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4070 W 3rd St
Los Angeles, CA 90020
Land For Sale
·
0.65 AC
Investment Highlights
- Established Legacy: Soopsok Karaoke is one of Koreatown’s most recognizable and popular entertainment venues.
- Liquor License: An ABC/CUB liquor license is available to be transferred by the tenant
- Prime Location: Situated in Koreatown, one of Los Angeles’ most vibrant cultural and nightlife districts
- Turnkey Opportunity: Business offered separately at $1,500,000, the business includes goodwill, furniture, fixtures, and equipment (FF&E)
- Secure Lease Terms: Landlord is offering a new 5-year lease with a 5-year option
Property Facts
| Property Type | Land | Total Lot Size | 0.65 AC |
| Property Subtype | Commercial | No. Stories | 1 |
| Proposed Use | |||
| Zoning | CR-1, C2-1, R1 - With TOC 3 zoning and a General Plan Amendment in process for R5-1 | ||
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | |
| Total Lot Size | 0.65 AC |
| No. Stories | 1 |
| Zoning | CR-1, C2-1, R1 - With TOC 3 zoning and a General Plan Amendment in process for R5-1 |
Description
Attractive Pricing: Offered at Best Offer, with seller willing to consider a conservative price below the prior asking of $15M. Generous Lot Size: ±28,297 SF lot (0.65 acres) with ±12,466 SF of existing improvements across two buildings. Zoning & Entitlements: TOC 3 with a General Plan Amendment in process for R5-1 zoning, unlocking major redevelopment potential. Multifamily Development Upside: Potential for up to ±241 residential units under future R5 entitlement. Mixed Current Use: Long-established karaoke bar and restaurant (entertainment venue) plus office space (construction/real estate office). Flexible Investment Profile: Combines immediate income-producing operations with long-term redevelopment potential.
Property Taxes
| Parcel Numbers | Improvements Assessment | $15,145,845 | |
| Land Assessment | $11,606,168 | Total Assessment | $26,752,013 |
Property Taxes
Parcel Numbers
Land Assessment
$11,606,168
Improvements Assessment
$15,145,845
Total Assessment
$26,752,013
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