304 S Kingsley Drive
Multifamily Redevelopment Opportunity
Marketing description
Located in the heart of Koreatown, this property offers a rare opportunity to acquire a ± 28,297 SF lot (0.65 acres) with ± 13,248 SF of existing improvements across two buildings. For more than 30 years, the property has been home to a long-established and highly popular karaoke bar and restaurant, which has made this site a cornerstone entertainment hub in one of Los Angeles’ most dynamic neighborhoods.
With TOC 3 zoning and a General Plan Amendment in process for R5-1, the site holds significant development potential of up to ± 226 multifamily units, making it ideal for forward-looking investors and developers. Offered at “best offer,” with consideration below the prior asking price of $15M, this property combines the stability of a decades-strong business presence with the long-term upside of large-scale redevelopment.
Investment highlights
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 90020Attractive 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.
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