1006 N. Mariposa, Mariposa Gardens, is a gated two-story courtyard style complex with ample parking in the front and rear of the property. The property was originally built in 1934 over a raised foundation. The single-story units in the front have individual hot water heaters and some of the units have front and back doors. Brand new pitched roof. There is currently one non-conforming unit which could be replaced with two 1-bedroom (application pending). There is on-site laundry with leased machines. The property has 33 parking spaces which currently generates $725 per month. Additional parking can be added by reducing the grassy courtyard. This property is part of a 10-property portfolio totaling 186 units. Most of the properties are in the 90029 & 90006 zip codes of Los Angeles, CA. These well-located properties offer convenient access to Downtown Los Angeles & Mid-Wilshire and can be managed efficiently due to their proximity to one another. The properties are well maintained and have had many exterior and interior improvements. There is still +28% upside to be realized as units turn and the opportunity to construct two additional units already permitted at 1006 Mariposa. This infill multifamily portfolio is in an improving submarket in LA and gives an investor diversification amongst 12 different APNs and proven upside through continued unit turns.
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