10850 Bloomfield St, North Hollywood, CA 91602

Description

A rare opportunity to acquire a 28-unit luxury multifamily community in one of the San Fernando Valley's most coveted residential enclaves. Completed in 2016 and held by its original developer-owner since delivery, The Bloomfield offers investors newer construction, premium finishes, and an exceptional level of pride of ownership rarely available in today's market. The property features a well-balanced unit mix of one-, two-, and three-bedroom residences, each appointed with gourmet kitchens, custom cabinetry, stainless steel appliances, hardwood and tile flooring, and full-size front-loading washers and dryers. Private balconies, controlled telephone entry, gated subterranean parking with 53 spaces, bicycle storage, and dual-pane windows round out a resident experience built for long-term retention and premium rents. The building spans approximately 40,023 gross square feet on a 17,364-square-foot lot, with concrete foundation, wood-frame construction, and central HVAC throughout. Location is central to the opportunity. Situated in the heart of Toluca Lake, the asset is minutes from Studio City, Burbank, Universal City, and North Hollywood placing residents at the center of one of Los Angeles' most dynamic employment and entertainment corridors. Major studio employers including Warner Bros., Walt Disney Studios, NBCUniversal, and Universal Studios sit just miles away, supporting consistent renter demand from entertainment and media professionals. Everyday conveniences Trader Joe's, Gelson's, Vons, CVS, and the walkable Riverside Drive restaurant and retail corridor are all within easy reach, while access to the 101, 134, and 170 freeways connects residents throughout the Valley and greater Los Angeles. Financially, the offering presents meaningful upside. Current in-place rents sit roughly 8% below market, and two vacant units offer immediate mark-to-market potential upon lease-up. With a current occupancy of approximately 89%, a disciplined lease-up strategy could quickly close the gap between in-place and market rents, driving strong forward NOI growth. The asset's newer vintage also minimizes near-term capital expenditure needs relative to older Valley product, preserving investor returns. Combining original developer ownership, modern construction, a premier Toluca Lake address, and embedded rental upside, this offering represents a durable, income-producing investment in one of Los Angeles' most supply-constrained rental submarkets.