375 Leslie, Los Angeles, CA 90042
375 Leslie, Los Angeles, CA 90042
375 Leslie, Los Angeles, CA 90042
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The Warburton Team Brokered By EXp

The Warburton Team Brokered By EXp

+1(626) 630-2141
$1,250,000
Est. payment /mo
9,570 Sqft Lot
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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

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