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304 S Kingsley Dr 4070 W 3rd St 40,816 SF 100% Leased Office Building Los Angeles, CA 90020 $10,000,000 ($245.00/SF) 6.21% Cap Rate
Investment Highlights
- Prime Koreatown location with high 3rd Street visibility
- TOC Tier 3 zoning with pending General Plan Amendment to R5-1
- Long-established karaoke bar/restaurant and office uses
- ± 28,297 SF lot (0.65 acres) with ± 13,248 SF of improvements
- Redevelopment potential for up to ± 226 multifamily units
- Flexible investment profile: income now + redevelopment upside
Executive Summary
PROPERTY HIGHLIGHTS
Expanded Offering – property for sale includes:
• 304 S. Kingsley Dr., Los Angeles, CA 90020 or 4070 W. 3rd St., Los Angeles, CA 90020
• 310 S. Kingsley Dr., Los Angeles, CA 90020
• 311 Ardmore Ave., Los Angeles, CA 90020
Attractive Pricing: Offered at Best Offer, with seller willing to consider a conservative price below the prior asking of $15M.
Prime Koreatown Location: Situated in one of Los Angeles’ most dynamic and culturally vibrant neighborhoods, surrounded by strong residential and commercial demand drivers.
Generous Lot Size: ± 28,297 SF lot (0.65 acres) with ± 13,248 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 ± 226 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.
BUSINESS HIGHLIGHTS
Established Legacy: The karaoke bar and restaurant have been in continuous operation for over 30 years, making it one of Koreatown’s most recognizable and popular entertainment venues.
Proven Popularity: With decades of loyal patronage, the business has built a strong reputation as a go-to nightlife destination for both locals and visitors.
Turnkey Opportunity: Offered separately at $1,500,000, the business includes goodwill, furniture, fixtures, and equipment (FF&E), ensuring a smooth transition for new ownership.
Liquor License: An ABC/CUB liquor license is available to be transferred by the tenant, providing immediate revenue potential.
Secure Lease Terms: Landlord is offering a new 5-year lease with a 5-year option, supporting stability and future growth for the incoming operator.
Prime Location: Situated in Koreatown, one of Los Angeles’ most vibrant cultural and nightlife districts, the business benefits from high visibility and consistent foot traffic.
Expanded Offering – property for sale includes:
• 304 S. Kingsley Dr., Los Angeles, CA 90020 or 4070 W. 3rd St., Los Angeles, CA 90020
• 310 S. Kingsley Dr., Los Angeles, CA 90020
• 311 Ardmore Ave., Los Angeles, CA 90020
Attractive Pricing: Offered at Best Offer, with seller willing to consider a conservative price below the prior asking of $15M.
Prime Koreatown Location: Situated in one of Los Angeles’ most dynamic and culturally vibrant neighborhoods, surrounded by strong residential and commercial demand drivers.
Generous Lot Size: ± 28,297 SF lot (0.65 acres) with ± 13,248 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 ± 226 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.
BUSINESS HIGHLIGHTS
Established Legacy: The karaoke bar and restaurant have been in continuous operation for over 30 years, making it one of Koreatown’s most recognizable and popular entertainment venues.
Proven Popularity: With decades of loyal patronage, the business has built a strong reputation as a go-to nightlife destination for both locals and visitors.
Turnkey Opportunity: Offered separately at $1,500,000, the business includes goodwill, furniture, fixtures, and equipment (FF&E), ensuring a smooth transition for new ownership.
Liquor License: An ABC/CUB liquor license is available to be transferred by the tenant, providing immediate revenue potential.
Secure Lease Terms: Landlord is offering a new 5-year lease with a 5-year option, supporting stability and future growth for the incoming operator.
Prime Location: Situated in Koreatown, one of Los Angeles’ most vibrant cultural and nightlife districts, the business benefits from high visibility and consistent foot traffic.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$727,135
|
$17.81
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$727,135
|
$17.81
|
| Taxes |
$85,446
|
$2.09
|
| Operating Expenses |
$20,711
|
$0.51
|
| Total Expenses |
$106,157
|
$2.60
|
| Net Operating Income |
$620,978
|
$15.21
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $727,135 |
| Annual Per SF | $17.81 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $727,135 |
| Annual Per SF | $17.81 |
| Taxes | |
|---|---|
| Annual | $85,446 |
| Annual Per SF | $2.09 |
| Operating Expenses | |
|---|---|
| Annual | $20,711 |
| Annual Per SF | $0.51 |
| Total Expenses | |
|---|---|
| Annual | $106,157 |
| Annual Per SF | $2.60 |
| Net Operating Income | |
|---|---|
| Annual | $620,978 |
| Annual Per SF | $15.21 |
Property Facts
Sale Type
Investment or Owner User
Sale Condition
Redevelopment Project
Property Type
Building Size
40,816 SF
Building Class
C
Year Built
1948
Price
$10,000,000
Price Per SF
$245.00
Cap Rate
6.21%
NOI
$620,979
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
20,408 SF
Building FAR
1.44
Lot Size
0.65 AC
Zoning
CR-1, C2-1, and R1 - ±28,297 SF (0.65-acre) flat lot with CR-1, C2-1, and R1 zoning under a TOC Tier 3 designation. General Plan Amendment is in process to upgrade to R-5.
Parking
36 Spaces (0.88 Spaces per 1,000 SF Leased)
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Soop Sok Music Studio
- Arts, Entertainment, and Recreation
- -
- -
- -
- Top Properties
- Real Estate
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Soop Sok Music Studio | Arts, Entertainment, and Recreation | - | - | - | ||
| Top Properties | Real Estate | - | - | - |
1 1
Walk Score®
Walker's Paradise (92)
Transit Score®
Excellent Transit (79)
Property Taxes
| Parcel Number | 5503-008-016 | Total Assessment | $7,102,778 (2025) |
| Land Assessment | $5,918,984 (2025) | Annual Taxes | $85,446 ($2.09/SF) |
| Improvements Assessment | $1,183,794 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
5503-008-016
Land Assessment
$5,918,984 (2025)
Improvements Assessment
$1,183,794 (2025)
Total Assessment
$7,102,778 (2025)
Annual Taxes
$85,446 ($2.09/SF)
Tax Year
2024
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304 S Kingsley Dr | 4070 W 3rd St
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