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$ 1,950,000
Est. payment /mo
Active
5642 Lexington Avenue Los Angeles, CA 90038
6,094 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 6,094 sqft
Price per Sqft $319
MLS Listing ID CL26989249
HOA Y/N No
Year Built 1956
Lot Size 7,099 Sqft
Acres 0.163
Property Sub-Type Other
Property Description
Price Reduction! Large 6,094 SF, 8-unit value-add apartment building in the heart of Hollywood, offering strong day-one cash flow at a current 5.25% cap rate with upside to approximately 7.6% on pro forma rents. Attractively priced at only $243,000 per unit and $319/SF, the property offers a diverse unit mix of 6 spacious one-bedroom units and 2 two-bedroom units. The building sits on a large 7,099 SF LAR3 lot, with plans to add 8 detached ADUs, potentially doubling the property's unit count. Assuming $715,000 in ADU construction costs at $250/SF, the projected all-in basis is only $160,000 per unit and $286/SF, with a 9% cap rate on current rents and 10.9% on pro forma rents after completion. Most recently, the front upstairs unit was completely remodeled with a high-end modern aesthetic, featuring new cabinetry, vinyl flooring, recessed lighting, a renovated bathroom, an updated HVAC system, an in-unit washer/dryer, and additional upgrades. The property's exterior has also undergone extensive renovations and features approximately 9 on-site parking spaces, storage, and an updated laundry room. Gas and electricity are metered separately, helping to minimize owner-paid operating expenses. Prime Hollywood location directly behind Echelon Studios Hollywood, an approximately $450 million, 610,000 SF creative entertainment campus located on a five-acre site at 5601 Santa Monica Boulevard, and just blocks from Netflix and Paramount Studios, placing the property in the heart of Hollywood's entertainment and media district.
Location
State CA
County Los Angeles
Zoning LAR3
Interior
Heating Wall Furnace
Fireplace No
Building
New Construction No
Others
Tax ID 5536007010
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Listed by Armin Soleimani • Global Platinum Properties, Inc.