11347 Emelita ST

NORTH HOLLYWOOD, CA, 91601

$2,695,000

$420 per ft²
$2,695,000
$420 per ft²
Pending
Pending
 - For Sale
beds
12 Beds
baths
7 Baths
carpenters-square
6,408 ft²
property_type
Multi-family
calendar
Built 1963
11347 Emelita St is a 7-unit building in the NoHo Arts District that has been extensively renovated (5 of 7 units fully remodeled) and boasts an outstanding current cap rate of 4.69%. These gorgeously updated 2 bedroom and 1 bedroom units quickly achieved market rents of $2,495 for the 2 bedrooms and $2,195 for the 1 bedrooms. In addition to the already strong return, this property boasts major upside potential- with 2 remaining units under market rent, there is room to boost the return to 5.71% ($2,519 more in monthly rent)! Additionally, there may be potential to add ADU s above the carport, an addition that would generate further income (buyer to do their own due diligence). There is also a large storage room that can certainly bring additional income- be that via an additional ADU conversion, paid storage or an extra room rental. With small new construction developments going for the high $2 millions and beyond, this is your chance to buy as close to new as possible while locking in an unheard of price per door of $385,000 and price per square foot of $420.57! 11347 Emelita is made up of five 2 bedroom, 1 bathroom units and two 1 bedroom, 1 bathroom units. All seven units are enormous and have very open, spacious floorplans. This property is rich with amenities, including: upscale stainless steel appliances in 5/7 units, quartz countertops, vinyl floors in the new units and hardwood floors in the non-updated units, a laundry room generating approximately $100 in additional income a month, a massive storage unit currently set up as a gym, 8 smaller storage units in the carport, 7 parking spaces (4 carport, 3 surface), new windows and doors throughout the whole property, mini splits and new wall units in the renovated units, a resealed roof, and new electrical subpanels. Another huge bonus is that 5 of the 7 units are on RUBS- in addition to paying electric and gas individually, tenants also pay for their portion of water/sewer and trash, making the expenses very light on this property! This impressive compound is located 5 minutes from both the heart of the NoHo Arts District and NoHo West- a dream come true for renters.
MLS® ID:
BB22218205MR
Listed:
10/9/22
Updated:
12/6/22
Coldwell Banker Realty
Barry Dantagnan

Interior Features

Total Bedrooms
12
Total Bathrooms
7
Laundry Description
Community
Fireplace
None

Exterior/Building Features

Lot Size
7,699 ft² lot
Sewer
Public Sewer

Other Property Details

Taxes
$32318
Tax Frequency
per YEAR
Garage
No
Parking
N
Parking Total
7.0
View
Y
County
Los Angeles
Water Source
Public
Pool
No
Pool Description
None
Total Stories
2
Zoning
LARD2

Property History

Date
Event
Price
Value
11/7/22
Pending
-
-
10/17/22
Price Change
$2,695,000
-2%

Courtesy of The 2-4 Unit Specialists, Elizabeth Maddox,
Listing Contact:  

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Barry Dantagnan shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2022 Combined L.A./Westside MLS. All rights reserved.

Data last updated 12/6/22

Coldwell Banker Realty
Barry Dantagnan
Contact