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6264 Willowcrest Ave 6 Unit Apartment Building $1,325,000 ($220,833/Unit) 5.85% Cap Rate North Hollywood, CA 91606
Investment Highlights
- Six units with a unit mix of (4) - 2 bed / 1 bath and (2) - 1 bed / 1 bath units
- Seismic retrofit completed with four of the six tenant reimbursing for costs and copper plumbing throughout (buyer to verify)
- On-site laundry facilities which generates approximately $100 per month for ownership
- ±33% potential rental upside allowing for a potential cap rate of 8.56%
- ADU potential through tuck-under conversion or detached new construction (buyer to verify)
- Excellent access to NoHo Arts District, Burbank, Vallarta Supermarkets, and Bob Hope Airport
Executive Summary
6264 Willowcrest Avenue is a well-maintained six-unit apartment complex located on a peaceful, tree-lined street in North Hollywood, adjacent to the city of Burbank. Built in1956, the property offers ±4,858 square feet of rentable space on a ±8,583 square foot lot.With a desirable unit mix of (4) two-bedroom / one-bath units and (2) one-bedroom / one-bath units, the property presents an immediate ±33% rental upside.
In addition to the laundry income, the owner is currently recouping their capital expenditure cost for the seismic retrofit. The annual payment to the current ownership(which will pass to the new ownership) equates to $1,824 annually. The site offers strong long-term development potential, with opportunities to add accessory dwelling units(ADUs) via tuck-under parking conversion or detached construction (buyer to verify).
Current operations generate approximately $77,487 in net operating income, with pro-forma NOI of approximately $113,474 through the implementation of market rents — lifting the cap rate from 5.85% to 8.56% and compressing the GRM from 10.81 to 8.30. With completed seismic retrofit, all copper plumbing (buyer to verify), and on-site laundry, this is an ideal investment for those seeking stability, upside, and future expansion in a prime, Burbank-adjacent location.
In addition to the laundry income, the owner is currently recouping their capital expenditure cost for the seismic retrofit. The annual payment to the current ownership(which will pass to the new ownership) equates to $1,824 annually. The site offers strong long-term development potential, with opportunities to add accessory dwelling units(ADUs) via tuck-under parking conversion or detached construction (buyer to verify).
Current operations generate approximately $77,487 in net operating income, with pro-forma NOI of approximately $113,474 through the implementation of market rents — lifting the cap rate from 5.85% to 8.56% and compressing the GRM from 10.81 to 8.30. With completed seismic retrofit, all copper plumbing (buyer to verify), and on-site laundry, this is an ideal investment for those seeking stability, upside, and future expansion in a prime, Burbank-adjacent location.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$120,221
|
$24.75
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$42,734
|
$8.80
|
| Net Operating Income |
$77,487
|
$15.95
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $120,221 |
| Annual Per SF | $24.75 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $42,734 |
| Annual Per SF | $8.80 |
| Net Operating Income | |
|---|---|
| Annual | $77,487 |
| Annual Per SF | $15.95 |
Property Facts
| Price | $1,325,000 | Apartment Style | Low-Rise |
| Price Per Unit | $220,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 5.85% | Building Size | 4,858 SF |
| Gross Rent Multiplier | 10.81 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1956 |
| Property Subtype | Apartment | Parking Ratio | 1.24/1,000 SF |
| Zoning | LARD1.5 | ||
| Price | $1,325,000 |
| Price Per Unit | $220,833 |
| Sale Type | Investment |
| Cap Rate | 5.85% |
| Gross Rent Multiplier | 10.81 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 4,858 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1956 |
| Parking Ratio | 1.24/1,000 SF |
| Zoning | LARD1.5 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | $1,589 | - |
| 1+1 | 2 | $1,112 | - |
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Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
50/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 2414-018-017 | Improvements Assessment | $461,778 |
| Land Assessment | $492,568 | Total Assessment | $954,346 |
Property Taxes
Parcel Number
2414-018-017
Land Assessment
$492,568
Improvements Assessment
$461,778
Total Assessment
$954,346
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6264 Willowcrest Ave