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Listed by Austin Longwell • West Shores Realty, Inc.
$1,250,000
Est. payment /mo
5,364 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 5,364 sqft
Price per Sqft $233
MLS Listing ID SB-26230428
Year Built 1965
Lot Size 9,568 Sqft
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
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
Laundry None
Exterior
Pool None
Community Features Sidewalks, Street Lights
Building
Lot Description Yard, 0-1 Unit/Acre
Sewer Public Sewer
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John R Thompson
Broker/Owner License ID: 01200900
Broker/Owner License ID: 01200900