5661 Lexington Avenue, Los Angeles, CA 90038
Commercial property
Sold October 2023
Listing Agent: Mark Sanfilippo (DRE #01869254) · Listing Office: KELLER WILLIAMS EMPIRE ESTATES · Contact: 909-945-0600 · Bought with: Sang (Brian) Ji · Total Commercial, Inc. · MLS #CV23108460 · Source: CRMLS
About this commercial property
We are proud to exclusively present the 5661 Lexington Avenue Apartments in the Hollywood neighborhood of Los Angeles and just six miles Northwest of Downtown Los Angeles. Located 2 blocks Southwest of the Hollywood (101) Freeway, West of Western Avenue and North of Santa Monica Boulevard, this property offers an investor the unique opportunity to own one of the most "in-demand" pieces of real estate in the most attractive rental markets in Los Angeles. Constructed in 1968 on a 15,000 square foot lot, 5661 Lexington Avenue is a 21-unit multifamily property with a total building size of 12,012 square feet. The well-maintained property is separately metered for electric, is serviced by a central water heater, offering a laundry facility, 21 parking spaces and a desirable unit mix of 6 suites, 11 one-bedroom/one-bathroom and 4 one-bedroom/one-bathroom units and a bonus room. While the current ownership has diligently maintained the property, it has not been aggressive in increasing rents. Rents are approximately 24% under market in their current condition, allowing a new owner the opportunity to consistently increase rents for the near future and/or fully renovate the units to bring the property in line with nearby rental rates. Given the property's solid real estate fundamentals, including its desirable location, unit mix and well-maintained building, 5661 Lexington Avenue is an ideal investment for a value-add investor seeking growth, stability, and a hedge against inflation. * This property features a great unit mix of 6 suites, 11 one-bedroom/one-bathroom and 4 two-bedroom/one-bathroom units. * Currently 24% below market rents providing an opportunity to capture missing income and, with upgrading, improving that another 27% for over 50% improvement on rents. * Immediate access to the Hollywood (101) Freeway. * Walk Score of 86 with access to convenient neighborhood, restaurants, grocery stores, schools and parks. * The building is separately metered for electricity. The gas lines are in place, but have not been individually metered * There is copper plumbing throughout the building. * On site laundry room. * New kitchen cabinets and stainless kitchen sinks in some units (2018) * New Windows (2015) * New cement driveway and parking area with exceptional parking for the area with one space per unit. (2016) * Earthquake Retrofit Completed (2016)
Listing description from the October 2023 sale, as reported to CRMLS.
Sale history