5237 Lexington Avenue, Los Angeles, CA 90029

About this property

Situated in a small pocket between Silver Lake, Los Feliz, Hollywood, Hancock Park, and Koreatown, the property sits squarely in the path of gentrification as the surrounding submarkets have each enjoyed substantial improvements over the past decade. This revitalization, and the corresponding rent growth, could soon reach Lexington Avenue, putting the property in prime position to see increased income to the benefit of a new investor. In fact, all three units may be delivered vacant at the close of escrow, which could allow a new owner to immediately set all rents at maximum market amounts. While the front duplex was constructed in 1910, the rear two-bedroom unit and garages were built in 2011 and are not subject to Los Angeles rent control (Buyer to verify). This rear building includes two attached garages, central air/heat, full copper plumbing, and an in-unit washer/dryer. Situated near both the 101 Freeway and multiple Metro Stations, the property allows tenants easy transportation access. Residents are also just a short distance from several of Los Angeles' trendiest neighborhoods, including Franklin Village, Virgil Village, and Larchmont Village. Tenants will be just minutes from East Hollywood's hippest shops and restaurants, including Figaro Bistro, Maru Coffee, Cafecito Organico, All Day Baby, and Hyperion Public.

Listing description from the August 2023 sale, as reported to CRMLS.

Sale history

$1,200,000

Sold August 2023 · listed $1,435,000, on market June 2023 · MLS #23280485 · Source: CRMLS

Listing Agent: Roderick 'Rick' Raymundo · Listing Office: Marcus & Millichap · Contact: 818-212-2700 · Bought with: Roderick 'Rick' Raymundo · Marcus & Millichap

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