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$1,250,000
Est. payment /mo
9,570 Sqft Lot
UPDATED:
Key Details
Property Type Other Types
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB26230428
HOA Y/N No
Year Built 1965
Lot Size 9,570 Sqft
Property Sub-Type Apartment
Property Description
We are pleased to present 375 Leslie Way, a 6-unit apartment community in the rapidly growing Highland Park sub-market of Los Angeles. Offered at $1,250,000 ($208,333 per unit, $233.04 per sq ), the property gives investors in-place income and significant rent upside. Built in 1965, the property has approximately 5,364 sq of building area on a 9,568 sq lot. The unit mix is all two-bedrooms, four 2 bed + 1.5 bath units and two 2 bed + 1 bath units, which is highly desirable for Highland Park renters. The oversized lot provides ample parking, a rare feature in this neighborhood, as well as potential for ADU expansion. Tenants pay gas and electric. The property is currently operating at a 5.86% cap rate and 11.26 GRM. Current rents range from $1,025 to$1,920, compared with projected market rents of $2,500 for the 2+1.5s and $2,300 for the 2+1s. At market rents, net operating income grows from $73,217 to an estimated $138,340, a 11.07% cap rate and 6.99 GRM.375 Leslie Way has a Walk Score of 81 and is within walking distance of some of Highland Parks most popular shopping and dining. The neighborhoods continued growth, and strong rental demand make this a compelling opportunity to add value in one of Los Angeles's most sought-after submarkets.
Location
State CA
County Los Angeles
Area 632 - Highland Park
Interior
Fireplace No
Laundry None
Exterior
Pool None
Community Features Street Lights, Sidewalks
Total Parking Spaces 8
Private Pool No
Building
Lot Description 0-1 Unit/Acre, Yard
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 5492006027
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Special Listing Condition Standard
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Listed by Austin Longwell West Shores Realty, Inc. 626-408-4420, DRE #02036524
Nearby Locations
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