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5629 Cleon Ave - NoHo Arts Gem | Artfully Renovated Fourplex 4 Unit Apartment Building Offered at $1,285,000 at a 5.62% Cap Rate North Hollywood, CA 91601
Investment Highlights
- 100% Leased Fourplex: Fully stabilized and generating immediate cash flow.
- Renovated Unit D Leased in Just 2 Days: Demonstrates exceptional tenant demand and validates rental pricing in the market.
- Proven Rental Upside: Current average rents of approximately $2,022/month versus market rents of approximately $2,250/month.
- Two New 2026 Leases: Recent leasing activity provides strong income stability and reduces near-term rollover risk.
- Value-Add Opportunity: Two units currently leased below market rents provide a clear path to future revenue growth.
- Attractive In-Place Returns: 5.62% current cap rate with 6.44% pro forma cap rate potential.
Executive Summary
The 2–4 Unit Specialists are pleased to present 5629 Cleon Ave, a fully leased four-unit multifamily investment opportunity located on a quiet, tree-lined street in one of North Hollywood's most desirable pockets just moments from the NoHo Arts District.
The property has recently been stabilized at 100% occupancy, providing investors with immediate cash flow from day one. Two of the four units have been leased on brand-new 2026 lease agreements, reducing near-term turnover risk while providing predictable income. The property's efficient four one-bedroom unit mix continues to attract strong tenant demand in one of Los Angeles' most sought-after rental submarkets.
A standout feature of the offering is Unit D, which recently underwent an extensive renovation including updated flooring, countertops, designer bathroom finishes, and new appliances. Following completion of the renovation, the unit leased in just two days, demonstrating the strong rental demand and rent potential for upgraded units in the area.
In addition to stable in-place income, the property offers meaningful value-add potential. Two units are currently leased below market rents, providing a clear path for future revenue growth through natural tenant turnover and rental increases. Current rents average $2,022 per month compared to an estimated market rent of approximately $2,250 per unit, creating built-in upside for future ownership.
The property further benefits from separately metered gas and electric, on-site parking, recent exterior improvements including fresh paint and new landscaping, and a low-maintenance operating profile. Ideally located near the NoHo Arts District, North Hollywood Metro Station, Universal Studios, Warner Bros., and Disney, 5629 Cleon Ave presents a rare opportunity to acquire a stabilized asset with both strong current income and future upside in one of Los Angeles' most dynamic rental markets.
The property has recently been stabilized at 100% occupancy, providing investors with immediate cash flow from day one. Two of the four units have been leased on brand-new 2026 lease agreements, reducing near-term turnover risk while providing predictable income. The property's efficient four one-bedroom unit mix continues to attract strong tenant demand in one of Los Angeles' most sought-after rental submarkets.
A standout feature of the offering is Unit D, which recently underwent an extensive renovation including updated flooring, countertops, designer bathroom finishes, and new appliances. Following completion of the renovation, the unit leased in just two days, demonstrating the strong rental demand and rent potential for upgraded units in the area.
In addition to stable in-place income, the property offers meaningful value-add potential. Two units are currently leased below market rents, providing a clear path for future revenue growth through natural tenant turnover and rental increases. Current rents average $2,022 per month compared to an estimated market rent of approximately $2,250 per unit, creating built-in upside for future ownership.
The property further benefits from separately metered gas and electric, on-site parking, recent exterior improvements including fresh paint and new landscaping, and a low-maintenance operating profile. Ideally located near the NoHo Arts District, North Hollywood Metro Station, Universal Studios, Warner Bros., and Disney, 5629 Cleon Ave presents a rare opportunity to acquire a stabilized asset with both strong current income and future upside in one of Los Angeles' most dynamic rental markets.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$97,044
|
$46.66
|
| Other Income |
$1,850
|
$0.89
|
| Vacancy Loss |
$3,882
|
$1.87
|
| Effective Gross Income |
$95,012
|
$45.68
|
| Taxes |
$15,258
|
$7.34
|
| Operating Expenses |
$7,572
|
$3.64
|
| Total Expenses |
$22,830
|
$10.98
|
| Net Operating Income |
$72,182
|
$34.70
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $97,044 |
| Annual Per SF | $46.66 |
| Other Income | |
|---|---|
| Annual | $1,850 |
| Annual Per SF | $0.89 |
| Vacancy Loss | |
|---|---|
| Annual | $3,882 |
| Annual Per SF | $1.87 |
| Effective Gross Income | |
|---|---|
| Annual | $95,012 |
| Annual Per SF | $45.68 |
| Taxes | |
|---|---|
| Annual | $15,258 |
| Annual Per SF | $7.34 |
| Operating Expenses | |
|---|---|
| Annual | $7,572 |
| Annual Per SF | $3.64 |
| Total Expenses | |
|---|---|
| Annual | $22,830 |
| Annual Per SF | $10.98 |
| Net Operating Income | |
|---|---|
| Annual | $72,182 |
| Annual Per SF | $34.70 |
Property Facts
| Price | $1,285,000 | Lot Size | 0.13 AC |
| Price Per Unit | $321,250 | Building Size | 2,080 SF |
| Sale Type | Investment | Average Occupancy | 100% |
| Cap Rate | 5.62% | No. Stories | 1 |
| Gross Rent Multiplier | 13.24 | Year Built/Renovated | 1954/2026 |
| No. Units | 4 | Parking Ratio | 1.92/1,000 SF |
| Property Type | Multifamily | ||
| Zoning | LAR2 | ||
| Price | $1,285,000 |
| Price Per Unit | $321,250 |
| Sale Type | Investment |
| Cap Rate | 5.62% |
| Gross Rent Multiplier | 13.24 |
| No. Units | 4 |
| Property Type | Multifamily |
| Lot Size | 0.13 AC |
| Building Size | 2,080 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1954/2026 |
| Parking Ratio | 1.92/1,000 SF |
| Zoning | LAR2 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $2,039 | 520 |
1 1
Moderately walkable
70/100
Very drivable
80/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 2415-006-027 | Total Assessment | $547,280 (2025) |
| Land Assessment | $301,327 (2025) | Annual Taxes | $15,258 ($7.34/SF) |
| Improvements Assessment | $245,953 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
2415-006-027
Land Assessment
$301,327 (2025)
Improvements Assessment
$245,953 (2025)
Total Assessment
$547,280 (2025)
Annual Taxes
$15,258 ($7.34/SF)
Tax Year
2026
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5629 Cleon Ave - NoHo Arts Gem | Artfully Renovated Fourplex