7061 Whitsett Avenue, Los Angeles, CA 91605

Property Description

We are pleased to present 7061 Whitsett Ave, a 13-unit apartment property on the North Hollywood and Valley Glen border, held by the same ownership since 2000. Built in 1976, the two-story building wraps a pool courtyard on a 16,799 square foot R3-1 lot. Eleven units are two-bedroom, two-bath apartments of about 1,125 square feet and two are three-bedroom, two-baths of about 1,250, with gated, covered parking on the rear alley, an on-site laundry room and the pool. All 13 units are registered under the Los Angeles Rent Stabilization Ordinance, and a unit resets to market rent on a voluntary vacancy. Scheduled rent of $299,143 a year has about 41% upside at market rents of $2,695 for the two-bedrooms and $2,795 for the three-bedrooms, and the three units leased since November 2024 now pay $2,695, $2,595 and $2,395 a month. The soft-story retrofit is complete, with a Certificate of Compliance issued in March 2021, and the building was repiped in copper in 2015. The property suits a private investor or 1031 exchange buyer who wants larger apartments, income in place and room to grow the rents. The property fronts the west side of Whitsett Ave just south of Sherman Way, in a neighborhood of 1960s and 1970s walk-up apartment buildings. Whitsett Fields Park and Valley Plaza Recreation Center are both within 500 feet. An El Super supermarket is 0.4 miles east on Sherman Way, and Walk Score rates the block 70.The Hollywood Freeway (170) is about 800 feet east at the Sherman Way interchange. NoHo West, with 742 apartments and about 800,000 square feet of office, retail and cinema, is 1.4 miles south. Los Angeles Valley College is 1.8 miles southwest, the Metro B Line North Hollywood station 2.7 miles southeast, and Valley Presbyterian Hospital 3.4 miles west.Warner Bros., Walt Disney Studios and Universal Studios Hollywood are all within 5.5 miles. ZIP 91605 is 63% renter-occupied with a median household income of $65,481. New supply is limited: 89 of the ZIP's 17,284 housing units were built in 2020 or later, and 62% were built before 1970.