Description

5629 Cleon Ave is a fully leased four-unit multifamily investment opportunity located on a quiet, tree-lined street in one of North Hollywood's most desirable pockets just moments from the NoHo Arts District. The property has recently been stabilized at 100% occupancy, providing investors with immediate cash flow from day one. Two of the four units have been leased on brand-new 2026 lease agreements, reducing near-term turnover risk while providing predictable income. The property's efficient four one-bedroom unit mix continues to attract strong tenant demand in one of Los Angeles' most sought-after rental submarkets. A standout feature of the offering is Unit D, which recently underwent an extensive renovation including updated flooring, countertops, designer bathroom finishes, and new appliances. Following completion of the renovation, the unit leased in just two days, demonstrating the strong rental demand and rent potential for upgraded units in the area. In addition to stable in-place income, the property offers meaningful value-add potential. Two units are currently leased below market rents, providing a clear path for future revenue growth through natural tenant turnover and rental increases. Current rents average $2,022 per month compared to an estimated market rent of approximately $2,250 per unit, creating built-in upside for future ownership. The property further benefits from separately metered gas and electric, on-site parking, recent exterior improvements including fresh paint and new landscaping, and a low-maintenance operating profile. Ideally located near the NoHo Arts District, North Hollywood Metro Station, Universal Studios, Warner Bros., and Disney, 5629 Cleon Ave presents a rare opportunity to acquire a stabilized asset with both strong current income and future upside in one of Los Angeles' most dynamic rental markets.