13-Unit Apartment Building with
New
For Sale
$2,975,000
7061 Whitsett Ave, North Hollywood, CA 91605
Two-story apartment property with gated garages, a pool, and completed seismic and plumbing improvements.
Property Size14,887 SF
Lot Size0.39 Acres
Price / SF$199.84
Days on Market3
Property Features for 7061 Whitsett Ave
General Information
Standard status
Active
Size
14,887 SF
Total Parking Spaces
13
Lot size
0.39 Acres
Property subtype
Multifamily
Zoning
R3-1
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
11 x 2BR/2BA, 2 x 3BR/2BA
Multifamily Units
13
Additional Details
Cap Rate
5.38%
Amenities
pool
41% Rental Upside Potential. Scheduled rent of $299,119 grows to $422,820 at market rents of $2,695 for the two bedrooms and $2,795 for the three bedrooms.
The two bedroom rent sits against $2,650 asked for a 929 square foot plan at 12132 Hart St, half a mile away.
Three Leases Since November 2024. Units 206, 207 and 203 average • $2,562 a month.
First Time on the Market Since 2000. One ownership since the May 2000 purchase.
Renovated Interiors on Turnover. Shaker cabinetry, stainless appliances and plank flooring in the units marketed since 2024.
Expense Upside on Turnover. Ownership carried $50,655 of utilities on the trailing twelve months; a utility bill-back on new leases and a water efficiency audit are the first year expense projects for a buyer.
New Roof Before Close of Escrow. Ownership is installing a new roof in September 2026, with the contract in the due diligence package.
Private Gated Garage for Every Unit. Thirteen detached garages on the rear alley, plus a pool. Large Units, 1,145 SF Average. Eleven 2BR/2BA of about 1,125 SF and two 3BR/2BA of about 1,250 SF.
Building Details
Building Size
14,887 SF
Year Built
1976
Buildings
1
Stories
2
Units
13
Listing Agency:
Marcus & Millichap - Encino
Listed By:
Glen Scher · License #License(s): CA: 01962976
(818) 212-2808
Source:
Marcusmillichap
Added: Sep 13
Last Checked: Sep 14 at 5:13AM
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 Marcus & Millichap - Encino
Investment Insights
Based on property information with market context.
This 13-unit apartment building contains eleven two-bedroom/two-bath residences and two three-bedroom/two-bath residences across 14,887 gross square feet. Completed in 1976, the two-story property sits on a 16,799-square-foot R3-1 lot and provides each unit with a private gated garage accessed from the rear alley. A pool serves the property. Major physical improvements include a seismic retrofit certified in 2021, copper repiping completed in 2015, and a new roof scheduled for installation. The property is subject to the Los Angeles Rent Stabilization Ordinance.
The building fronts Whitsett Ave south of Sherman Way, near Whitsett Fields Park and Valley Plaza Recreation Center, each within 500 feet. El Super is 0.4 miles east, and the Hollywood Freeway (170) is approximately 800 feet away at the Sherman Way interchange. NoHo West is 1.4 miles south, while Los Angeles Valley College is 1.8 miles southwest and the Metro B Line North Hollywood station is 2.7 miles southeast.
The building fronts Whitsett Ave south of Sherman Way, near Whitsett Fields Park and Valley Plaza Recreation Center, each within 500 feet. El Super is 0.4 miles east, and the Hollywood Freeway (170) is approximately 800 feet away at the Sherman Way interchange. NoHo West is 1.4 miles south, while Los Angeles Valley College is 1.8 miles southwest and the Metro B Line North Hollywood station is 2.7 miles southeast.
Key Highlights
- 13‑unit apartment building with eleven 2BR/2BA and two 3BR/2BA units
- 14,887 gross square feet on a 16,799 square foot R3‑1 lot
- Private gated garage for every unit, accessed from the rear alley
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
$239,544
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
8.05%
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%
$4,790,880
$4.8M
Cap Rate 7%
$3,422,057
$3.4M
Cap Rate 9%
$2,661,600
$2.7M
Market Conditions
NOI Build-Up for 14,887 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
$473.4K $31.80/SF
− Vacancy
−$37.9K −$2.54/SF
EGI
$435.5K $29.26/SF
− OpEx
−$196.0K −$13.17/SF
NOI
$239.5K $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%
$4,790,880
Cap Rate 7%
$3,422,057
Cap Rate 9%
$2,661,600
Alternative Uses
Best Use
Apartment 5plus
$3.42M
$2.99M – $3.99M
NOI $239,544 @ 7.0% cap · market cap 8.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.97M
$6.97M – $9.30M
NOI $557,931 @ 7.0% cap · market cap 18.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
13
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,714
Businesses Nearby
Explore this area
Business Placement
Demographics for 91605, CA
54,341
Population
17,206
Households
3.2
Avg Household Size
36
Median Age
22%
College-Educated
71%
High-School Grad
5.4 sq mi
ZIP Area
10,063
Density / Sq Mi
$64,539
Median Household Income
$32,751
Median Earnings
$1,736
Median Rent
$729,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Two-story apartment property with gated garages, a pool, and completed seismic and plumbing improvements.
Where is this apartment building located?
The property is located at 7061 Whitsett Ave North Hollywood, CA.
What is the asking price?
The asking price for this property is $2,975,000.
What are key features of this property?
This property features: 13‑unit apartment building with eleven 2BR/2BA and two 3BR/2BA units; 14,887 gross square feet on a 16,799 square foot R3‑1 lot; Private gated garage for every unit, accessed from the rear alley
