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… Read More 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. Read Less
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