375 Leslie Way, Highland Park CA 90042

About this property

Austin Longwell of West Shores Realty is pleased to present 375 Leslie Way, a 6-unit apartment community in the rapidly growing Highland Park submarket of Los Angeles. Offered at $1,250,000 ($208,333 per unit, $233.04 per sq ft), the property gives investors in-place income and significant rent upside. Built in 1965, the property has approximately 5,364 sq ft of building area on a 9,568 sq ft 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 the 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 Park’s most popular shopping and dining. The neighborhood’s continued growth, and strong renter demand make this a compelling opportunity to add value in one of Northeast Los Angeles’s most sought-after submarkets. - 6-unit multifamily property located in the rapidly growing Highland Park submarket of Los Angeles - Spacious 2-bedroom units with a desirable unit mix: (4) 2 Bed + 1.5 Bath units & (2) 2 Bed + 1 Bath units - Expansive 9,568-square-foot lot offers 8 on-site parking spaces, a highly desirable feature in the area, with potential for future ADU expansion - Strong existing rental income with a 5.86% CAP rate and 11.2 GRM, with market rents offering potential for an 11% CAP rate - Conveniently located within walking distance of Highland Park’s popular shopping, dining, and cultural destinations (Walk Score 81)

Property highlights

Net operating income

$75,919

Capitalization rate

5.84%

Occupancy

100.0%

Units

6

Financial information is supplied by the listing team. Review the offering documents and independently verify all figures.

Building size

5,364 SF

Lot size

0.2197 acres

Year built

1965

Zoning

LARD2

County

Los Angeles

Map position is based on listing coordinates. Confirm access, entrances, and boundaries with the listing team; the marker is not a parcel survey.