We are pleased to present a 20-unit apartment building located at 5737 Lexington Ave in Hollywood's Studio District of Los Angeles. Built in 1927, the gated property consists of all studio units with a building square footage of 10,292 sq/ft. With its classic 1920s Hollywood aesthetic, the property has gone through a recent facelift to enhance the existing charm and curb appeal. Recent improvements to the property include a new security camera system, new intercom, new flooring in the lobby, and restored flooring in the hallways. Thirteen out of the twenty units have been renovated within the last three years as well. A potential investor will have the ability to renovate the remaining units as they become vacant and take advantage of the 27% upside in rents. An on-site laundry facility also provides additional income for the property. With an everchanging landscape, Hollywood continues to see an abundance of major developments in the office, retail, hotel, and residential sectors which validates the strength of the market as a whole. On the same block as the subject property, there have been multiple newly constructed residential developments completed within the last few years alone. 5737 Lexington Ave is within walking distance to the $450 million development project coined Echelon Studios. With a rise in the digital streaming space, Brain Capital Real Estate and BARDAS Investment Group will be constructing four 19,000 sq/ft sound stages, a 15,000 sq/ft flex stage, and a 90,000 sq/ft "creative village." Spanning the entire square block between Wilton Pl to St. Andrews Pl, the site will also contain 350,000 sq/ft of office space.
Courtesy of Marcus & Millichap, Sevak Keshishian,
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Data last updated 1/27/23