Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Bedrooms

5

Building size

7,932 sqft

Lot size

7,904 sqft

Year built

2021

Stories

3

Style

Modern

Heating

Central

Cooling

Central Air

Pool

None

View

None

Status

Active

Days on market

8

MLS #

246926369

About this property

Recently Built, Fully Leased Income Property, NO Lease-Up required | Non-RSO | No Rent Control. A rare find for investors who want proven year-over-year cash flow, not construction risk. 6926 Morella Avenue is a recently completed, 100%-leased 5-unit property generating $227,988 in current annual income, already stabilized from day one. Unlike a vacant new-construction building that may still require months of marketing, screening, and lease-up before stabilization, this property is cash-flowing now, with rents already within ~3% of market. Built for Minimal Landlord Involvement: Every unit is separately metered for utilities; tenants pay their own electric, gas, and water. Landlord responsibility is limited to property tax, insurance, and minimal gardening, made even lighter by pavers, concrete hardscape, and drought-tolerant landscaping throughout the nearly 8,000 SF lot. This is about as close to a hands-off operating expense structure as ground-up construction gets. Non-RSO, No Rent Control, SB 8 Exempt. As recently constructed housing, the property falls outside LA's Rent Stabilization Ordinance and carries no affordable-housing covenant restrictions, full rental rate freedom, with none of the entanglements that come with older buildings, covenant-encumbered affordable housing, or RSO-covered buildings. Three detached buildings, including one fully standalone unit, sit on an oversized ~8,000 SF lot with ample on-site parking, a genuine differentiator in an infill submarket where many comparable properties offer little or none. Units are townhouse-style with multiple private balconies and patios throughout. Ideal for 1031 exchange buyers who want documented, in-place income rather than a speculative lease-up; cost segregation buyers drawn to the high depreciable basis of new construction; and professionals and business owners who want a low-touch, low-opex asset in one of the San Fernando Valley's most in-demand rental submarkets, minutes from Universal Studios, Warner Bros., and the NoHo Arts District.

Location

6926 Morella Avenue

North Hollywood, Los Angeles, CA, 91605