16 Units in NoHo Artist District for $4.5M

11255 & 11259 Morrison Street, North Hollywood, CA 91601

*** LOAN IS ASSUMABLE:

  • 1.0% assumption fee
  • 2.554% current, variable rate
  • Adjusts every 6 months, at 0.50%
  • Current loan balance is $2.11M

 

Commercial Broker David Levine Bramante is proud to present the exclusive listing of Morrison 16, a portfolio sale of two adjacent eight-unit apartment buildings in the highly desirable neighborhood of the North Hollywood (“NoHo”) Arts District.

These beautiful and well-maintained eight-unit sister buildings are stylish examples of 1960s California living, boasting a phenomenal unit mix with large building square footages and lot sizes.

Morrison 16 is located at 11255 and 11259 Morrison Street, North Hollywood, California 91601. Investors familiar with the NoHo Arts District already know that the creative businesses, office spaces, retail and shops bring an abundant stream of high-quality tenants and rents.

The total unit mix is two three-bedroom / two-bathroom units, two two-bedroom / one-bathroom units, 10 one-bedroom / one-bathroom units, and two single / one-bathroom units, spanning over 12,010 square feet of living space, situated on 14,950 square feet of combined parcels. Each parcel is zoned LAR4, which means a developer can combine lots and build over 50 multifamily units (buyer to confirm with City).

Brimming with acting and dance studios, the NoHo Arts District is home to many performance spaces, including the restored 1926 El Portal Theatre. Sculptures of Emmy Award winners like Lucille Ball and Bob Hope feature in the Television Academy’s Hall of Fame Garden.

Nearby, hip cafes, gastropubs, and tiki bars are clustered alongside vintage stores and tattoo parlors on Lankershim and Magnolia boulevards.

The overall neighborhood is extremely accessible for tenants too. They can easily access the major freeways (170-freeway, 101-freeway and 134-freeway), Metro stations in walking distance, and drive the major thoroughfares like Lankershim and Magnolia (plus Ventura Blvd is only a few minutes away). Just south are Universal Studios and other major entertainment and business centers for residents of the Morrison 16.

If you’re looking for a stylish multifamily property investment opportunity, with solid income and potential income from rent increases and larger plays like real estate development projects, then Morrison 16 provides all of those opportunities to you unlike any other investment in the Valley.