Press Release - Iconic Sells Two-Parcel Property in Pico Union
Iconic Investments represented the seller and the buyer in the sale of 2261-2269 W. 14th St. in Los Angeles.
The property consists of two parcels of land totaling 13,500 square feet on a corner lot (Orchard Ave and 14th Street) in LA’s Pico Union neighborhood. Each parcel has one single-family residence. The property sold for $950,000 all cash.
The zoning for the site near W. Pico Boulevard is R3, which will allow a buyer to build 16 units with the possibility of a density bonus.
Pico Union is just south of Koreatown in central Los Angeles. While not gentrifying as fast as Koreatown, Pico Union offers robust opportunity for investors as one of the most densely populated neighborhoods of the city.
Iconic’s Peter Strauss brokered the sale for the buyer, Avi Co., and the seller, a private family that has owned the properties for 40-plus years. This is the fifth property sale in which Strauss represented the seller.
Iconic Investments is a Los Angeles-based boutique commercial real estate brokerage firm focusing on multi-family properties of 15 to 100 units throughout Los Angeles in all different sub-markets. Iconic represents multi-family property owners in dispositions, acquisitions, and 1031 exchanges.
Iconic Investments
16530 Ventura Blvd
Suite #409
Encino, CA 91436
T: 747-444-3303
E: info@iconicinv.com
W: www.iconicinv.com