11315 Tiara St - Fully Renovated & Furnished Units 4 Unit Apartment Building Offered at $2,275,000 at a 5.47% Cap Rate North Hollywood, CA 91601

The LAAA Team of Marcus & Millichap is pleased to exclusively offer 11315 Tiara Street, a fully renovated and furnished triplex with a junior accessory dwelling unit in the heart of Mid-Town North Hollywood. Although recently appraised higher, the property is offered for sale at $2,275,000. The property consists of three (3) three-bedroom/two-bathroom units and one (1) one-bedroom/one-bathroom JADU, totaling approximately 4,350 square feet of living space on a 7,000-square-foot lot. All four units are fully furnished with approximately $50,000 in quality furnishings including beds, sofas, dining sets, smart TVs, and full kitchen appliances. Originally constructed in 1926 with additions in 2005, the property underwent a comprehensive renovation starting in 2024 that included a new 400-amp electrical panel with three meters, 13 ductless mini-split HVAC units, full plumbing replacement, and complete interior remodeling. Six building permits have been filed and finalized, effectively delivering brand new systems within an established residential setting.

At stabilized full occupancy, the property generates $184,800 in annual gross scheduled rent, with the three-bedroom units commanding $4,200 to $4,350 per month and the JADU at $2,500 per month. All utilities—water, gas, electric, trash and internet—are included in rent, a strategy that supports premium rents and appeals to the mid-term rental demographic of young professionals, traveling nurses, and entertainment industry workers who increasingly populate this submarket.

At the offering price of $2,275,000, the property delivers a GRM of 12.3 against a comparable sales average of 15.0, meaning a buyer acquires 18% more income per dollar invested compared to recent comparable transactions. All occupied units are on short-term leases expiring by June 2026, giving a buyer complete flexibility to reposition the property at each turnover. A new investor has the option to continue the furnished mid-term model, convert to traditional unfurnished rentals with tenant-paid utilities or occupy a unit personally. Vacancy decontrol under LA's Rent Stabilization Ordinance (RSO) allows an investor to perform a market-rate reset at each turnover, eliminating concerns about below-market legacy rents.

North Hollywood's Mid-Town corridor is positioned for transformative appreciation driven by District NoHo, a $1 billion development delivering 1,500 residential units, and 500,000 square feet of office space at the North Hollywood Metro B Line station, less than one mile from the property. The property's Transit Priority Area designation, LARD2 zoning, and TOC Tier 1 eligibility provide future density bonus options. With all major capital expenditures completed and no deferred maintenance, a buyer can operate immediately with confidence.

11315 Tiara Street is centrally located within the thriving North Hollywood submarket of the City of Los Angeles, specifically in the Mid-Town corridor just east of the North Hollywood Arts District. The neighborhood has undergone substantial revitalization over the past decade, fueled by transit-oriented development, adaptive reuse projects, and sustained demand from entertainment and media professionals.