5642 Lexington Avenue,Los Angeles, CA 90038
Los Angeles, CA 90038
Description
Large 6,094 SF, 8-unit value-add apartment building in the heart of Hollywood, offering strong day-one cash flow at a current 5% cap rate with upside to approximately 7.5% on pro forma rents. Attractively priced at only $249,000 per unit and $327/SF, the property offers a diverse unit mix of 6 spacious one-bedroom units and 2 two-bedroom units. The building sits on a large 7,099 SF LAR3 lot, with plans to add 8 detached ADUs, potentially doubling the property's unit count. Assuming $715,000 in ADU construction costs at $250/SF, the projected all-in basis is only $163,000 per unit and $291/SF, with an 11.7% cap rate on current rents and 14.1% on pro forma rents after completion. Most recently, the front upstairs unit was completely remodeled with a high-end modern aesthetic, featuring new cabinetry, vinyl flooring, recessed lighting, a renovated bathroom, an updated HVAC system, an in-unit washer/dryer, and additional upgrades. The property's exterior has also undergone extensive renovations and features approximately 9 on-site parking spaces, storage, and an updated laundry room. Gas and electricity are metered separately, helping to minimize owner-paid operating expenses. Prime Hollywood location directly behind Echelon Studios Hollywood, an approximately $450 million, 610,000 SF creative entertainment campus located on a five-acre site at 5601 Santa Monica Boulevard, and just blocks from Netflix and Paramount Studios, placing the property in the heart of Hollywood's entertainment and media district.
Details
| MLS # | 26989249 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1956 |
| Days On Site | 11 |
| Listing Provided By | Global Platinum Properties, Inc. | Armin Soleimani |
Features
| Bed(s) | 9 |
|---|---|
| Bath(s) | 8 |
| SQ Feet | 6,094 |
| Story(s) | 2 |
| Units | 8 |
| Building(s) | 1 |
| Zoning | LAR3 |
| Acreage | 0.16 |
Interior
| Heating | Wall Furnace |
|---|---|
| Heating Yes / No | Yes |
| Appliances | Refrigerator |
Parking
| Parking Features | Uncovered |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90038 |
| Area | C20 Hollywood |
| Listing VS Median (in 90038) | |
Price: $1,995,000 low | high Med: $699,000 sqft: 6,094 low | high Med: 1,180 $ / sqft: $327 low | high Med: $592 On site: 11 low | high Med: 46 | |
Market Activity 90038
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90038 |
| Area | C20 Hollywood |
| Listing VS Median (in 90038) | |
Price: $1,995,000 low | high Med: $699,000 sqft: 6,094 low | high Med: 1,180 $ / sqft: $327 low | high Med: $592 On site: 11 low | high Med: 46 | |
