We are pleased to present 5342 Lexington Avenue, a ten-unit multifamily investment opportunity located in the Little Armenia neighborhood of East Hollywood. This value-add asset will provide the next investor with the opportunity to capture over 38% of rental upside through an interior renovation program and over 57% of rental… Read More upside with the addition of ADU income. Constructed in 1963, 5342 Lexington Avenue comprises eight one-bedroom/one-bathroom units, two two-bedroom/one-bathroom units, one non-conforming studio unit, and one non-conforming one-bedroom/one-bathroom unit. Sitting on a 7,500 square foot lot, the parcel is zoned RD1.5XL, making the existing ten units irreplaceable with the current zoning. The roughly 8,034 square feet of improvements boast an average unit size of 800 square feet. All units are individually metered for gas and electricity, and the property provides tenants with an on-site laundry, a central water heater, and eleven parking spaces. Other capital improvements include soft story retrofitting, new railings, and repaired walkways. The non-conforming studio and one bedroom unit have been fully renovated and are currently vacant. A new investor will have the opportunity to convert these non-conforming units to ADUs. A one-bedroom unit will also be delivered vacant at the close of escrow. Situated north of Santa Monica Blvd. and west of Hobart, 625 E. Chestnut is within proximity to multiple bus stops along Santa Monica Blvd. and Western Ave. and within a mile from the Santa Monica/Western and the Western/Sunset rail stations. For commuters, the property is conveniently located near the 101 freeway and provides tenants with ease of access throughout all of Los Angeles. The area is one of the most densely populated neighborhoods in Los Angeles with consistently high rental demand for apartment units. Read Less
Property listed by Marcus & Millichap, Sevak Keshishian 818-212-2700
Listing Snapshot
Days Online
23
Last Updated
Property Type
Other
Beds
12
Square Ft.
8,034
Lot Size
0.17 Acres
Year Built
1963
MLS Number
25555931
30 Days Snapshot Of 90029
$1.29M
+8%
(avg) sold price
4
-20%
homes sold
167
+377%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Oven, Range
Building
Built in 1963, Building area total: 8,034, Levels: ThreeOrMore, Living area: 8034, 1 building
Heating
WallFurnace
Income
Gross income: $203,560, Net operating income: $127,275
Interior Features
CeilingFans
Laundry
LaundryRoom
Lot
0.1722 acres, 7,503 square feet, Size: 7,503
Parking
11 totals parking, Covered, Gated
Pool
None
Property
Zoning: LARD1.5, None
Spa
None
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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