7061 Whitsett Ave, North Hollywood, CA 91605

Description

We are pleased to present 7061 Whitsett Ave, a 13-unit apartment property on the North Hollywood and Valley Glen border. The two-story building was completed in 1976 and holds eleven 2BR/2BA and two 3BR/2BA units, 14,887 gross square feet on a 16,799 square foot R3-1 lot. Every unit has its own gated garage on the rear alley, and there is a pool. The property is registered under the Los Angeles Rent Stabilization Ordinance.The investment case is rent upside on turnover and utility savings, with the major capital work already done. Scheduled rent of $299,119 grows to $422,820 at market, about 41% upside. The seismic retrofit was certified in 2021, the building was re-piped in copper in 2015, and a new roof goes on this month.This is the first time the property has been offered since the current ownership bought it in 2000. The three units turned since late 2024 average $2,562 a month. The offering fits value add operators and 1031 buyers.The property fronts the west side of Whitsett Ave just south of Sherman Way, in a neighborhood of 1960s and 1970s walk-up apartment buildings. Whitsett Fields Park and Valley Plaza Recreation Center are both within 500 feet. An El Super supermarket is 0.4 miles east on Sherman Way, and Walk Score rates the block 70.The Hollywood Freeway (170) is about 800 feet east at the Sherman Way interchange. NoHo West, with 742 apartments and about 800,000 square feet of office, retail and cinema, is 1.4 miles south. Los Angeles Valley College is 1.8 miles southwest, the Metro B Line North Hollywood station 2.7 miles southeast, and Valley Presbyterian Hospital 3.4 miles west.Warner Bros., Walt Disney Studios and Universal Studios Hollywood are all within 5.5 miles. ZIP 91605 is 63% renter-occupied with a median household income of $65,481. New supply is limited: 89 of the ZIP's 17,284 housing units were built in 2020 or later, and 62% were built before 1970.