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.