514 S MARIPOSA AVE, LOS ANGELES, CA 90020

Property Description

THE OPPORTUNITY: Mariposa514 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 remaining ±26% rental upside can be captured through a proven renovation model, allowing investors to complete the repositioning without entitlement risk, lease-up uncertainty, or major capex. The property’s in-place income supports a 5.19% current cap rate, with stabilized performance closer to 7.70%, offering a rare combination of cash flow, appreciation potential, and execution simplicity. With a Walk Score of 94 and Transit Score of 80, Mariposa514 is ideally situated in a true live-work-play environment surrounded by dining, nightlife, and major transit lines. PROPERTY DESCRIPTION: Originally built in 1960, Mariposa514 offers the curb appeal and efficient layouts of a classic mid-century asset—paired with modern systems and interior Finishes. 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. The property includes shared laundry, ample natural light, and solid in-place tenancy. With no seismic retrofit obligation and a thoughtful renovation already executed, Mariposa514 is turnkey where it counts—and still offers room to grow.