Press Release

Iconic Investments is pleased to be marketing for sale The Commonwealth Apartments, a 12-unit property located at 441 S. Commonwealth Ave. in LA’s thriving Koreatown. This is an excellent opportunity for investors who want to capitalize on this submarket’s soaring popularity.

The unit mix at The Commonwealth Apartments is 10 one-bedroom/one-bath units and 2 two-bedroom/two-bath units. A renovation oriented buyer can remodel and reposition the property to offer millennials a well-appointed alternative to brand-new construction. The property also presents an opportunity for development-minded investors. The 10,201-square-foot lot is zoned R4-2, which allows for no height restriction and a 6 to 1 Floor to Area Ratio. By right, a developer can construct a 25-unit apartment building plus the possibility of a density bonus.in light of the robust demand, Koreatown is experiencing an explosion in residential development. The Commonwealth Apartments is surrounded by many of the new developments currently under construction or planned.

Located directly behind The Commonwealth Apartments, for example, is Element 436 (436 Virgil Ave.), a 74-unit condo building. Rising one block south of The Commonwealth Apartments is Next on 6th (at Virgil & 6th), a 398-unit apartment property with a 20,000-square-foot Target.

Please contact us for the offering memorandum.