BRC Advisors is pleased to offer for sale a 39-Unit apartment building located at 5616 Lexington Avenue in the heart of Hollywood. The subject property was built in 1926 of wood frame and stucco, consists of 29 singles and 10 bachelors (bachelor units share common area bathrooms), and has recently undergone many capital improvements, including the renovation of approximately 40% of the units and the common areas. This is a great value-add opportunity as there is still a ton of upside as the remaining units get turned by natural attrition, or potentially by making buy-out offers to the tenants. Additionally, one can benefit from a very attractive 4.8% going in cap rate, unparalleled in today's market for this area. Historically, the property has benefited from relatively low expenses. Lastly, since the gas is master metered, an owner can raise rents by 4% annually, rather than the standard 3% for most other rent controlled apartment buildings in Los Angeles.
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The property is located in a highly sought after neighborhood of Hollywood between Santa Monica Boulevard and Sunset Boulevard, bordered by the 101 freeways and Wilton Place. It is just minutes away from the world famous Hollywood Boulevard and Highland Avenue intersection known for exciting night life, fine dining, and great entertainment venues. Transportation access is easily within reach from this location. Two Metro Red Line stations are within walking distance, located nearby (Hollywood & Western, Vermont & Santa Monica) and the 101 freeway is only less than one mile from this location.
