Skip to main content

Multifamily

NoHo Centre

5807 Laurel Canyon Blvd, Valley Village, CA 91607

Listing Price: $19,450,000

Cap Rate
4.02%
Number of Units
56
Price/Unit
$347,321
Price/Gross SF
$457.39
Gross SF
42,524

Investment Overview

Marcus & Millichap is pleased to announce the sale of NoHo Centre, a 56-unit multifamily complex located in the desirable Valley Village neighborhood of the San Fernando Valley. Situated on a corner lot with excellent street visibility along Laurel Canyon Boulevard, the property offers tenants the convenience to walk to the new NoHo West development and its 25 acres of retail and entertainment destinations. More than 25 percent of the apartments have been completely remodeled to include in-unit washer/dryers, stainless steel appliances, quartz countertops, wood flooring, and upgraded bathrooms. A new investor may continue this remodeling program and apply the same blueprint to the remaining units in order to capture the asset’s significant rent upside. Constructed in 1985, NoHo Centre features an impressive amenities package, with central air/heat in all units, at least one balcony in every unit (except singles), large walk-in pantries in all units, at least one garage parking space per bedroom, a laundry room on every floor, an elevator, and a landscaped courtyard. The spacious floorplans range from 729 to 812 square feet for one bedroom units, while the two bedroom units average approximately 1,027 square feet each. The property has been upgraded with a new cool roof coating, new fence, new garage paint, new security camera system, and several new air conditioning units. With the new NoHo West mega-development recently coming online, tenants are within walking distance of a new Trader Joe’s, Regal Cinemas, Starbucks, and several other national retailers. In addition, tenants can easily drive to the trendy and revitalized NoHo Arts District, just 1.6 miles away. Also within close proximity are the prestigious neighborhoods of Studio City, Sherman Oaks, and Toluca Lake, with the high-end shops and restaurants of the world-famous Ventura Boulevard just 2.2 miles south. Although the property boasts ample reserved parking, public transportation is highly accessible to tenants as well. The North Hollywood Metro Station, the Valley’s largest public transportation hub, which connects the Red Line and Orange Line, sits just 1.5 miles from NoHo Centre.

Investment Highlights

  • Only Three Blocks from New NoHo West Development – 570,000 SF Mixed-Use Development on Nearly 25 Acres, Featuring Trader Joe's, Regal Cinemas, and Starbucks
  • Not Subject to Los Angeles City Rent Control - Higher Allowable Rent Increases
  • Several Units Include In-Unit Washer/Dryers, Wood Flooring, Vaulted Ceilings, Stainless Steel Appliances, Quartz Countertops, and Upgraded Bathrooms
  • Property Features Central Air/Heat, Walk-in Pantries, Balconies, Elevator, Three Laundry Rooms, and a Landscaped Courtyard
  • Desirable Valley Village Location – Short Drive to NoHo Arts District, Studio City, Sherman Oaks, Toluca Lake, and Burbank
  • Ample Parking – Garage Spaces for 84 Vehicles
  • Corner Lot with Excellent Visibility
  • Rapidly Improving Rents – San Fernando Valley Showed Largest Rent Gain in Los Angeles County Over Past Year

Exclusively Listed By

Financing By

Listing Price: $19,450,000

Cap Rate
4.02%
Number of Units
56
Price/Unit
$347,321
Price/Gross SF
$457.39
Gross SF
42,524

Investment Highlights

  • Only Three Blocks from New NoHo West Development – 570,000 SF Mixed-Use Development on Nearly 25 Acres, Featuring Trader Joe's, Regal Cinemas, and Starbucks
  • Not Subject to Los Angeles City Rent Control - Higher Allowable Rent Increases
  • Several Units Include In-Unit Washer/Dryers, Wood Flooring, Vaulted Ceilings, Stainless Steel Appliances, Quartz Countertops, and Upgraded Bathrooms
  • Property Features Central Air/Heat, Walk-in Pantries, Balconies, Elevator, Three Laundry Rooms, and a Landscaped Courtyard
  • Desirable Valley Village Location – Short Drive to NoHo Arts District, Studio City, Sherman Oaks, Toluca Lake, and Burbank
  • Ample Parking – Garage Spaces for 84 Vehicles
  • Corner Lot with Excellent Visibility
  • Rapidly Improving Rents – San Fernando Valley Showed Largest Rent Gain in Los Angeles County Over Past Year

Investment Overview

Marcus & Millichap is pleased to announce the sale of NoHo Centre, a 56-unit multifamily complex located in the desirable Valley Village neighborhood of the San Fernando Valley. Situated on a corner lot with excellent street visibility along Laurel Canyon Boulevard, the property offers tenants the convenience to walk to the new NoHo West development and its 25 acres of retail and entertainment destinations. More than 25 percent of the apartments have been completely remodeled to include in-unit washer/dryers, stainless steel appliances, quartz countertops, wood flooring, and upgraded bathrooms. A new investor may continue this remodeling program and apply the same blueprint to the remaining units in order to capture the asset’s significant rent upside. Constructed in 1985, NoHo Centre features an impressive amenities package, with central air/heat in all units, at least one balcony in every unit (except singles), large walk-in pantries in all units, at least one garage parking space per bedroom, a laundry room on every floor, an elevator, and a landscaped courtyard. The spacious floorplans range from 729 to 812 square feet for one bedroom units, while the two bedroom units average approximately 1,027 square feet each. The property has been upgraded with a new cool roof coating, new fence, new garage paint, new security camera system, and several new air conditioning units. With the new NoHo West mega-development recently coming online, tenants are within walking distance of a new Trader Joe’s, Regal Cinemas, Starbucks, and several other national retailers. In addition, tenants can easily drive to the trendy and revitalized NoHo Arts District, just 1.6 miles away. Also within close proximity are the prestigious neighborhoods of Studio City, Sherman Oaks, and Toluca Lake, with the high-end shops and restaurants of the world-famous Ventura Boulevard just 2.2 miles south. Although the property boasts ample reserved parking, public transportation is highly accessible to tenants as well. The North Hollywood Metro Station, the Valley’s largest public transportation hub, which connects the Red Line and Orange Line, sits just 1.5 miles from NoHo Centre.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower