11017 Hartsook Street, North Hollywood, CA 91601

Property Description

We are pleased to present 11017 Hartsook Street, a six-unit multifamily investment opportunity located in the heart of North Hollywood's NoHo Arts District. Over the past decade, this vibrant neighborhood has undergone significant revitalization, evolving into one of Los Angeles' premier live work and play destinations with a strong appeal to residents seeking a walkable, transit-oriented lifestyle. The surrounding neighborhood continues to benefit from significant public and private investment, supporting strong rental demand, long-term occupancy stability, and sustained appreciation potential.The property is ideally situated within walking distance of the North Hollywood Metro Station and the eclectic restaurants, cafs, boutiques, comedy clubs, and acting studios that define the NoHo Arts District. Additionally, the location provides exceptional access to many of Southern California's premier employers, including Disney, NBCUniversal, Warner Bros., and the broader Burbank Media District, making it an attractive housing option for professionals working in the entertainment and creative industries. The area is also supported by a strong healthcare employment base, with both Providence Saint Joseph Medical Center and Kaiser Permanente located nearby. The convenient connectivity to jobs in Downtown LA via the Metro Red Line subway, or the 101, 134, and 5 Freeways is another major bonus.Constructed in 1937, the property consists of three (3) one-bedroom/one-bath units, two (2) studio units, and one (1) bachelor unit encompassing approximately 2,958 square feet of rentable area on a 7,513 square foot lot. The unit mix caters to working professionals and individuals seeking an affordable housing option in one of the Valley's most dynamic neighborhoods.The asset presents investors with multiple avenues for value creation. In addition to stable in place cash flow, the property features rear alley access and three detached garages, two of which are currently vacant and may offer the potential for accessory dwelling unit (ADU) conversion (Buyer to verify). Furthermore, the property is zoned LAR4 and is located within both a Tier 2 Transit Oriented Incentive Area and a Tier 3 Transit Oriented Community, providing substantial long-term redevelopment optionality. Offered at approximately $372 per square foot, the property represents an estimated 38% discount to today's replacement cost of roughly $600 per square foot, providing investors with the opportunity to acquire an irreplaceable asset well below the cost of new construction.By right development potential is estimated at approximately 18 market rate apartment units, while additional density incentives, including ED1 and SB79 (Buyer to verify), may allow for the construction of 33 or more units. The combination of favorable zoning, proximity to a major transit hub, and continued public and private investment throughout North Hollywood positions the property for accelerated long term appreciation.11017 Hartsook Street represents a rare opportunity to acquire a well located multifamily asset with immediate income, clear operational upside, ADU potential, and exceptional redevelopment possibilities in one of Los Angeles' fastest growing submarkets. The property is offered at $183,333 per unit and $371.87 per square foot, presenting an attractive basis relative to the area's long term growth prospects and development potential.