5522 Lexington Avenue

    Los Angeles (City), CA 90038
    • $1,875,000
    • STATUS: Closed
    • ON SITE: 143 days
    • ID#: 18350014
    Sold - 08/15/2018
    $1,875,000
    SOLD - 08/15/2018
    • 0
      BEDS
    • 0.17
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 6,133
      SQFT
    • $306
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1962
    County:

    School Ratings & Info

    Description

    Lexington Apartments, a 10 unit value-add repositioning opportunity in the heart of thriving Hollywood. Hollywood continues to be one of the most desirable submarkets in Los Angeles, and has seen tremendous rent increase over 40% since 2010, and still climbing. Hollywood has seen an influx of over $5B in office, retail, hospitality, and multifamily development since 2000, and is one of the fastest growing office markets in the nation.With the tremendous increase of activity and new development in the immediate area, there exists a compelling opportunity to bring units to a level that competes with the other repositioned rent control buildings, while still drafting considerably under new class A & B product. The current market rent for renovated two bedroom units is $2,200, for one bedroom units is $1,700, and for studio units is $1,350.

    Sold by Kimberly Roberts Stepp of Kwsm.

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-10-23T00:27:38.9. 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 deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.playavistaliving.com/homes/84185924

    5522 Lexington Avenue Los Angeles (City), CA 90038

    • Price: $1,975,000
    • Status: Closed
    • ID#: 18350014
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.17
    Acres
    6,133
    SQFT
    $306
    $/SQFT
    1962
    Built
    Neighborhood:
    C20 - Hollywood
    County:
    Los Angeles
    Area:
    C20 - Hollywood
    Property Description
    Lexington Apartments, a 10 unit value-add repositioning opportunity in the heart of thriving Hollywood. Hollywood continues to be one of the most desirable submarkets in Los Angeles, and has seen tremendous rent increase over 40% since 2010, and still climbing. Hollywood has seen an influx of over $5B in office, retail, hospitality, and multifamily development since 2000, and is one of the fastest growing office markets in the nation.With the tremendous increase of activity and new development in the immediate area, there exists a compelling opportunity to bring units to a level that competes with the other repositioned rent control buildings, while still drafting considerably under new class A & B product. The current market rent for renovated two bedroom units is $2,200, for one bedroom units is $1,700, and for studio units is $1,350.
    Exterior Features

    Construction Materials Stucco Lot Size Source Assessor Lot Size Units Square Feet Parking Features Carport Parking YN Yes Pool Features None Pool Private YN No Roof Composition

    Interior Features

    Appliances Water Heater Unit Appliances YN Yes Laundry Features Community

    Property Features

    Cap Rate 3.20 Garage Income 1080.00 Gross Multiplier 17.70 Gross Operating Income 111300.00 Laundry YN Yes Net Operating Income 62497.00 Security Features Window Bars Special Listing Conditions Standard Total Expenses 48803.00 Zoning Lar4

    Listing provided courtesy of Kimberly Roberts Stepp of Kwsm.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-10-23T00:27:38.9. 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 deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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