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5661 Lexington Ave, Los Angeles, CA 90038
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5661 Lexington Ave Los Angeles, CA 90038

$3,400,000 Sold Price as of 10/26/2023
  • 15 Beds
  • 21 Baths
  • 12,012 Sq.Ft.
Sold
$3,400,000 Sold Price as of 10/26/2023 Refinance Your Mortgage
Map preview of 5661 Lexington Ave, Los Angeles, CA 90038

Property Overview: 5661 Lexington Ave Los Angeles, CA has 15 bedrooms, 21 bathrooms, 12,012 living square feet and 15,000 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: We are proud to exclusively present the 5661 Lexington Avenue Apartments in the Hollywood neighborhood of Los Angeles and just six miles Northwest of Downtown Los Angeles. Located 2 blocks Southwest of the Hollywood (101) Freeway, West of Western Avenue and North of Santa Monica Boulevard, this property offers an investor the unique opportunity to own one of the most "in-demand" pieces of real estate in the most attractive rental markets in Los Angeles. Constructed in 1968 on a 15,000 square foot lot, 5661 Lexington Avenue is a 21-unit multifamily property with a total building size of 12,012 square feet. The well-maintained property is separately metered for electric, is serviced by a central water heater, offering a laundry facility, 21 parking spaces and a desirable unit mix of 6 suites, 11 one-bedroom/one-bathroom and 4 one-bedroom/one-bathroom units and a bonus room. While the current ownership has diligently maintained the property, it has not been aggressive in increasing rents. Rents are approximately 24% under market in their current condition, allowing a new owner the opportunity to consistently increase rents for the near future and/or fully renovate the units to bring the property in line with nearby rental rates. Given the property's solid real estate fundamentals, including its desirable location, unit mix and well-maintained building, 5661 Lexington Avenue is an ideal investment for a value-add investor seeking growth, stability, and a hedge against inflation. * This property features a great unit mix of 6 suites, 11 one-bedroom/one-bathroom and 4 two-bedroom/one-bathroom units. * Currently 24% below market rents providing an opportunity to capture missing income and, with upgrading, improving that another 27% for over 50% improvement on rents. * Immediate access to the Hollywood (101) Freeway. * Walk Score of 86 with access to convenient neighborhood, restaurants, grocery stores, schools and parks. * The building is separately metered for electricity. The gas lines are in place, but have not been individually metered * There is copper plumbing throughout the building. * On site laundry room. * New kitchen cabinets and stainless kitchen sinks in some units (2018) * New Windows (2015) * New cement driveway and parking area with exceptional parking for the area with one space per unit. (2016) * Earthquake Retrofit Completed (2016)

Listed by Mark Sanfilippo | BRE #01869254 | KELLER WILLIAMS EMPIRE ESTATES
Last checked: 3 minutes ago | Last updated: October 26th, 2023 | Source CRMLS | DOM: 66

Home details

Lot Sq. Ft
15,000
HOA Dues
$0/mo
Year built
1968
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
CV23108460
City
Los Angeles
County
Los Angeles
Time on Site
312 days
Property Unit Breakdown
Unit Mix Summary
  • Total # of Units: 21
  • Total # of Buildings: 1
  • # of Leased Units: 21
Unit Breakdown 1
  • # of Units: 11
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $16,401
  • Total Rent: $196,812
  • Pro Forma/Market Rent: $264,420
Unit Breakdown 2
  • # of Units: 6
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $3,965
  • Total Rent: $47,580
  • Pro Forma/Market Rent: $83,700
Unit Breakdown 3
  • # of Units: 4
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $3,268
  • Total Rent: $39,216
  • Pro Forma/Market Rent: $82,800
Property Income/Expense Information
Property Income and Analysis
  • Cap Rate: 4.04%
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $284,093
  • Net Operating Income: $145,343
  • Gross Operating Income: --
Annual Expense Breakdown
  • Total Operating Expense: $138,751
  • Electric: $0
  • Trash: $0
  • Insurance: $0
  • Professional Management: $0
  • Water/Sewer: $0

Property Details for 5661 Lexington Ave

Interior Features
Laundry Information
  • Common Area
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 21
Lot Information
  • Lot Features: Landscaped, Rectangular Lot, Near Public Transit, Park Nearby
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Total # of Units: 21
  • Parcel Number: 5536004034
  • Year Built Source: Assessor
  • Entry Level: 1
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Water Source: Public
Location / Neighborhood
Location Information
  • Directions: Exit Lexington Avenue off South 101, turn Left to the Corner of Wilton and Lexington
View more facts & features

Local Los Angeles Agent

Sale History for 5661 Lexington Ave

Last sold for $3,400,000 on October 26th, 2023

  • October, 2023

  • Oct 26, 2023

    Date

    Sold

    CRMLS: CV23108460

    $3,400,000

    Price

  • Jun 25, 2023

    Date

    Active

    CRMLS: CV23108460

    $3,475,000

    Price

  • December, 2022

  • Dec 31, 2022

    Date

    Canceled

    CRMLS: CV22245418

    $4,950,000

    Price

  • Nov 21, 2022

    Date

    Active

    CRMLS: CV22245418

    $4,950,000

    Price

  • Listing provided courtesy of CRMLS

    is proud to exclusively present the 5661 Lexington Avenue Apartments in the Hollywood neighborhood of Los Angeles and just six miles Northwest of Downtown Los Angeles. Located 2 blocks Southwest of the Hollywood (101) Freeway, West of Western Avenue and North of Santa Monica Boulevard, this property offers an investor the unique opportunity to own one of the most "in-demand" pieces of real estate in the most attractive rental markets in Los Angeles. Constructed in 1968 on a 15,000 square foot lot, 5661 Lexington Avenue is a 21-unit multifamily property with a total building size of 12,012 square feet. The well-maintained property is separately metered for electric, is serviced by a central water heater, offering a laundry facility, 21 parking spaces and a desirable unit mix of 5 suites, 13 one-bedroom/one-bathroom and 3 two-bedroom/one-bathroom units. While the current ownership has diligently maintained the property, it has not been aggressive in increasing rents. Rents are approximately 24% under market in their current condition, allowing a new owner the opportunity to consistently increase rents for the near future and/or fully renovate the units to bring the property in line with nearby rental rates. Given the property's solid real estate fundamentals, including its desirable location, unit mix and well-maintained building, 5661 Lexington Avenue is an ideal investment for a value-add investor seeking growth, stability, and a hedge against inflation. * This property features a great unit mix of 5 suites, 13 one-bedroom/one-bathroom and 3 two-bedroom/one-bathroom units. * Currently 24% below market rents providing an opportunity to capture missing income and, with upgrading, improving that another 27% for over 50% improvement on rents. * Immediate access to the Hollywood (101) Freeway. * Walk Score of 86 with access to convenient neighborhood, restaurants, grocery stores, schools and parks. * The building is separately metered for electricity. The gas lines are in place, but have not been individually metered * There is copper plumbing throughout the building. * On site laundry room. * New lower kitchen cabinets and stainless kitchen sinks. (2018) * New Windows (2015) * New Water Heater (2017) * New cement driveway and parking area with exceptional parking for the area with one space per unit. (2016) * New Roof (2019) * Earthquake Retrofit Completed (2016)

  • November, 2019

  • Nov 1, 2019

    Date

    Sold (Public Records)

    Public Records

    --

    Price

Show More

Tax History for 5661 Lexington Ave

Assessed Value (2020): $995,657
Year Land Value Improved Value Assessed Value
2020 $396,299 $599,358 $995,657

Home Value Compared to the Market

This property vs the competition

5661 Lexington Ave sold on October 26, 2023 for 192.02% higher than the current median sold price for the city of Los Angeles which is $1,190,000. The median sold price per/sqft for Los Angeles is $755 and this home is sold at $289.29 per/sqft which puts the price per square foot 61.68% lower than the current median sale per square foot for the city of Los Angeles.

About 5661 Lexington Ave

Detailed summary of property

5661 Lexington Ave is a multi family that recently sold in Los Angeles, CA 90038. This multi family property offered 15 bedrooms, 21 bathrooms, roughly 12,012 living square feet, and sits on an approximately 15,000 square foot lot. 5661 Lexington Ave was first listed on ArdentRealEstateGroup.com on June 25, 2023. The homeowner sold the property for $3,400,000. Home in Los Angeles are selling for a median price of $1,190,000 and a median price per square foot of $755. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 192.02% higher than the current median priced home. Local homes that are currently for sale include 3280 Provon Ln, 5908 Crenshaw Blvd and 2365 Westwood Blvd. While the average home in Los Angeles, CA is selling in 96 days, 5661 Lexington Ave has a days on market of 66 days. There are currently 3485 homes for sale in the Los Angeles real estate market and 2372 of them are single family homes while 1013 of them are condos and 94 are townhomes. For more information on this home for sale at 5661 Lexington Ave Los Angeles, CA 90038 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 5661 Lexington Ave

Public county record property details
Beds
5
Baths
--
Year built
1968
Sq. Ft.
12,012
Lot Size
15,000
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
8,9
APN
5536-004-034

The source for these homes facts are from public records.

90038 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,299,000
Median List Price/Sq.Ft.
$709
Median Sold Price
$715,000
Median Sold Price/Sq.Ft.
$659
Total Inventory
40
Median Sale to List Price %
79.44%
Avg Days on Market
17
Loan Type
Conventional (0%), FHA (0%), VA (0%), Cash (50%), Other (0%)

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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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