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Listed by Austin Longwell, DRE #02036524 • West Shores Realty, Inc.
$ 1,250,000
Est. payment | /mo
9,568 Sqft Lot
$ 1,250,000
Est. payment | /mo
9,568 Sqft Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRSB26230428
Year Built 1965
Lot Size 9,568 Sqft
Source California Regional MLS
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
Garage Spaces 8.0
Pool None
Building
Water District - Public
Others
Tax ID 5492006027
Special Listing Condition Not Applicable
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