5629 Cleon Ave Los Angeles, CA 91601

Property Details for 5629 Cleon Ave

Year built

1954

Property size

2,080 SF

Property type

Commercial real estate

Description

This exceptional four-unit apartment building, located at 5629 Cleon Ave in the desirable North Hollywood neighborhood of Los Angeles, California (zip code 91601), presents a compelling investment opportunity. Built in 1954, the property boasts a total of 2,080 square feet and is offered at an asking price of $1,200,000, translating to $577 per square foot and $300,000 per unit. The building's strong financial performance is evident in its Net Operating Income (NOI) of $48,731, resulting in a 3.70% capitalization rate. The unit mix consists of four one-bedroom, one-bathroom apartments. The property is well-maintained and benefits from its prime location within walking distance of the vibrant NoHo Arts District. This presents a value-add opportunity for investors seeking to capitalize on the strong rental demand in this highly desirable area of Los Angeles. The building's solid foundation and established tenancy provide a stable income stream, while the potential for renovations and upgrades offers significant upside. This is an ideal investment for those seeking a well-located, income-producing asset with substantial growth potential in a thriving Los Angeles neighborhood.