The Property

5627 Lexington Avenue is a 12 unit apartment community located just south of Fountain Ave, in the neighborhood of Hollywood. With 8,670 SF of rentable area, the subject property features (1) two-bedroom / one-bathroom unit and (11) one-bedroom / one-bathroom units. A new roof was installed in 2012 and the plumbing is copper. Additionally, the property provides 11 secured gated parking spaces.

Stats

Year Built 1958

City East Hollywood

Sq. ft. 8,670 SF

Units 12

Current CAP 3.84%

Proforma CAP 6.31%

Lot Size 7,492 SF

Zoning LAR3

The Solution

Our client owned a 12-unit property in a rapidly developing location of East Hollywood. Not looking to aggressively seek “buyouts” and relocate tenants, the seller felt confident he had maximized the value of the property and wanted to trade into another value-add property that would generate greater cash flow and return on equity.

The Result

Within the first few weeks, the seller was thrilled to accept an offer at the listed price. He is currently an active exchange buyer cooperating with agents from all brokerages to locate an effective upleg that will meet his financial goals. Meanwhile, the buyer is thrilled to acquire a property with notable upside and assumed great interest-only financing.

Kenny allowed me to move on with selling my property as quickly as possible. During a time of regulatory change, his real estate knowledge was able to time the markets perfectly to get me the best return on my investment.  I look forward to continuing my future business projects with him!

- Rick Sam

I wanted to reach out and thank you for donating a share of your Ridgewood commission to A Place Called Home. When Selwyn told me that he had asked, and you agreed I was overwhelmed. A Place Called Home ( APCH) is a cause dear to my heart. I have sat on the board for the last five years and this June I will become the Chairwoman. Thank you for your great service,  and  I look forward to many more deals down the road.

- Barbara Glazer

I chose to hire Kenny over the other agents because of his dedication and persistence over the years, as well as his keeping me abreast of current market trends.  I was extremely happy with the price he got us, and over all I would say his team performed brilliantly.

- 431 Marine St. (Seller)