### Koreatown Apartment Building Sells for $4.35M in First Transaction in 30 Years
NAI Capital Commercial’s Senior Vice President Michael Dixon and Associate Jakob Friedman of the Multifamily Services Group in the Encino office facilitated the acquisition of a 40-unit apartment building in Los Angeles’ Koreatown neighborhood. Representing the buyer, a private investor, the deal closed at a sale price of $4,347,500.
The property, located at 520 S. Hobart Blvd., is situated in one of LA’s most diverse and vibrant neighborhoods. Dixon noted that the prime location and substantial upside potential generated significant interest in the asset. “For our client, rental income was far below market, and this was the first time the asset had been available in over 30 years,” he said.
Friedman emphasized the strong demand for well-located multifamily properties in Koreatown, one of LA’s most dynamic rental markets. “Since the price was below the new $5,150,000 ULA tax threshold, no ULA tax was applied, adding to the investment’s desirability,” he added.
This sale marks a rare opportunity in a highly sought-after market, highlighting ongoing investor interest in Koreatown’s multifamily real estate sector.
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