FOR SALE
4635–4637¼ Lexington Ave
Five-home compound · East Hollywood · Built 2019, not RSO
$2,595,000
5 homes · 7,961 SF lot
Five individual homes across three detached buildings on a single 7,961 SF lot, one ownership since completion in 2019. Every lease is now signed — four on fixed term into mid-2027, one month-to-month by design. In place at $16,650.48 a month, $199,806 a year.
This page is a summary. The full listing carries the photography, floor plans and
property detail; the Offering Memorandum carries unit-level rents, resident detail
and the complete operating statement.
The memorandum carries unit-level rents, resident detail and the full operating statement, and is released to identified parties.
Rent roll · effective 2026-08-01
| 4635 |
1 BD |
1,262 SF |
Month-to-month |
| 4635½ |
1 BD |
1,276 SF |
Fixed to 2027-07-31 |
| 4637 |
1 BD |
1,269 SF |
Fixed to 2027-07-31 |
| 4637½ |
1 BD |
1,269 SF |
Fixed to 2027-07-31 |
| 4637¼ |
2 BD + Den |
1,291 SF |
Fixed to 2027-06-30 |
| Scheduled income |
$16,650.48 / mo · $199,806 / yr |
Aggregate scheduled income from the executed lease extensions. Unit-level rents, terms and resident detail are in the Offering Memorandum.
Who lives here, and who always has
Entertainment, media and creative-economy professionals — the renter this property was built for, and the one it has held since first occupancy. Very Good credit tier across the entire roll, household incomes documented at roughly three times rent on every income-verified lease, and between one and seven renewals per unit. That renewal count is the part worth reading twice — it is not a description of the resident, it is the resident's own verdict on the building.
The demand it re-leases into is not one profession. Roughly 11,600 hospital staff work within a mile of the front door, and the studio economy sits a mile and a half west. A home here is walkable to both.
Resident names, employers and incomes are withheld here and release with the diligence package.
Nothing has to change on close
The management that has run this property since its first tenancy can stay in place — the same people, the same standard, the same residents. Bauhaus will sign a two-year agreement at 4% of collected income with an $8,000 annual minimum, priced to begin a relationship rather than to maximise a fee. If you would rather bring your own manager, the property trades exactly the same. The memorandum models management at 6%; at these terms that is $3,629 a year of additional net operating income — 4.69% to 4.83% going in.
- Offered under a separate written property management agreement.
- Not a condition of sale. The property may be purchased without it.
- Terms subject to the executed agreement; nothing here is an offer to contract.
A cap rate prices income. It does not price what happens when income stops.
Going in at 4.69% — 4.83% with the management agreement — reads like the rest of the submarket. It is not the same object.
A cap rate is computed on a vacancy assumption. What matters is what ONE vacancy actually costs. Five separate homes divide that shock five ways.
| Structure |
One vacancy |
60-day cost |
Yield removed |
| This property — 5 separate homes |
One vacancy = 20% of income |
$6,569 |
24 bps |
| A 4-unit comparable |
One vacancy = 25% of income |
$8,211 |
29 bps |
| A 2-unit comparable |
One vacancy = 50% of income |
$16,422 |
59 bps |
| A single-tenant asset |
One vacancy = 100% of income |
$32,845 |
118 bps |
Cost of one 60-day vacancy, and the going-in yield it removes, holding every other assumption constant. Losing half of this property's income takes two simultaneous vacancies; at a duplex it takes one.
Direction of travel
A rent-stabilized comparable has its increases capped by ordinance while its taxes, insurance and repairs are not — a capped offset against an uncapped cost. 2019 construction — Certificates of Occupancy issued 24 June 2019 — places this property outside the Los Angeles Rent Stabilization Ordinance, and the AB 1482 new-construction exemption runs fifteen years from the certificate of occupancy, subject to statutory tenant-notice compliance and to buyer verification. The same cost exposure, without the cap on the offset.
What it re-leases into
When a home turns, the demand it re-leases into is not one economy. Roughly 11,600 hospital staff work within a mile — Children's Hospital at 0.29 miles, Kaiser Permanente at 0.36 — alongside the studio economy a mile and a half west. In 2023 one of those two contracted sharply and the other did not.
Illustrative arithmetic on the assumptions stated, not a forecast and not a representation about any other property. Buyers should verify independently.
Eric Cuevas, DRE #01916371, Bauhaus Real Estate Sales — powered by eXp Realty, Broker of Record: eXp Realty of California, Inc.
Price and availability current as of 2026-08-21; subject to change without notice.
