Pleased to present the opportunity to acquire 6736 Cleon Avenue, a 61-unit multifamily community located in the southern San Fernando Valley submarket of North Hollywood. With a boutique styling living atmosphere and full range of amenities 6736 Cleon Avenue is well positioned to capture a meaningful share of this dynamic market’s growth.
The property features 33,542 square feet of gross rentable area, situated on a large 51,122-square foot lot. Built in 1974, 6736 Cleon Avenue is a 61-unit apartment community composed of 28 studio/one-bathroom units, 32 one-bedroom/one-bathroom units and one two-bedroom/one-bathroom unit. The property offers residents a resort style swimming pool, courtyard, on-site laundry facilities, controlled building access and ample parking.
Over the past decade, North Hollywood has undergone a radical transformation into a dynamic environment that is attracting a wave of young, well-educated and high-wage earning residents. Seeking more affordable rents, these new residents found a transit-oriented location that is central to major employment centers via the North Hollywood Metro Station and the freeway system. North Hollywood also offers an authentic urban village in its vibrant “NoHo Arts District”. As the appeal of North Hollywood has continued to grow, a ?ood of new shops, restaurants, art galleries, and playhouses have opened to cater to this new resident pool.
This buying opportunity offers the rare ability to buy a mid-size, community with a true value-add component. Given the market’s ongoing and future growth, 6736 Cleon Avenue should be a top performing asset in any investor’s portfolio.
