5642 Lexington AVE #5, Los Angeles, CA 90038
5642 Lexington AVE #5, Los Angeles, CA 90038
5642 Lexington AVE #5, Los Angeles, CA 90038
5642 Lexington AVE #5, Los Angeles, CA 90038
5642 Lexington AVE #5, Los Angeles, CA 90038
5642 Lexington AVE #5, Los Angeles, CA 90038
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Antonio Vaziri

Antonio Vaziri

+1(818) 381-9977
$ 1,995,000
Est. payment | /mo

9 Beds

8 Baths

6,094 SqFt

Save
$ 1,995,000
Est. payment | /mo
Save

9 Beds

8 Baths

6,094 SqFt

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 6,094 sqft

Price per Sqft $327

MLS Listing ID 26989249

Bedrooms 9

HOA Y/N No

Year Built 1956

Lot Size 7,100 Sqft

Property Description

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% cap rate with upside to approximately 7.5% on pro forma rents. Attractively priced at only $249,000 per unit and $327/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 $163,000 per unit and $291/SF, with an 11.7% cap rate on current rents and 14.1% 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

Area C20 - Hollywood

Zoning LAR3

Interior

Heating Wall Furnace

Fireplace No

Appliance Refrigerator

Exterior

Parking Features Uncovered

Total Parking Spaces 8

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5536007010

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)
Listed by Armin Soleimani Global Platinum Properties, Inc. #01846872

Nearby Locations

Antonio Vaziri

Antonio Vaziri is a Los Angeles real estate agent with Epique Realty specializing in Encino, Tarzana, Woodland Hills, Sherman Oaks, and the San Fernando Valley, helping buyers, sellers, and investors navigate residential real estate.

+1(818) 381-9977

antoniovaziri@gmail.com

8383 Wilshire Blvd Suite 800, Beverly Hills, CA

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5642 Lexington AVE #5