11408 Sarah St, North Hollywood, CA 91602

Property Description

11408 Sarah Street is a 10-unit multifamily property built in 2019 and located in Studio City near the Toluca Lake border. As newer construction, the property is exempt from the Los Angeles Rent Stabilization Ordinance (RSO) and AB 1482 rent restrictions, giving ownership the flexibility to set rents at market. The property encompasses approximately 9,104 square feet of living space on a 0.22 acre lot and features a unit mix of (4) 3BR/2BA units, (2) 2BR/2BA units, and (4) 1BR/1BA units (one of the 1+1 units is designated Very Low Income). The property currently generates gross scheduled income of $28,780 per month ($345,360 annually), supplemented by approximately $5,300 in annual utility reimbursement income. The building consists of 3 stories of Type V construction over a ground-level parking garage, with a lobby and hydraulic elevator. The Certificate of Occupancy was issued in October 2019, and the property is fully fire sprinklered with a fire alarm system, both finaled in 2019 (per LADBS permit records). As recent construction, the property offers new ownership modern building systems and minimal near-term capital expenditure requirements. Each unit features an individual split-system HVAC unit and a separate water sub-meter, allowing ownership to recapture water costs from residents. The ground-level garage provides residents with on-site parking, and elevator service offers convenient access to all floors. The property last sold in 2021 for $5.7M and was appraised last year at $6.1M, offering a steep discount at today's asking price of $4.2M. Ideally situated in the vibrant Studio City submarket, 11408 W Sarah Street is minutes from Universal Studios Hollywood, Warner Bros. Studios, and the shops and dining along Ventura Boulevard. The Metro B Line and the 101, 134, and 170 freeways provide easy access to Hollywood, Burbank, and Downtown Los Angeles. Proximity to major entertainment employers supports strong and consistent rental demand.