Executive Summary

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The Neema Group of Marcus & Millichap is pleased to present a 44-unit investment opportunity in prime Koreatown at 134 N Mariposa Ave, just east of Normandie Ave and south of Beverly Blvd

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The Monarch Apartments feature an ideal unit mix of 28 one-bedrooms and 16 two-bedrooms with 44 parking spaces; 10 of the one-bedroom units include lofts and are located on the third floor of the building

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Built in 1986, 134 N Mariposa Ave is not subject to the Los Angeles Rent Stabilization Ordinance

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Ownership has extensively renovated 22 units with new luxury vinyl plank flooring, modern navy blue shaker cabinets, quartz countertops, plumbing fixtures with a mixture of brass and matte black finishes, glass flush mount lighting and modern electrical fixtures, new paint, scraped ceilings, new stainless-steel appliances, replacement of AC through wall units

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20 of the 22 renovated units have a stacked washer & dryer in the unit (added with permits); there is also a common area laundry room with four washers and four dryers – leased with AVWS

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In addition to interior unit renovations, ownership has recently completed exterior capital expenditures including new exterior paint and wood-accent detail, installation of a new intercom and security camera system, new flooring and paint in common area hallways, upgraded the plumbing and electrical systems, structural improvements to walkways and balconies, installed a wheelchair lift, and renovated the elevator equipment

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Opportunity to acquire an asset with no deferred maintenance and strong in-place cash flow at a 5.48% CAP rate and 11.04 GRM on current income with an additional 20% rental upside as units turn

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Rare opportunity to acquire a sizeable asset with a proven renovation program and achievable market rents located in one of the strongest rental submarkets in all of Los Angeles with continued rent growth year-over-year

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High Walk Score of 87, close proximity to schools, employment, and transit options, this central location makes it convenient for residents to commute throughout the city to nearby neighborhoods such as Downtown LA, East Hollywood, Hollywood, Westlake, and Mid-City, among others

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Koreatown is one of the densest neighborhoods in Los Angeles, with about 120,000 people. With an estimated $1 billion invested in the development of Koreatown since the early 2000s and various development projects taking place, Koreatown remains one of the highly coveted submarkets in all of Los Angeles