5526 Lexington Ave 2 Unit Apartment Building Offered at $1,799,000 Los Angeles, CA 90038

Located in the heart of Hollywood, 5526 Lexington Avenue presents a rare and compelling development opportunity in one of Los Angeles’s most dynamic and walkable neighborhoods. This ±7,500 SF parcel is zoned R4 and benefits from a Tier 3 TOC rating, allowing for the potential development of 18 or more residential units. The property is situated within a federally designated Opportunity Zone, offering significant tax advantages for investors seeking long-term growth.
Currently improved with a two-story Victorian home and a detached rear unit, the site will be delivered 100% vacant, streamlining the path to redevelopment. The owner reports recent upgrades including new electrical systems, plumbing, and foundation work. City records indicate two addresses and duplex land use, with one electric and gas meter in place.
Hollywood’s revitalization continues to attract major employers such as Paramount Pictures, Capitol Records, Kaiser Permanente, and Universal Studios, all within close proximity. The property boasts a WalkScore of 93, placing future residents steps from entertainment, dining, and transit options. Nearby developments totaling over $7.5B in investment underscore the area’s growth trajectory, with over 1,400 new residential units and 1.2M SF of commercial space recently completed.
This site is ideal for developers and investors looking to capitalize on Hollywood’s booming residential demand, strong employment base, and unmatched cultural cachet. With zoning, location, and entitlement advantages already in place, 5526 Lexington Avenue is a strategic acquisition for forward-thinking multifamily development.