11314 Martha St 5 Unit Apartment Building $3,995,000 ($799,000/Unit) 5.90% Cap Rate North Hollywood, CA 91601

Welcome to 11314 Martha St — a stunning, brand-new construction, NON-rent-controlled, five-unit townhome investment in the heart of the NoHo Arts District. This exceptional property is 100% fully leased and occupied by families, contributing to historically lower tenant turnover, with over 88% of rents backed by the Housing Authority of the City of Los Angeles (HACLA). The asset delivers stable, government-guaranteed annual income of $307,428 at an impressive 5.90% cap rate.
Major Value-Add Opportunity: Preliminary plans are in place to convert one garage space into two studio units and to construct two detached one-bedroom ADUs on the lot. With HACLA voucher rates in the 91601 zip code at approximately $2,299/month for studios and $2,585/month for one-bedrooms, these additions could generate roughly $90,000 in additional annual income, translating to approximately $1,160,000 in added value at current cap rates. This presents a rare opportunity to acquire a stabilized, cash-flowing asset with meaningful built-in upside.