Three-Unit Live-Work
New
For Sale
$949,000
6041 Cleon Ave, North Hollywood, CA 91606
Separate living and work areas are complemented by a detached storage building and delivery of all structures vacant.
Property Size1,745 SF
Price / SF$543.84
Days on Market2
Property Features for 6041 Cleon Ave
General Information
Standard status
Active
Size
1,745 SF
Property subtype
Multi-Family
Zoning
LARD1.5
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
gated
Building Details
Year Built
1953
Listed By:
Accardo Real Estate Associates - AREA
(310) 686-9361
Source:
Naylorproperties
Added: Sep 26
Last Checked: Sep 26 at 3:22PM
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 Accardo Real Estate Associates - AREA
Investment Insights
Based on property information with market context.
This 1,745-square-foot live-work property comprises three independent units and a detached storage building. The front structure has high ceilings, substantial storage, a utility room and a half bath. The central home contains three bedrooms and one bathroom, with two entrances and private patios at the side and rear. A separate residence at the back includes one bedroom, one bathroom, a kitchen, laundry area and outdoor space. The storage building adds another detached structure to the property.
The site is gated and zoned LARD1.5. The property is in North Hollywood, minutes from the NoHo Arts District, with dining, retail, entertainment, major studios, public transportation and freeway access nearby. All structures are to be delivered vacant at close of escrow.
The site is gated and zoned LARD1.5. The property is in North Hollywood, minutes from the NoHo Arts District, with dining, retail, entertainment, major studios, public transportation and freeway access nearby. All structures are to be delivered vacant at close of escrow.
Key Highlights
- Three independent units across 1,745 SF
- LARD1.5‑zoned parcel with gated access
- Central residence has 3 bedrooms and 1 bathroom
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
$38,144
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
4.02%
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%
$762,880
$762.9K
Cap Rate 7%
$544,914
$544.9K
Cap Rate 9%
$423,822
$423.8K
Market Conditions
NOI Build-Up for 1,745 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
$67.0K $38.40/SF
− Vacancy
−$16.1K −$9.25/SF
EGI
$50.9K $29.15/SF
− OpEx
−$12.7K −$7.29/SF
NOI
$38.1K $21.86/SF
Area
Los Angeles County, CA
Vacancy
24.10%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
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%
$762,880
Cap Rate 7%
$544,914
Cap Rate 9%
$423,822
Alternative Uses
Best Use
Office B
$544.9K
$476.8K – $635.7K
NOI $38,144 @ 7.0% cap · market cap 4.02%
Second Best
Mixed Use
$504.8K
$441.7K – $588.9K
NOI $35,336 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$934.3K
$817.5K – $1.09M
NOI $65,399 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,119
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Live-work space - Separate living and work areas are complemented by a detached storage building and delivery of all structures vacant.
Where is this live-work space located?
The property is located at 6041 Cleon Ave North Hollywood, CA.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Three independent units across 1,745 SF; LARD1.5‑zoned parcel with gated access; Central residence has 3 bedrooms and 1 bathroom
