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5406 Lexington Ave, Los Angeles, CA 90029
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5406 Lexington Ave Los Angeles, CA 90029

$7,995,000
  • 8 Beds
  • 42 Baths
  • 25,048 Sq.Ft.
For Sale
$7,995,000 Get Pre-Qualified
Map preview of 5406 Lexington Ave, Los Angeles, CA 90029

Property Overview: 5406 Lexington Ave Los Angeles, CA has 8 bedrooms, 42 bathrooms, 25,048 living square feet and 12,188 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: 5406 Lexington Ave is a 42-unit multifamily investment opportunity located just off of the 101 Freeway between Fountain Ave & Santa Monica Blvd in Hollywood. The property features a unit mix of 34 singles and 8 one-bedrooms; three singles will be delivered vacant; renovated units include new cabinetry, vinyl-plank flooring, stainless-steel appliances, tile bathrooms, new paint, and wall AC's; ownership has spent $447k on interior unit renovations since 2021; many of the units also feature exposed brick. Additionally, the property includes the adjacent 4,687 SF lot currently used for parking; there are 14 parking spaces in the gated lot. At the asking price, the property is being offered at a 5.54% CAP rate at 10.39 GRM on current income with an additional 14% rental upside achievable as units turn through continued interior renovations. There is significant additional income with RUBS in place, as well as internet service. The property has a secured, gated entrance with intercom access. High Walk Score of 91, the property is walking distance to the Metro B Rail Line, and multiple Metro Local Lines along Fountain Ave and Santa Monica Blvd. The property is ideally located with a short commute to Koreatown, Los Feliz, Silver Lake, Echo Park, and Downtown Los Angeles. APNs: 5537-006-002 &5537-006-001

Listed by Neema Ahadian | BRE #01346750 | Marcus & Millichap
Last checked: 7 minutes ago | Last updated: June 25th, 2024 | Source CRMLS | DOM: 14
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Home details

Lot Sq. Ft
12,188
HOA Dues
$0/mo
Year built
1928
Garage
--
Property Type:
Multi Family
Status
Active
MLS#
24408305
City
Los Angeles
County
Los Angeles
Time on Site
5 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 42
  • Total # of Buildings: 1
Unit Breakdown 1
  • # of Units: 34
  • # of Beds: 0
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,391
  • Total Rent: $47,305
  • Pro Forma/Market Rent: $54,400
Unit Breakdown 2
  • # of Units: 8
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,756
  • Total Rent: $13,263
  • Pro Forma/Market Rent: $15,200
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.54%
  • Gross Rent Multiplier: 10.39
  • Gross Scheduled Income: --
  • Net Operating Income: $442,710
  • Gross Operating Income: $730,716
Annual Expense Breakdown
  • Total Operating Expense: --

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Property Details for 5406 Lexington Ave

Interior Features
Cooling Information
  • No Cooling
  • None
Heating Information
  • No Heating
  • None
Kitchen Information
  • Has Appliances
Interior Features
  • Levels: Multi/Split
Lot Details / Garage and Parking
Lot Information
  • Lot Size Source: Other
Property Information
  • Total # of Units: 42
  • Parcel Number: 5537006002
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Directions: Locatedjust off of the 101 Freeway between FountainAve & Santa Monica Blvd in Hollywood
View more facts & features

Local Los Angeles Agent

Sale History for 5406 Lexington Ave

Last sold for $7,600,000 on March 7th, 2018

  • June, 2024

  • Jun 17, 2024

    Date

    Active

    CRMLS: 24408305

    $7,995,000

    Price

  • March, 2018

  • Mar 8, 2018

    Date

    Sold

    CRMLS: 17269520

    $7,600,000

    Price

  • Jan 17, 2018

    Date

    Pending

    CRMLS: 17269520

    $7,850,000

    Price

  • Dec 14, 2017

    Date

    Price Change

    CRMLS: 17269520

    $7,850,000

    Price

  • Sep 12, 2017

    Date

    Active

    CRMLS: 17269520

    $7,975,000

    Price

  • Listing provided courtesy of CRMLS

    The Edgemont is a 42-unit apartment building located in the Hollywood area of Los Angeles. The property consists of a four-story brick structure, plus two penthouse units on the fifth floor over a partial basement. Included with the property is a parking lot for approximately 14 vehicles. All units are master metered for utilities. The property has a center hallway design with two staircases and an elevator. All entrances are secured. There is a small lobby at the front of the property as well as a laundry room and additional storage rooms in the basement. The property is situated on a cul-de-sac and has excellent freeway visibility that provides great leasing exposure. The property boasts architecturally unique features such as four turrets on the upper floor. The unit mix consists of 32 studio apartments with a bathroom and full kitchen, eight units that are one-bedroom with one-bathroom and a full kitchen, as well as two units on the fifth floor that are studios.

  • March, 2018

  • Mar 7, 2018

    Date

    Sold (Public Records)

    Public Records

    $7,600,000

    Price

Show More

Tax History for 5406 Lexington Ave

Assessed Value (2020): $7,872,020
Year Land Value Improved Value Assessed Value
2020 $5,722,200 $2,149,820 $7,872,020

Home Value Compared to the Market

This property vs the competition

5406 Lexington Ave is listed 546.84% higher than the median list price for the city of Los Angeles which has a median list price of $1,236,000. The median price per/sqft for Los Angeles is $775 and this home is listed at $319.19 per/sqft which puts the price per square foot 58.81% lower than the median price per square foot for the city of Los Angeles.

About 5406 Lexington Ave

Detailed summary of property

5406 Lexington Ave is a multi family located in Los Angeles, CA 90029 and is currently for sale. This multi family property offers 8 bedrooms, 42 bathrooms, roughly 25,048 living square feet, and sits on an approximately 12,188 square foot lot. 5406 Lexington Ave was first listed on ArdentRealEstateGroup.com on June 25, 2024. The homeowner is currently asking $7,995,000. The median priced home in Los Angeles is $1,236,000 with a median price per square foot of $775. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 546.84% higher than the median priced home. Local competing homes currently for sale include 1429 S Bedford St, 5112 W Jefferson Blvd and 2023 Preuss Rd. While the average home in Los Angeles, CA is selling in 99 days, 5406 Lexington Ave has a days on market of 14 days. There are currently 3982 homes for sale in the Los Angeles real estate market and 2673 of them are single family homes while 1195 of them are condos and 107 are townhomes. For more information on this home for sale at 5406 Lexington Ave Los Angeles, CA 90029 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 5406 Lexington Ave

Public county record property details
Beds
8
Baths
--
Year built
1928
Sq. Ft.
25,048
Lot Size
7,501
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
15
APN
5537-006-002

The source for these homes facts are from public records.

90029 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,022,990
Median List Price/Sq.Ft.
$740
Median Sold Price
$1,275,000
Median Sold Price/Sq.Ft.
$759
Total Inventory
31
Median Sale to List Price %
98.15%
Avg Days on Market
47
Loan Type
Conventional (14.29%), FHA (0%), VA (0%), Cash (14.29%), Other (14.29%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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