6423 Lexington Ave · Los Angeles, CA 90038

$2,399,000

17 bd · 10.0 ba · 7,449 sqft · MultiFamily public records · 29 Days on market

Built 1959 6,915 sqft lot Est $3039k · 21% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Welcome to this exceptional opportunity in the heart of the Hollywood Media District one of L. A. 's most vibrant and sought-after rental markets. This 8-unit apartment building, offers a rare blend of in-place income, value-add potential, making it an incredible investment! Located in a walkable, high-demand neighborhood surrounded by new multifamily developments, mixed-use projects, and entertainment-focused facilities like movie studios and post-production houses, 6423 Lexington is perfectly positioned to attract tenants seeking a vibrant urban lifestyle in the heart of Hollywood. To be delivered vacant, located on Lexington, the largest unit is a 4 bedroom 2.5 baths (or 3 Bed + studio (

Key facts

• Gated tandem parking
• Secure outdoor patio
• 6,915 sq ft lot

Tags

• GATED TANDEM PARKING
• SECURE OUTDOOR PATIO
• WALKABLE NEIGHBORHOOD

Property features AI

Finance

• Other: Rent control disclosure; Property sold As Is
• Financial info: Property is an 8-unit complex; Gross operating income reported; Net operating income reported; Laundry income reported; Owner-occupied expenses include insurance, water, maintenance, supplies; Listing terms: Cash to new loan; Vacancy information included

Exterior

• Parking: Total of 8 parking spaces; 6 covered parking/carport spaces; Carport attached, covered parking
• Security: Gated entry; Window bars; Smoke and carbon monoxide detection
• Utilities: Water service paid by owner; Electricity paid by tenants
• Home design: Residential income property; Two-level building
• Construction: Water heaters present
• Exterior features: Corner lot; Front yard; Fenced yard; No other structures

Interior

• Kitchen: Range/oven in units; Freezer available; Refrigerators provided (8 total)
• Bedrooms: One 4-bedroom unit; Seven 2-bedroom units
• Bathrooms: One unit with 2 bathrooms; Seven units with 1 bathroom each
• Heating & cooling: Central heating; Wall heating; Wall unit cooling
• Interior features: Gated property; Window security bars; Carbon monoxide detectors; Fire and smoke detection system; Smoke detectors
• Laundry & utility: On-site laundry room; Washer available; Owner pays water; Tenants pay electricity; Water heaters on site

What this means for you Summary

Snapshot

• This is a 8 × 4.0-bed/2.5-bath units multifamily listed at $2.40M.

Deal economics

• At list price, monthly cash flow is $12k ($144k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($36k rent vs $2.40M).
• Recommended offer: $2.36M (1.5% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 2.1% in Los Angeles — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#273 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment B; Watch: health & safety C-, schools D+, crime F.
• Los Angeles Unified (urban): math 29% / reading 54% proficiency, ranked #223 of 517 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 87 active listings in the ZIP; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $36,210/mo this rent would consume 707% of the median local household income ($61k/yr) (locally 4038% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $17k of loan paydown is wiped out by about $72k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.7% rent growth), your $672k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($2.36M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,363,015 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.51% ✓
• Cap rate: 12.31%
• Cash-on-cash: 21.49%
• DSCR: 1.96
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $3,039,192
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6136 Eleanor Ave	0.31mi	16/8.0 (-1)	7,600 (+2%)	6mo	$2,100,000	$276	64
6042 Barton Ave	0.41mi	16/16.0 (-1)	7,470 (+0%)	12mo	$3,050,000	$408	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.67% rent growth · sell at horizon

5-year hold

• IRR: 11.4%
• Equity multiple: 1.44×
• Total profit: $294,845
• Equity at exit: $357,699

10-year hold

• IRR: 18.5%
• Equity multiple: 2.37×
• Total profit: $920,420
• Equity at exit: $207,422

Cash invested: $671,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City Los Angeles: 0 Strongly Tenant-Friendly · D+22

LARSO + JCEO 2023; relocation for substantial remodel evictions.

Methodology + full state rankings →

ZIP-level market 90038

• Rents YoY: 0.7%
• Active inventory: 87
• Price-to-rent: 44.2×

Monthly cashflow live

• Estimated rent: $36,210 high
• Mortgage (P&I): −$12,581
• Tax est. 1.5%: −$2,999 /mo · $35,985/yr
• Insurance: −$1,000
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,604
• Net cashflow: $12,027

Break-even live

Break-even rent $20,986

Max offer price $2,399,000

Occupancy floor 62%

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 8× units	4.0	2.5	$36,208
Total (8 units)			$36,210

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $599,750
• Closing costs: $71,970
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $2,399,000 Active 29 DOM
2. 2026-06-17
   days on market $2,399,000 Active 28 DOM
3. 2026-06-16
   days on market $2,399,000 Active 27 DOM
4. 2026-06-15
   days on market $2,399,000 Active 26 DOM
5. 2026-06-13
   days on market $2,399,000 Active 24 DOM
6. 2026-06-09
   days on market $2,399,000 Active 20 DOM
7. 2026-06-08
   days on market $2,399,000 Active 19 DOM
8. 2026-06-07
   days on market $2,399,000 Active 18 DOM
9. 2026-06-04
   days on market $2,399,000 Active 15 DOM
10. 2026-06-03
    days on market $2,399,000 Active 14 DOM
11. 2026-06-02
    days on market $2,399,000 Active 13 DOM
12. 2026-06-01
    days on market $2,399,000 Active 12 DOM
13. 2026-05-31
    days on market $2,399,000 Active 11 DOM
14. 2026-05-19
    listed $2,399,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥90°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $434,520
• − Mortgage interest: −$134,381
• − Property taxes: −$35,985
• − Insurance: −$11,995
• − Repairs & maintenance: −$34,762
• − Management: −$34,762
• − Depreciation: −$69,789
• Taxable income: $112,846
• Est. tax owed @ 24.0%: −$27,083
• After-tax cash flow: $117,240/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Los Angeles Unified
• NCES district ID: 0622710
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 54% ▲ 10.00%
• Median HH income: $50,403
• Composite: 35.67/100
• National rank: #4875
• State rank: #223 of 517 in CA

Livability — Los Angeles

• Score: 68/100
• State rank: #273
• US rank: #9237

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment B Housing B- Health & safety C- User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Los Angeles, CA
• County: Los Angeles County · 9,444,647 people
• City population: 3,838,149
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 27,127
• Household income: $61,454
• Rent vs Own: 91.8% rent · 8.2% own
• Severe rent burden: 4038.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 49% White 31% Two or more races 15% Asian 7% Black 7% Native American 2%
• Hispanic origin (detail): Mexican 21%
• Common ancestry: Romanian 2% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 39% · Canada, South Korea, Jamaica
• Languages at home: 44% English-only · Spanish 43% Other Indo-European 4% Tagalog/Filipino 2%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -461.01%
• Current HPI: 349.1001
• Rent YoY: ▲ 0.67%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

1 event — show timeline

• 2026-05-19 Listed $2,399,000 TheMLS

Property tax history

+1.8%/yr

Latest (2025): $4,504 · +3.5% YoY. Source: county tax records.