*Intrinsic Value* - A rare opportunity to add 18 ADUs (10 attached, 8 detached) without sacrificing any existing parking, bringing the total unit count to 58--significantly enhancing income potential. *9.24% Intrinsic Value Cap Rate* - Reflects the property's full cash flow potential after optimizing all income streams, including the build-out… Read More of ADUs and associated construction costs. *ADU Upside Potential* - Upon execution of the ADU development plan, projected metrics include a 7.84% cap rate, 8.62 GRM, and a 20.23% average annual return over five years post-construction. *Current Financial Metrics* - Priced at just $210K per unit, the property currently delivers a 5.39% cap rate and 11.13 GRM, with 41% upside potential, excluding the value-add from proposed ADUs. *Recent Upgrades* - Copper plumbing (2004), new roof (2015), new electrical subpanels (2024), upgraded water heater system (2023). *Location Benefits* - Situated in the prime NoHo Arts District submarket, less than one mile from the North Hollywood Metro Station (Red Line and G Line). Minutes from Universal Studios, the Burbank Media District, and major employers. The area is experiencing sustained growth driven by transit-oriented development, studio expansions, and new mixed-use projects. *Tenant Appeal* - Residents enjoy a walkable lifestyle near the NoHo Arts District's restaurants, coffee shops, studios, and nightlife. With the Metro less than a mile away, the property is highly attractive to young professionals, creatives, and studio employees seeking convenience without the premium pricing of Hollywood. *Walk Score* - Very walkable with a Walk Score of 79. Tenants can live, work, and socialize with minimal reliance on a car.NOTE: This Information is conceptual only. Buyers are advised to conduct a thorough investigation and consult with professionals as to the feasibility of adding ADUs. Read Less
Courtesy of Houze Real Estate Management 323-852-1372
Listing Snapshot
Days Online
5
Last Updated
Property Type
Other
Beds
32
Square Ft.
24,098
Lot Size
0.53 Acres
Year Built
1965
MLS Number
26668899
30 Days Snapshot Of 91601
$1.15M
0%
(avg) sold price
0
-100%
homes sold
40
0%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Washer, Dryer, Elevator
Building
24,098 sq ft, Built in 1965, Levels: Two
Cooling
Wall/Window
Disclosures
None
Garage
Attached, Carport Detached
Heating
Wall
Lot
LotSizeArea: 23,190
Parking
TotalParking: 0
Property
NumberOfUnits: 40, Zoning: LAR3
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