HABITAT APARTMENTS -- 19 Units in Koreatown
Iconic Investments is pleased to be marketing for sale Habitat Apartments, a 19-unit property located at 514 S. Mariposa Ave. in LA’s thriving Koreatown. This is an excellent opportunity for investors who want to capitalize on this submarket’s soaring popularity.
The unit mix at Habitat Apartments is 2 studios and 17 one-bedroom/one-bath units. A renovation oriented buyer can remodel and reposition the property to offer millennials a well-appointed alternative to brand-new construction.
The property also presents an opportunity for development-minded investors. The 11,250-square-foot lot is zoned R4-2, which allows for no height restriction and a 6 to 1 Floor to Area Ratio. By right, a developer can construct a 28-unit apartment building plus the possibility of a density bonus.
In light of the robust demand, Koreatown is experiencing an explosion in residential development. Habitat Apartments is surrounded by many of the new developments currently under construction or planned.
LIST PRICE: $4,050,000
514 S. Mariposa Ave Los Angeles CA 90020
FOR MORE INFORMATION:
PETER STRAUSS
Iconic Investments
16530 Ventura Blvd
Suite #409
Encino, CA 91436
T: 747-444-3303
E: peter@iconicinv.com
W: www.iconicinv.com