Los Angeles, CA 90029 5406 Lexington Avenue
$7,995,000
1 more
Presented By: Neema Ahadian with Marcus & Millichap;
Home Details
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
Presented By: Neema Ahadian with Marcus & Millichap;
Interior Features for 5406 Lexington Avenue
Bedrooms
Total Bedrooms8
Bathrooms
1/4 Baths0
3/4 Baths0
Half Baths
Total Baths42
Other Interior Features
Air Conditioning Y/NNo
Basement (Y/N)No
Electric On Property Y/NNo
Fireplace Y/NNo
Heating Y/NNo
Total Stories
General for 5406 Lexington Avenue
Additional Parcels Y/NNo
Attached Garage No
Cap Rate5.54
Carport Y/NNo
CityLos Angeles
CoolingNone
CountyLos Angeles
Days on Market57
DirectionsLocatedjust off of the 101 Freeway between FountainAve & Santa Monica Blvd in Hollywood
Full Baths
Garage Y/NNo
Gross Income769175.0
HeatingNone
Home Owner AssocNo
Home Warranty Y/NNo
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsMultiSplit
Lot Size Square Feet12188.0
Lot Size UnitsSquareFeet
MLS AreaC20 - Hollywood
MobileHomeRemainsYNNo
Net Operating Income442710.0
New ConstructionNo
NumberOfUnitsTotal42
Private PoolNo
Property TypeResidentialIncome
Rent Control Y/NNo
Senior Community Y/NNo
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
View Y/NNo
Waterfront Y/NNo
Year Built1928
ZoningLAR4
Exterior for 5406 Lexington Avenue
Building Area Total25048.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot Size Acres0.2798
Lot Size Area12188.0
Lot Size SourceOther
Number of Buildings1
Open Parking Y/NNo
SpaNo
Total Parking0.0
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480