37
See all 37 photos
$2,300,000
Est. payment /mo
12 Beds
10 Baths
8,034 SqFt
New
5342 Lexington AVE Los Angeles, CA 90029
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 8,034 sqft
Price per Sqft $286
MLS Listing ID 25555931
Bedrooms 12
HOA Y/N No
Year Built 1963
Lot Size 7,501 Sqft
Property Description
We are pleased to present 5342 Lexington Avenue, a ten-unit multifamily investment opportunity located in the Little Armenia neighborhood of East Hollywood. This value-add asset will provide the next investor with the opportunity to capture over 38% of rental upside through an interior renovation program and over 57% of rental upside with the addition of ADU income. Constructed in 1963, 5342 Lexington Avenue comprises eight one-bedroom/one-bathroom units, two two-bedroom/one-bathroom units, one non-conforming studio unit, and one non-conforming one-bedroom/one-bathroom unit. Sitting on a 7,500 square foot lot, the parcel is zoned RD1.5XL, making the existing ten units irreplaceable with the current zoning. The roughly 8,034 square feet of improvements boast an average unit size of 800 square feet. All units are individually metered for gas and electricity, and the property provides tenants with an on-site laundry, a central water heater, and eleven parking spaces. Other capital improvements include soft story retrofitting, new railings, and repaired walkways. The non-conforming studio and one bedroom unit have been fully renovated and are currently vacant. A new investor will have the opportunity to convert these non-conforming units to ADUs. A one-bedroom unit will also be delivered vacant at the close of escrow. Situated north of Santa Monica Blvd. and west of Hobart, 625 E. Chestnut is within proximity to multiple bus stops along Santa Monica Blvd. and Western Ave. and within a mile from the Santa Monica/Western and the Western/Sunset rail stations. For commuters, the property is conveniently located near the 101 freeway and provides tenants with ease of access throughout all of Los Angeles. The area is one of the most densely populated neighborhoods in Los Angeles with consistently high rental demand for apartment units.
Location
State CA
County Los Angeles
Area C20 - Hollywood
Zoning LARD1.5
Interior
Interior Features Ceiling Fan(s)
Heating Wall Furnace
Fireplace No
Appliance Oven, Range
Laundry Laundry Room
Exterior
Parking Features Covered, Gated
Pool None
Porch None
Total Parking Spaces 11
Private Pool No
Building
Story 3
Entry Level Three Or More
Level or Stories Three Or More
New Construction No
Others
Senior Community No
Tax ID 5537007004
Special Listing Condition Standard
Listed by Sevak Keshishian Marcus & Millichap