Zoned R-3 Eight-Unit
For Sale
$2,500,000
11414 Calvert Street, North Hollywood, CA 91606
An eight-unit apartment building on a 31,730 sf R-3 lot with existing income and options for entitlement or ADUs.
Property Size5,224 SF
Lot Size0.73 Acres
Price / SF$478.56
Days on Market86
Property Features for 11414 Calvert Street
General Information
Standard status
Active
Size
5,224 SF
Lot size
0.73 Acres
Property subtype
Lots/Land
Zoning
R-3
Occupancy
75%
Additional Details
Highway Access
Yes
Multifamily Units
8
Building Details
Year Built
1955
Tenancy
Multi
Listing Agency:
Equity Union
(818) 640-4360
Listed By:
Cindy Hill · License #00885625
(818) 640-4360
Source:
Exitrealty
Added: May 19
Changed: Aug 8
Last Checked: Aug 11 at 5:49AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Equity Union
Investment Insights
Based on property information with market context.
The property is an eight-unit apartment building constructed in 1955, situated on a 31,730 sf lot zoned R-3. Six of the units are currently rented. The unit mix includes (2) studio units, (2) 1+1 units, (3) 2+1 units, and (1) 3+2 unit, for a total of 5,224 rentable square feet. For a buyer, the R-3 zoning supports either keeping the existing structure for continued rental income or pursuing added entitlements and ADUs.
Located in North Hollywood, the property benefits from proximity to public transportation, including Metro rail at the North Hollywood Red Line and Orange Line bus ways. Residents also have convenient access to the 101, 170, and 134 freeways. North Hollywood’s NoHo Arts District is described as an expanding, pedestrian-friendly urban village with shopping, dining, theaters, art galleries, cafes, music recording venues, and shops.
This offering is well suited for investors seeking an occupied, income-producing multifamily asset while evaluating a development path under R-3 zoning. It also fits developers and builders looking to preserve some rental income during the entitlement process or to add ADUs alongside the existing building.
Located in North Hollywood, the property benefits from proximity to public transportation, including Metro rail at the North Hollywood Red Line and Orange Line bus ways. Residents also have convenient access to the 101, 170, and 134 freeways. North Hollywood’s NoHo Arts District is described as an expanding, pedestrian-friendly urban village with shopping, dining, theaters, art galleries, cafes, music recording venues, and shops.
This offering is well suited for investors seeking an occupied, income-producing multifamily asset while evaluating a development path under R-3 zoning. It also fits developers and builders looking to preserve some rental income during the entitlement process or to add ADUs alongside the existing building.
Key Highlights
- 31,730 sf lot zoned R‑3 with an existing 8‑unit apartment building and current rental income
- Unit mix includes 2 studio units, 2 (1+1) units, 3 (2+1) units, and 1 (3+2) unit
- Building constructed in 1955; total rentable area is 5,224 SF
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$84,058
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.36%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,681,160
$1.7M
Cap Rate 7%
$1,200,829
$1.2M
Cap Rate 9%
$933,978
$934.0K
Market Conditions
NOI Build-Up for 5,224 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$166.1K $31.80/SF
− Vacancy
−$13.3K −$2.54/SF
EGI
$152.8K $29.26/SF
− OpEx
−$68.8K −$13.17/SF
NOI
$84.1K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,681,160
Cap Rate 7%
$1,200,829
Cap Rate 9%
$933,978
Alternative Uses
Best Use
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $84,058 @ 7.0% cap · market cap 3.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.80M
$2.45M – $3.26M
NOI $195,784 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,798
Businesses Nearby
Explore this area
Business Placement
Demographics for 91606, CA
43,955
Population
16,563
Households
2.7
Avg Household Size
38
Median Age
27%
College-Educated
78%
High-School Grad
3.3 sq mi
ZIP Area
13,320
Density / Sq Mi
$66,884
Median Household Income
$36,497
Median Earnings
$1,744
Median Rent
$801,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - An eight-unit apartment building on a 31,730 sf R-3 lot with existing income and options for entitlement or ADUs.
Where is this apartment building located?
The property is located at 11414 Calvert Street North Hollywood, CA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 31,730 sf lot zoned R‑3 with an existing 8‑unit apartment building and current rental income; Unit mix includes 2 studio units, 2 (1+1) units, 3 (2+1) units, and 1 (3+2) unit; Building constructed in 1955; total rentable area is 5,224 SF
