Sold
5661 Lexington Avenue
Los Angeles CA, 90038
$3,400,000
$283.05 per sqft
Sold
12,012 sqft
Commercial
Built in 1968
Listed by Mark Sanfilippo with KELLER WILLIAMS EMPIRE ESTATES 909-945-0600
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)
CV23108460
MLSⓇ ID
June 19, 2023
Listed
October 26, 2023
Updated
Map
5661 Lexington Avenue
Los Angeles CA, 90038
Interior Features
Total Stories
2
Laundry Description
Common Area
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.34 acres
Lot Features
Landscaped, Near Park, Near Public Transit, Rectangular Lot
Other Property Details
Days on Market
66
Association Amenities
Park
Garage
No
Parking
No
Parking Total
21
View
No
County
Los Angeles
Water Source
Public
Pool
No
Listing History
Date | Event | Price |
---|---|---|
10/26/2023 | Price Change | $3,400,000 -3% |
10/26/2023 | Sold | — |
7/26/2023 | Price Change | $3,475,000 -4% |
7/14/2023 | Price Change | $3,600,000 3% |
6/25/2023 | Under Contract | — |
Listing Contact: 909-945-0600
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 10/26/2023. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
©2023 California Regional Multiple Listing Service (CRMLS) all rights reserved.
Data last updated on 10/26/2023 at 7:23 PM UTC