1602 N Mariposa Avenue, Los Angeles, CA 90027

Property Description

1602 N Mariposa Avenue presents a rare opportunity to acquire a 40-unit multifamily property strategically positioned in Los Feliz / East Hollywood (90027), with convenient access to some of Los Angeles' most desirable employment, dining, entertainment, and residential destinations. Built in 1962, the property contains approximately 20,870 square feet of improvements on a 17,330-square-foot LARD1.5-zoned lot and features a diverse unit mix of bachelor apartments, singles, one-bedroom and two-bedroom residences. The property offers investors a compelling combination of scale, existing income, resident amenities, and long-term value-add potential. The unit mix includes 11 bachelor apartments, eight singles, twelve one-bedroom/one-bathroom units, and nine two-bedroom/one-bathroom units. Residents benefit from a strong amenity package, including a swimming pool, serene central courtyard, secure intercom entrance and lobby, dedicated laundry room, and substantial on-site parking. The property provides 38 parking spaces, including four tandem spaces, a particularly valuable amenity in this densely developed area of Los Angeles. The asset offers a new owner the opportunity to implement a strategic renovation and management program over time. Several units remain below underwriting market rents, and existing vacancies create an opportunity to immediately renovate and reposition select residences. The property's on-site laundry facility, equipped with three washers and three dryers, provides an additional source of ancillary income, while the pool and courtyard further enhance the property's appeal to current and prospective residents. Ownership has also completed several notable capital improvements, including the property's soft-story seismic retrofit and a new roof in 2025, providing a meaningful foundation for a future renovation and repositioning program. With its 40-unit scale, extensive parking, attractive resident amenities, diversified unit mix, value-add potential, and highly desirable 90027 location, 1602 N Mariposa Avenue represents a compelling opportunity to acquire a sizeable Los Angeles multifamily asset with multiple avenues for long-term income growth and value creation.