11040 Hesby St. North Hollywood, CA 91601
Multifamily Property in North Hollywood
SOLD: $6,650,000 CAP RATE: 4.87% GRM: 13.24 PRICE PER SQUARE FOOT: $456
Beautifully remodeled 19 unit apartment building located in the trendy NoHo Arts District with No Rent Control. All 19 units’ interiors & common areas have been remodeled to condo quality.
The complex has been rebranded with strategic exterior enhancements and details. Spacious and efficient floor plans with well-appointed living areas. The subject property consists of a 3-story wood frame apartment complex built in 1986 on a 12,654 square foot lot. Unit mix of 1 single, 10- 1 bed/ 1-bath, 8- 2 bed/ 2-bath all with modern kitchens, stainless steel appliances, upgraded bathrooms with tiled bathrooms and luxury fixtures.
Onsite gated access parking for 29 cars. Large secure lobby area with LED lighting and intercom. Large laundry room and roof top deck. The property is located in an emerging area and is in the vibrant NoHo Artist District. Just blocks away from Metro Line stations this neighborhood is the epicenter of the “urbanization” Los Angeles and allows ease of movement throughout the city.
NoHo appeals to Millennials, who prefer to live, work and play in one place. No earthquake retrofit needed.
Investment Highlights
19 Units built in 1986 - Not subject to LA City Rent Control (RSO), only statewide rent control (AB1482)
Great North Hollywood Arts District Location - Very dense rental population
32 on-grade gated parking spaces for tenants
Good unit mix of studio, one, and two bedrooms - Upside potential
Zoned LAR4 - Beautiful corner lot, with alley access for gated parking
Walking distance to plenty of shops and restaurants in Noho
Listed & Sold By:
Tony Sameyah
(310) 749-4475
tony@lyonstahl.com