CA > Los Angeles
Los Angeles, CA 90029,5406 Lexington Ave
Los Angeles, CA 90029,5406 Lexington Ave
Los Angeles, CA 90029,5406 Lexington Ave
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Shawn Kormondy

Shawn Kormondy

+1(323) 638-7567
$7,995,000
Est. payment /mo
8 Beds
42 Baths
25,048 SqFt
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UPDATED:

06/25/2024 10:22 PM

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 25,048 sqft

Price per Sqft $319

MLS Listing ID 24-408305

Bedrooms 8

Year Built 1928

Lot Size 0.280 Acres

Acres 0.1722

Property Description

5406 Lexington Ave is a 42-unit multifamily investment opportunity located just off of the 101 Freeway between Fountain Ave & Santa Monica Blvd in Hollywood. The property features a unit mix of 34 singles and 8 one-bedrooms; three singles will be delivered vacant; renovated units include new cabinetry, vinyl-plank flooring, stainless-steel appliances, tile bathrooms, new paint, and wall AC's; ownership has spent $447k on interior unit renovations since 2021; many of the units also feature exposed brick. Additionally, the property includes the adjacent 4,687 SF lot currently used for parking; there are 14 parking spaces in the gated lot. At the asking price, the property is being offered at a 5.54% CAP rate at 10.39 GRM on current income with an additional 14% rental upside achievable as units turn through continued interior renovations. There is significant additional income with RUBS in place, as well as internet service. The property has a secured, gated entrance with intercom access. High Walk Score of 91, the property is walking distance to the Metro B Rail Line, and multiple Metro Local Lines along Fountain Ave and Santa Monica Blvd. The property is ideally located with a short commute to Koreatown, Los Feliz, Silver Lake, Echo Park, and Downtown Los Angeles. APNs: 5537-006-002 &5537-006-001

Location

State CA

County Los Angeles

Area Hollywood

Zoning LAR4

Rooms

Other Rooms None

Interior

Heating None

Cooling None

Equipment None

Exterior

Garage Detached

Building

Level or Stories Multi/Split

Others

Special Listing Condition Standard

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Listed by Marcus & Millichap

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Shawn Kormondy

+1(323) 638-7567

Agent | License ID: 01451888

Agent License ID: 01451888

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