Multifamily Property in North Hollywood
SOLD: $3,400,000 CAP RATE: 6.69% GRM: 12.13 PRICE PER SQUARE FOOT: $460
10828 Hesby Street is a brand-new, 100% fully leased luxury 5-unit multifamily property located in the heart of North Hollywood, just minutes from Toluca Lake and Studio City and within walking distance to the vibrant NoHo Arts District.
This non-rent-controlled asset offers an ideal unit mix consisting of one 5-bedroom, two 4-bedroom, and two 2-bedroom units, each thoughtfully designed with open floorplans, in-unit laundry, premium stainless steel appliances, and large windows that flood the interiors with natural light. The 5-bedroom unit is leased at $6,000, both 4-bedroom units are leased at $5,250 each, the 2-bedroom/3-bath unit is leased at $3,750, and the 2-bedroom/2-bath ADU is rented at $3,100, for approximately $280,200 in annual rental income.
Tenants pay for all utilities, keeping operating expenses low, and the property comes with a one-year builder's warranty. With seven dedicated parking spaces, the building offers excellent convenience. Prime location near major studios, with easy access to dining, cafes, entertainment options and freeways.
Investment Highlights
100% FULLY LEASED
EXCELLENT 1031 Exchange opportunity – low maintenance, high-yield asset
BRAND-NEW construction with premium modern finishes throughout
NO Rent Control – AB1482 Exempt
SITUATED in prime North Hollywood (NoHo) – a highly desirable location attracting quality tenants
SPACIOUS in-unit laundry rooms with washers and dryers included
IDEAL UNIT MIX: (1) 5-bedroom, (2) 4-bedrooms, and (2) 2-bedrooms
Exclusively Listed & Sold By:
David Saghian
(310) 401-1559
dsaghian@lyonstahl.com
About This Sale
The Saghian Group (Lyon Stahl) sold 10828 Hesby St, a 5-unit apartment building in North Hollywood, for $3,400,000. The price reflected a 6.69% cap rate, a 12.13 GRM, $680,000 per unit and $460 per square foot.
The brand-new building has one 5-bedroom, two 4-bedroom and two 2-bedroom units (one of them a 2-bed/2-bath ADU), each with in-unit laundry. It is not subject to rent control (AB 1482 exempt), tenants pay all utilities, and it has seven dedicated parking spaces.
The property was exclusively listed and sold by David Saghian.
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David Saghian leads The Saghian Group (Lyon Stahl), a Los Angeles multifamily team with a $425M+ track record.