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$2,300,000
Est. payment /mo
8,034 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 8,034 sqft
Price per Sqft $286
MLS Listing ID CL25555931
HOA Y/N No
Year Built 1963
Lot Size 7,503 Sqft
Acres 0.17
Property Sub-Type Other
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 deliv
Location
State CA
County Los Angeles
Zoning LARD
Interior
Heating Wall Furnace
Fireplace No
Laundry Laundry Room
Building
New Construction No
Others
Tax ID 5537007004
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Listed by Sevak Keshishian • Marcus & Millichap
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