Description

We are pleased to present 11840 Kittridge Street, a 46-unit value-add apartment building constructed in 1963 and located in North Hollywood, California. Current rents are approximately 29% below market providing a new investor the opportunity to renovate units and common areas in order to maximize rental income. The property features a favorable unit mix consisting of (11) one-bedroom/one-bathroom units, (34) two-bedroom/two-bathroom units and (1) three-bedroom/two-bathroom unit. Units feature air-conditioning and generous size bedrooms. Select units feature grey hardwood style flooring, stylish honeycomb tile floors in the kitchen and bath, granite counters and modern black appliances, including a stove and microwave. Property amenities include secured access, gated/covered parking, pool with patio area and laundry facility. The 39,111 square foot building sits on a large 1.04 acre lot that is LAR3 zoned. 11840 Kittridge Street is located in North Hollywood, one of the strongest rental submarkets in the San Fernando Valley with historically low vacancy rates. The property boasts a Walk Score of 81 as it is walking distance to grocery stores, restaurants and retail on both Laurel Canyon Boulevard and Lankersheim Boulevard. The property is just a few miles from the trendy NoHo Arts District which features hip restaurants, retail, cafes and bars. The property is located 1.9 miles from the North Hollywood Metro Red Line Station providing easy rail access to Hollywood, Koreatown, Downtown LA and beyond. The property is also close to the 170, 101 and 5 freeways for commuters heading to job centers such as Woodland Hills, Sherman Oaks, Glendale, Hollywood and Downtown LA.