5716 Lexington Avenue

    Los Angeles (City), CA 90038
    • $3,190,000
    • STATUS: Active
    • ON SITE: 268 days
    • ID#: PW19214806
    UPDATED: 67 min ago
    $3,190,000
    • 0
      BEDS
    • 0.17
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 6,808
      SQFT
    • $469
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1993
    County:

    School Ratings & Info

    Description

    **PRICE IMPROVEMENT** This 8 Units is located in the heart of Hollywood neighborhood. The property was built in 1993, consisting of four (4) Two Bdrms/1.5 Bath and four (4) Three Bdrms/ 2 Bath. All units are separately metered for gas and electric. Only one unit #2 is a Sec 8 rental, the other 7 units the contract rental rates are within 10% of the market rates thus achieving of market rentals are obtainable. The building is comprised of one two-story building above a subterranean, gated and secure parking structure with 16 spaces. Additional amenities include a laundry room with building owned washer/dryer and control access entry with the units. The property has been very well maintained by the current long-term owner, 3 units have had high-end renovations and upgrades consisting of new kitchens, bathrooms, flooring and fixtures. The building presents an opportunity for an investor to reposition this asset with an upside in the rental income of approximately 18.0%. Property is being sold in its "as is" condition.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-06-03T20:30:01.257. 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 or Robin McCann | EXIT Alliance Realty. Licensed in the State of California, USA.

    www.socalrealtyexpert.com/homes/98768748

    5716 Lexington Avenue Los Angeles (City), CA 90038

    • Price: $3,190,000
    • Status: Active
    • Updated: 67 min ago
    • ID#: PW19214806
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.17
    Acres
    6,808
    SQFT
    $469
    $/SQFT
    1993
    Built
    Neighborhood:
    C20 - Hollywood
    County:
    Los Angeles
    Area:
    C20 - Hollywood
    Property Description
    **PRICE IMPROVEMENT** This 8 Units is located in the heart of Hollywood neighborhood. The property was built in 1993, consisting of four (4) Two Bdrms/1.5 Bath and four (4) Three Bdrms/ 2 Bath. All units are separately metered for gas and electric. Only one unit #2 is a Sec 8 rental, the other 7 units the contract rental rates are within 10% of the market rates thus achieving of market rentals are obtainable. The building is comprised of one two-story building above a subterranean, gated and secure parking structure with 16 spaces. Additional amenities include a laundry room with building owned washer/dryer and control access entry with the units. The property has been very well maintained by the current long-term owner, 3 units have had high-end renovations and upgrades consisting of new kitchens, bathrooms, flooring and fixtures. The building presents an opportunity for an investor to reposition this asset with an upside in the rental income of approximately 18.0%. Property is being sold in its "as is" condition.
    Exterior Features

    Garage Spaces 16.00 Lot Features 26-30 Units/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Total 16.00 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 1 Common Wall Laundry Features Individual Room Levels Two

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cap Rate 3.90 Community Features Street Lights Country Us Electric Expense 0.00 Elevation Units Feet Fuel Expense 420.00 Gardener Expense 2400.00 Gross Income 203400.00 Gross Multiplier 17.90 Gross Scheduled Income 203400.00 Insurance Expense 2500.00 Land Lease YN No Laundry YN Yes Licenses Expense 346.00 Net Operating Income 142666.00 New Construction YN No New Taxes Expense 38000.00 Number Of Separate Electric Meters 9 Number Of Separate Gas Meters 9 Number Of Separate Water Meters 1 Number Of Units Leased 8 Operating Expense 60734.00 Other Expense 4660.00 Professional Management Expense 0.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays Cable Tv Total Actual Rent 16700.00 Total Expenses 60734.00 Trash Expense 3408.00 Water Sewer Expense 9000.00 Water Source Public Year Built Source Assessor Zoning Lar3

    Listing provided courtesy of James Mann of Coldwell Banker Platinum Prop.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-06-03T20:30:01.257. 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 or Robin McCann | EXIT Alliance Realty. Licensed in the State of California, USA.

     
    Robin McCann | EXIT Alliance Realty
    43521 Rige Park Drive, Suite 201
    Temecula CA, 92590