5537 Lexington Avenue located in one of LA's strongest rental markets, Hollywood. Built in 1954, this eight unit complex is composed of four (4) one bedroom, one bath units and four (4) two bedroom, one bath units, totaling 6,800 SF on a 7,499 SF lot zoned LAR3.
The subject property is separately metered for gas and electricity and has been nicely maintained, there are newer windows and five units have been tastefully renovated. Situated in prime Hollywood Studio District, the property is less than one block west of N. Western Avenue and north of Santa Monica Blvd. It is conveniently accessible to all of the excellent restaurants, shopping and entertainment Hollywood has to offer, making it highly sought after by the young professional tenant. The subject property is also ideally located near the 101 freeway and approximately half mile away from the Metro Red Line Hollywood/Western station. It is deemed "very walkable," earning a walkability score of 87. Hollywood Studio District itself is the 10th most walkable neighborhood in Los Angeles. 5538 Lexington Avenue is an excellent investment opportunity with strong rental income and upside potential. It is located within a Qualified Opportunity Zone and with ¼ of a mile from the Sears Mixed Use Development that will bring 375 residential units and 265,000 sq. ft. of retail to the area. It is located in the City of Los Angeles and subject to rent control.
