Iconic Sells Sanctuary on Kingsley

328 N Kingsley Drive, Los Angeles

1920s Gem Represents Rare Renovation Prospect

Iconic Investments represented the seller in the sale of Sanctuary on Kingsley (328 N. Kingsley Drive) in LA's Koreatown neighborhood for $3.4 million. The charming 1920s-era property features 20 one-bedroom/one-bath bungalow-style apartment units that feel like individual homes.

Sanctuary on Kingsley is comprised of nine Spanish Colonial buildings on a large 28,370-square-foot lot. The units range from 540 to 840 square feet. The new owner has the opportunity to renovate and reposition the distinctive property in a neighborhood that is seeing high demand from millennials.

The property, which sold at 16.59 GRM and a cap rate of 3.24%, was in the seller's family for 70 years. Iconic Principal Peter Strauss has been in touch with this client for 15 years. When the time came to sell the property, they listed it with him.

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.