Multifamily

5522 Lexington Avenue

5522 Lexington Avenue, Los Angeles, CA 90038

Listing Price: $1,960,000

Cap Rate
4.02%
Number of Units
10
Price/Unit
$196,000
Price/Gross SF
$319.58
Gross SF
6,133

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 5522 Lexington Avenue, a 10-unit apartment community in East Hollywood. The property offers investors a unique opportunity to acquire a well-maintained building with stable operating history and remaining rental upside. 5522 Lexington Avenue is situated in between some of the most famous and highly trafficked thoroughfares in Los Angeles, Sunset Boulevard and Santa Monica Boulevard. The property features, on-site parking, on-site laundry and is individually metered for electric and gas. Current ownership has extensively renovated three of the 10 units at the property including adding new appliances, new cabinetry, new flooring, new counter-tops, and upgraded lighting and plumbing fixtures. Renovated units are achieving premiums over the average in-place rents: $331 for studio units and $595 for one-bedroom units. The continued gentrification of the surrounding area along with the significant value-add potential for a new owner to continue renovating the remaining seven units and achieve superior future returns moving forward make 5522 Lexington an excellent acquisition opportunity.

Investment Highlights

  • Located in Close Proximity to Hollywood and Silverlake Where Rents are Higher
  • 5522 Lexington Avenue Offers a Value Proposition to Tenants Who Want the Amenities of Neighboring Submarkets But Have Been Priced Out
  • While Current Ownership has Completed Renovations to 30 Percent of the Units, Investors Will Have an Excellent Opportunity to Continue These Improvements in the Remaining Units
  • 10 Parking Spaces – the Property Requires Seismic Retrofit Work to be Completed
  • Located in a Designated Opportunity Zone and May be Eligible for Preferential Tax Treatment
  • The Unit Mix Features Well Laid Out Studio, One and Two Bedroom Apartments that Remain Popular with Younger Renters Flocking to the Area

Exclusively Listed By

Listing Price: $1,960,000

Cap Rate
4.02%
Number of Units
10
Price/Unit
$196,000
Price/Gross SF
$319.58
Gross SF
6,133

Investment Highlights

  • Located in Close Proximity to Hollywood and Silverlake Where Rents are Higher
  • 5522 Lexington Avenue Offers a Value Proposition to Tenants Who Want the Amenities of Neighboring Submarkets But Have Been Priced Out
  • While Current Ownership has Completed Renovations to 30 Percent of the Units, Investors Will Have an Excellent Opportunity to Continue These Improvements in the Remaining Units
  • 10 Parking Spaces – the Property Requires Seismic Retrofit Work to be Completed
  • Located in a Designated Opportunity Zone and May be Eligible for Preferential Tax Treatment
  • The Unit Mix Features Well Laid Out Studio, One and Two Bedroom Apartments that Remain Popular with Younger Renters Flocking to the Area

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 5522 Lexington Avenue, a 10-unit apartment community in East Hollywood. The property offers investors a unique opportunity to acquire a well-maintained building with stable operating history and remaining rental upside. 5522 Lexington Avenue is situated in between some of the most famous and highly trafficked thoroughfares in Los Angeles, Sunset Boulevard and Santa Monica Boulevard. The property features, on-site parking, on-site laundry and is individually metered for electric and gas. Current ownership has extensively renovated three of the 10 units at the property including adding new appliances, new cabinetry, new flooring, new counter-tops, and upgraded lighting and plumbing fixtures. Renovated units are achieving premiums over the average in-place rents: $331 for studio units and $595 for one-bedroom units. The continued gentrification of the surrounding area along with the significant value-add potential for a new owner to continue renovating the remaining seven units and achieve superior future returns moving forward make 5522 Lexington an excellent acquisition opportunity.

Exclusively Listed By

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