Recently Built 5-Unit Apartment
New
For Sale
$3,195,000
6926 Morella Ave, North Hollywood, CA 91605
Five-unit apartment property with separate utility metering, private outdoor spaces, and on-site parking.
Property Size7,932 SF
Lot Size0.18 Acres
Price / SF$402.80
Days on Market3
Property Features for 6926 Morella Ave
General Information
Standard status
Active
Size
7,932 SF
Lot size
0.18 Acres
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$227,988
Multifamily Units
5
Building Details
Year Built
2021
Buildings
3
Listed By:
Accardo Real Estate Associates - AREA
(310) 686-9361
Source:
Naylorproperties
Added: Sep 11
Last Checked: Sep 12 at 7:54AM
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.
Completed in 2021, this 5-unit apartment property includes three detached buildings, including one fully independent unit. The townhouse-style residences feature multiple private balconies and patios, while the nearly 8,000 SF lot incorporates on-site parking, pavers, concrete hardscape, and drought-tolerant landscaping. The property size is 7,932 SF.
All units are leased, with rents reported within approximately 3% of market levels. Separate electric, gas, and water meters place those utilities with the tenants; ownership responsibilities include property taxes, insurance, and limited gardening. The property is identified as non-RSO, has no rent control, and is SB 8 exempt.
Located at 6926 Morella Ave in North Hollywood, the property is positioned near Universal Studios, Warner Bros., and the NoHo Arts District. Its recently constructed housing, detached-building layout, and established occupancy provide a defined multifamily configuration for investors seeking an operating asset.
All units are leased, with rents reported within approximately 3% of market levels. Separate electric, gas, and water meters place those utilities with the tenants; ownership responsibilities include property taxes, insurance, and limited gardening. The property is identified as non-RSO, has no rent control, and is SB 8 exempt.
Located at 6926 Morella Ave in North Hollywood, the property is positioned near Universal Studios, Warner Bros., and the NoHo Arts District. Its recently constructed housing, detached-building layout, and established occupancy provide a defined multifamily configuration for investors seeking an operating asset.
Key Highlights
- 5‑unit apartment property completed in 2021
- Three detached buildings, including one fully standalone unit
- Nearly 8,000 SF lot with on‑site parking
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
$127,632
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
3.99%
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%
$2,552,640
$2.6M
Cap Rate 7%
$1,823,314
$1.8M
Cap Rate 9%
$1,418,133
$1.4M
Market Conditions
NOI Build-Up for 7,932 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
$252.2K $31.80/SF
− Vacancy
−$20.2K −$2.54/SF
EGI
$232.1K $29.26/SF
− OpEx
−$104.4K −$13.17/SF
NOI
$127.6K $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%
$2,552,640
Cap Rate 7%
$1,823,314
Cap Rate 9%
$1,418,133
Alternative Uses
Best Use
Apartment 5plus
$1.82M
$1.60M – $2.13M
NOI $127,632 @ 7.0% cap · market cap 3.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.25M
$3.72M – $4.95M
NOI $297,273 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,703
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit apartment property with separate utility metering, private outdoor spaces, and on-site parking.
Where is this apartment building located?
The property is located at 6926 Morella Ave North Hollywood, CA.
What is the asking price?
The asking price for this property is $3,195,000.
What are key features of this property?
This property features: 5‑unit apartment property completed in 2021; Three detached buildings, including one fully standalone unit; Nearly 8,000 SF lot with on‑site parking
