6613 Irvine Ave, North Hollywood, CA 91606

Property Description

Excellent investment opportunity in North Hollywood featuring a well-maintained 7-unit multifamily property with a desirable unit mix of five 2-bedroom/1-bath units and two spacious 3-bedroom/2-bath units. One of the 2-bedroom units has been completely remodeled and is currently achieving a market rent of $2,500 per month, providing a strong indication of the property's rental potential. The property benefits from very low maintenance and operating costs, making it an attractive opportunity for investors seeking stable income with additional upside potential. Ownership has also completed several significant improvements, including a brand-new second-story walkway, repaired and improved second-floor railings, refreshed exterior paint, replacement of the sewer line beneath the property, and an upgraded water heater with a recirculation pump designed to improve efficiency and hot-water delivery throughout the building. The property has also undergone required retrofit compliance work. Units 2, 3, 6, and 7 have been upgraded with hardwood flooring. Adding to the property's operating efficiency, tenants are individually responsible for their trash service, which is incorporated into their respective utility billing rather than being carried as a building expense.With its strong unit mix, low maintenance costs, recent capital improvements, and demonstrated ability to achieve attractive market rents, this property presents a compelling opportunity for both long-term investors and 1031 exchange buyers.