OFFERS DUE 8/30 at 2 PM | 11751 Hart St
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OFFERS DUE 8/30 at 2 PM 11751 Hart St
11 Unit Apartment Building $2,499,000 ($227,182/Unit) 6.10% Cap Rate North Hollywood, CA 91605
Investment Highlights
- Great Unit Mix Comprised of 9 (2 bed + 2 bath) / 2 (1 bed + 1 bath) Units
- Conveniently Located Within Minutes to the 170, 134 and 5 Freeways
- First Time on the Market in Almost 20 Years
- Soft-Story Seismic Rertrofit Completed in 2020
- Gentrifying Location with Major Corporations and Shopping Centers Being Established (NOHO West, Target, Starbucks, Trader Joe's)
Executive Summary
Enrique Viramontes and Luis Morales are pleased to present the exclusive sale of the Hart Street Apartments, a remarkable multi-unit property boasting an impressive 11 units. Featuring a desirable mix of 9 spacious two-bedroom, two-bath apartments and 2 one-bedroom, one-bath units, this offering presents an exceptional investment opportunity.
Hitting the market for the first time in nearly two decades, this meticulously maintained property showcases impeccable upkeep throughout the owner's tenure. The recently refreshed front landscaping enhances the property's already captivating curb appeal, while tenant amenities such as an on-site laundry room, secure parking with dedicated spaces, completed soft-story retrofit with compliance certification, and secured entry provide added convenience and peace of mind.
Ideally situated in a thriving area that has attracted numerous notable corporations, including Target, NoHo West, Starbucks, and Trader Joe's, this property offers unparalleled accessibility to supermarkets, fitness centers, public transportation, hospitals, and schools. With an incredible "TRUE" cap rate of 6.10% and a GRM of 9.55, this highly sought-after investment presents a rare opportunity to capitalize on the market's potential.
ALL OFFERS MUST BE SUBMITTED WITH POF AND ARE DUE FRIDAY, AUGUST 30TH, BY 2 PM.
Hitting the market for the first time in nearly two decades, this meticulously maintained property showcases impeccable upkeep throughout the owner's tenure. The recently refreshed front landscaping enhances the property's already captivating curb appeal, while tenant amenities such as an on-site laundry room, secure parking with dedicated spaces, completed soft-story retrofit with compliance certification, and secured entry provide added convenience and peace of mind.
Ideally situated in a thriving area that has attracted numerous notable corporations, including Target, NoHo West, Starbucks, and Trader Joe's, this property offers unparalleled accessibility to supermarkets, fitness centers, public transportation, hospitals, and schools. With an incredible "TRUE" cap rate of 6.10% and a GRM of 9.55, this highly sought-after investment presents a rare opportunity to capitalize on the market's potential.
ALL OFFERS MUST BE SUBMITTED WITH POF AND ARE DUE FRIDAY, AUGUST 30TH, BY 2 PM.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$259,150
|
$18.44
|
| Other Income |
$2,400
|
$0.17
|
| Vacancy Loss |
$7,847
|
$0.56
|
| Effective Gross Income |
$253,703
|
$18.06
|
| Taxes |
$31,586
|
$2.25
|
| Operating Expenses |
$69,645
|
$4.96
|
| Total Expenses |
$101,231
|
$7.20
|
| Net Operating Income |
$152,472
|
$10.85
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $259,150 |
| Annual Per SF | $18.44 |
| Other Income | |
|---|---|
| Annual | $2,400 |
| Annual Per SF | $0.17 |
| Vacancy Loss | |
|---|---|
| Annual | $7,847 |
| Annual Per SF | $0.56 |
| Effective Gross Income | |
|---|---|
| Annual | $253,703 |
| Annual Per SF | $18.06 |
| Taxes | |
|---|---|
| Annual | $31,586 |
| Annual Per SF | $2.25 |
| Operating Expenses | |
|---|---|
| Annual | $69,645 |
| Annual Per SF | $4.96 |
| Total Expenses | |
|---|---|
| Annual | $101,231 |
| Annual Per SF | $7.20 |
| Net Operating Income | |
|---|---|
| Annual | $152,472 |
| Annual Per SF | $10.85 |
Property Facts
| Price | $2,499,000 | Building Class | C |
| Price Per Unit | $227,182 | Lot Size | 0.25 AC |
| Sale Type | Investment | Building Size | 14,051 SF |
| Cap Rate | 6.10% | Average Occupancy | 99% |
| Gross Rent Multiplier | 9.55 | No. Stories | 2 |
| No. Units | 11 | Year Built | 1964 |
| Property Type | Multifamily | Parking Ratio | 1/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $2,499,000 |
| Price Per Unit | $227,182 |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| Gross Rent Multiplier | 9.55 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.25 AC |
| Building Size | 14,051 SF |
| Average Occupancy | 99% |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 1/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Storage Space
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 9 | $2,113 | 800 - 1,000 |
| 1+1 | 2 | $1,217 | 500 - 600 |
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Walk Score ®
Very Walkable (70)
Bike Score ®
Very Bikeable (71)
PROPERTY TAXES
| Parcel Number | 2321-007-032 | Total Assessment | $1,884,887 |
| Land Assessment | $1,182,161 | Annual Taxes | $31,586 ($2.25/SF) |
| Improvements Assessment | $702,726 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
2321-007-032
Land Assessment
$1,182,161
Improvements Assessment
$702,726
Total Assessment
$1,884,887
Annual Taxes
$31,586 ($2.25/SF)
Tax Year
2024
zoning
| Zoning Code | R3 |
| R3 |
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OFFERS DUE 8/30 at 2 PM | 11751 Hart St
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