or renovations done on the building, represents a blank slate for the renovation-minded buyer.
Excellent unit mix of majority 2 Bedroom units.
Up-and-Coming pocket of Koreatown north of Beverly Blvd.
Peter Strauss
Principal
D: 747-444-3303
C: 310-993-7600
Email
DRE#01335696