10814-10818 Blix Street

Nestled in the heart of Valley Village within the vibrant North Hollywood submarket, 10814–10818 Blix Street presents a rare opportunity to acquire a boutique, 18-unit low-rise multifamily asset on 0.45 acres. Constructed in 1916 and sensitively renovated in 1953, this 9,435-square-foot property offers an intimate collection of studio and one-bedroom residences averaging 524 square feet, each enhanced by communal outdoor space and private patio seating. With two units currently available for lease-up and an 88.8% occupancy rate, the asset is primed for immediate revenue growth, while its R3-1 zoning affords the potential for future densification or redevelopment under Los Angeles County multifamily guidelines.

Offered at $4,550,000—equivalent to $482 per square foot—this property delivers a current net operating income of $283,636 and an in-place cap rate of 6.23%. On a stabilized basis, pro forma NOI rises to $310,208, yielding a 6.82% cap rate and a 7.38% return on cost. The existing average in-place rent of $1,837 per month sits approximately 10% below the local market average of $1,969, underscoring a clear path for rental rate optimization. With a gross rent multiplier of 11.47 and a potential GRM of 10.70 post-stabilization, this offering represents a classic value-add strategy for a private investor or small-scale institutional operator seeking to enhance yield and long-term equity growth.

Situated mere minutes from the NoHo Arts District, major employment corridors along Lankershim Boulevard, and the Metro B Line, Blix Street benefits from exceptional transit connectivity and walkable neighborhood amenities. Residents enjoy easy access to coffee shops, dining destinations, and recreational venues, while the asset’s parking ratio of 2.1 spaces per 1,000 square feet delivers added convenience in a high-barrier submarket. With limited new multifamily supply and ever-strengthening renter demand in North Hollywood, 10814–10818 Blix Street represents a compelling acquisition for investors seeking stable cash flow today and significant upside tomorrow.