Jongno 3-ga Station Jewelry Street, 2.2 Billion KRW Building Transaction Analysis... From Old Motel to Splendid Transformation, Investment Value of Income-Generating Accommodation?
An old motel building located near Jongno 3-ga Station Jewelry Street was transacted for 2.2 billion KRW, attracting investors' attention. Located near Jongmyo Shrine and Changgyeonggung Palace, boasting abundant tourism demand, this building has the potential to be transformed into income-generating accommodation such as Airbnb or hostels through remodeling. It is evaluated as an attractive investment opportunity as it can satisfy both the new tenant demand seeking relatively lower rents due to the influence of Ikseon-dong gentrification and the investment demand for direct use.
Jongno 3-ga Station Jewelry Street 2.2 Billion KRW Building Transaction Information
In March 2025, a building located at 54 Waryong-dong, Jongno-gu, was transacted for 2.2 billion KRW. This building, consisting of a total of 3 floors from basement 1st floor to ground 2nd floor, has a land area of 36 pyeong and a building area of 46.12 pyeong. It is an old motel building completed in 1975 and boasts excellent accessibility, being adjacent to Jongno 3-ga Station and located on Jewelry Street.
- Location: 54 Waryong-dong, Jongno-gu
- Sale Price: 2.2 Billion KRW
- Land Area: 36 pyeong
- Building Area: 46.12 pyeong
- Completion Year: 1975.08.13
- Zoning Area: General Commercial Area
Adjacent to Jongmyo Shrine, Changgyeonggung Palace, Abundant Tourism Demand
This building is located in an area rich in cultural heritage such as Jongmyo Shrine and Changgyeonggung Palace, resulting in high demand from domestic and international tourists. Especially, demand for accommodation facilities like Airbnb and hostels is steadily increasing, allowing for high returns through remodeling.
- Adjacent to Jongmyo Shrine, Changgyeonggung Palace: Abundant tourism demand
- Airbnb, Hostels: High demand for accommodation facilities
- High return expected upon remodeling
Ikseon-dong Gentrification, New Investment Opportunity
Due to Ikseon-dong gentrification, there is increasing new tenant demand seeking relatively lower rents. The area near Jongno 3-ga Station is adjacent to Ikseon-dong and has the potential to absorb this demand. Additionally, investment demand for direct use is also increasing, presenting various utilization possibilities.
- Ikseon-dong Gentrification: Increase in new tenant demand
- Near Jongno 3-ga Station: Noted as an alternative area to Ikseon-dong
- Possible for direct use and generating rental income
Increasing Building Value Through Remodeling
Remodeling an old motel building and transforming it into accommodation facilities can significantly increase the building's value. Especially, the area near Jongno 3-ga Station has abundant tourism and tenant demand, allowing for high returns after remodeling.
Conclusion
The old motel building on Jongno 3-ga Station Jewelry Street has high potential to be utilized as income-generating accommodation through remodeling. It is an attractive investment opportunity that can satisfy both abundant tourism demand and new tenant demand simultaneously.
The building at 54 Waryong-dong, Jongno-gu, was sold in March 2025.
※ Transaction Details
- Location: 54 Waryong-dong, Jongno-gu
- Subway Station: Jongno 3-ga Station
- Transaction Date: March 2025
- Sale Price: 2.2 Billion KRW
- Land Price (Per Pyeong): 61.12 Million KRW
- Land Area: 36.00 pyeong (119㎡)
- Building Area: 46.12 pyeong (152.45㎡)
- Zoning Area: General Commercial Area
- Floors: B1 ~ 2F
- Road Condition: 4m road
- Completion Year: 1975.08.13
- Official Land Price (Gongsi Jiga): Approx. 18.22 Million KRW
- Land Price vs. Official Land Price Ratio: Approx. 3.35 times