16-Unit Garden-Style
For Sale
Contact for pricing
5451-5457 Whitsett Ave. / 12504-12522 Albers St., North Hollywood, CA 91607
Two-story garden-style multifamily with interior courtyards, detached garage parking, and a 1- and 2-bedroom unit mix.
Property Size13,560 SF
Lot Size0.48 Acres
Price / SF$217.55
Days on Market361
Property Features for 5451-5457 Whitsett Ave. / 12504-12522 Albers St.
General Information
Standard status
Active
Size
13,560 SF
Class
C
Lot size
0.48 Acres
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$111,663
Additional Details
Multifamily Units
16
Amenities
interior courtyards
mature landscaping
Building Details
Year Built
1952
Stories
2
Units
16
Construction
garden-style
Tenancy
Multi
Listing Agency:
Re/max One Commercial
Listed By:
Brian Hennessey · License #CA 00481388
Source:
Crexi
Added: Sep 12, 2025
Changed: Sep 3
Last Checked: Sep 1 at 11:12PM
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 Re/max One Commercial
Investment Insights
Based on property information with market context.
5451–5457 Whitsett Ave. and 12504–12522 Albers St. present a 16-unit, two-story garden-style multifamily property in Valley Village. The building configuration includes interior courtyards and mature landscaping, with unit mix comprised of twelve (12) 1-bedroom, 1-bath homes and four (4) 2-bedroom, 2-bath homes.
The property spans two addresses across Whitsett Avenue and Albers Street and is described as being positioned on a prime corner lot. The offering notes that at least two units have undergone renovations within the past 10 years.
Detached garage parking is included, and the presentation highlights the potential to pursue additional dwelling units (ADUs), supported by recent pro-housing legislation such as California AB 1211 (buyer to verify). The remarks also reference an estimated rental upside of approximately 75% and a sub-3.5% vacancy rate (estimates as stated in the provided information).
The property spans two addresses across Whitsett Avenue and Albers Street and is described as being positioned on a prime corner lot. The offering notes that at least two units have undergone renovations within the past 10 years.
Detached garage parking is included, and the presentation highlights the potential to pursue additional dwelling units (ADUs), supported by recent pro-housing legislation such as California AB 1211 (buyer to verify). The remarks also reference an estimated rental upside of approximately 75% and a sub-3.5% vacancy rate (estimates as stated in the provided information).
Key Highlights
- 16‑unit multifamily property built in 1952, offering a 1- and 2‑bedroom unit mix
- Corner lot totaling 120,909 SF across 5451–5457 Whitsett Ave and 12504–12522 Albers St
- Unit mix includes 12 one‑bedroom, one‑bath units and 4 two‑bedroom, two‑bath units
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
$218,191
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
7.40%
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%
$4,363,820
$4.4M
Cap Rate 7%
$3,117,014
$3.1M
Cap Rate 9%
$2,424,344
$2.4M
Market Conditions
NOI Build-Up for 13,560 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
$431.2K $31.80/SF
− Vacancy
−$34.5K −$2.54/SF
EGI
$396.7K $29.26/SF
− OpEx
−$178.5K −$13.17/SF
NOI
$218.2K $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%
$4,363,820
Cap Rate 7%
$3,117,014
Cap Rate 9%
$2,424,344
Alternative Uses
Best Use
Apartment 5plus
$3.12M
$2.73M – $3.64M
NOI $218,191 @ 7.0% cap · market cap 7.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.26M
$6.35M – $8.47M
NOI $508,198 @ 7.0% cap · market cap 17.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,359
Businesses Nearby
Explore this area
Business Placement
Demographics for 91607, CA
30,502
Population
14,597
Households
2.1
Avg Household Size
38
Median Age
52%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
12,201
Density / Sq Mi
$84,925
Median Household Income
$50,970
Median Earnings
$1,998
Median Rent
$1,019,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story garden-style multifamily with interior courtyards, detached garage parking, and a 1- and 2-bedroom unit mix.
Where is this apartment building located?
The property is located at 5451-5457 Whitsett Ave. / 12504-12522 Albers St. North Hollywood, CA.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 16‑unit multifamily property built in 1952, offering a 1- and 2‑bedroom unit mix; Corner lot totaling 120,909 SF across 5451–5457 Whitsett Ave and 12504–12522 Albers St; Unit mix includes 12 one‑bedroom, one‑bath units and 4 two‑bedroom, two‑bath units
