Press Release
Iconic Investments Sells Koreatown Renovation Opportunity
Iconic Investments’ Peter Strauss a 23-unit apartment building at 3333 San Marino St. in Koreatown, for $5.35 million.
The buyer has the ability to renovate and remodel the entire building to attract Millennials and other higher-paying tenants flocking to Koreatown. “This is a unique opportunity in one of the L.A.’s hottest submarkets,” said Peter Strauss, principal of Encino-based Iconic Investments, which represented the sellers, Mansfield Capital Partners.
The sale price equates to $232,608 per unit and $358 per square foot with a pro-forma cap rate of 5.25 percent post renovations.
According to Strauss, well-appointed units in Koreatown’s mid-century buildings can capture above-average rents while still offering tenants a more economical alternative to newly constructed units.
Strauss also represented Mansfield Capital Partners when they purchased the property in April of 2016 for $3.85 million. The sellers, which purchased 21 properties in 2016, are actively pursuing other opportunities.
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.
Contact Peter Strauss at Iconic Investments 747-444-3303
