Built in 1927, this 30-unit property totals 20,874 SF located in East Hollywood, between Fountain Ave & Santa Monica Blvd providing easy access to Hollywood and Silverlake. This offering presents an investor the opportunity to acquire a well maintained building with a stable income, a 15% loss-to-lease, that can achieve a pro forma CAP rate of 5.73% through further renovations when the units turn. The building features a unit mix of 22 singles and 8 one-bedrooms. The property is being offered at a 13.24 GRM on current income and a low price per unit of $208,333. The property is located within a newly established Qualified Opportunity Zone for investment, established by the Tax Cuts and Jobs Act, Section 1400Z. Five units are currently vacant, allowing an investor to achieve market rents immediately. Ease of management as gas and electric are separately metered and laundry is located on-site. The East Hollywood neighborhood continues to grow at a rapid pace and attracts high-end residents with the unparalleled access to employment opportunities and education options. The subject property has a walk score of 92 and the location allows for a quick commute to both Hollywood and Downtown Los Angeles via the 101 Freeway. The immediate area surrounding the subject property has a population of over 530,000 within a three-mile radius.
• 4848 Lexington Ave is a 30-unit stabilized investment opportunity located in prime East Hollywood, between Fountain Ave & Santa Monica Blvd, providing easy access to Hollywood and Silverlake
• The building features a unit mix of 22 singles and 8 one-bedrooms. Charming 1920’s architectural details including original hardwood flooring, ceramic tiles, vintage stove, arched entryways, sit-down vanity desk, tall shuttered windows, and wood-beam vaulted ceilings.
• Asking 13.24 GRM on current income with a pro forma CAP rate of 5.73% when market rents are achieved; low price per unit of $208,333.
• Located within a newly established Qualified Opportunity Zone for investment, established by the Tax Cuts and Jobs Act, Section 1400Z. The new section 1400Z allows any taxpayer to defer paying tax on capital gains from the sale of property if those gains are timely invested in a Qualified Opportunity Fund (QOF) which, in turn, must invest 90 percent of its assets in businesses located or property used in designated opportunity zone.
• Recent capital expenditures include interior & exterior paint, permitted roof, elevator, water tank, gutters, carpeted hallways, hardwood flooring, and ceramic tile kitchens and baths.
• Ease of management as electric and gas are separately metered and laundry is located on-site; tenants were recently provided with new high speed fiber optic internet.
• 4848 Lexington Ave offers residents a very high walk score of 92 and is located within walking distance to many of Hollywood’s premier retail, dining and nightlife attractions; direct access to the 101 Freeway allowing for a quick commute to Downtown Los Angeles and Hollywood
• The East Hollywood neighborhood continues to grow at a rapid pace and attracts high-end residents with the unparalleled access to employment opportunities and education options. Located 0.3mi from Los Angeles City College and 0.7mi from Children’s Hospital Los Angeles.