Development Opportunity
Iconic is pleased to present for sale, Sanctuary on Kingsley, a development opportunity in LA's thriving Koreatown submarket. Located at 328 N. Kingsley Drive, the parcel of land is roughly 28,370 square feet and zoned R3-1. While the current improvements on the property are 20 apartment units, a developer will have the opportunity to build up to 48 Class A units (44 market-rate units and 4 very-low income units). The floor to area ratio is 3:1, and the height restriction is 45 feet.
The location is ideal for either market-rate or a affordable housing project. Construction of a Class A apartment building is justified with anticipated pro-forma rents of $3,00+ per square foot.
Koreatown is a high density, centrally located community, with a rapidly expanding rental market. This true transportation oriented community has numerous Metro options and is rich in amenities.
The investor/developer who purchases Sanctuary on Kingsley will participate in the growth of one of LA's hottest submarkets. Koreatown is drawing millennials seeking a hip urban lifestyle do to it's walkability, access to public transportation and freeways, trendy hotels and restaurants.
The area surrounding Sanctuary on Kingsley is now just becoming busy with new residential construction projects. With most of the development to date having been south along Wilshire Blvd., there is less competition around this site choice.
FOR MORE INFORMATION cONTACT:
Peter Strauss
Iconic Investments
16530 Ventura Blvd
Suite #409
Encino, CA 91436
T: 747-444-3303
E: peter@iconicinv.com
W: www.iconicinv.com
Iconic Investments is a Los Angeles-based boutique commercial real estate brokerage firm focusing on apartment buildings 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.