$1,850,000
SOLD JUN 18, 2025
6 Beds
4 Baths
7,234 Sq Ft
0.31 Acres

Recently Sold

$256 Per Sq Ft

5% Below List Price

18 Days on Market

About This Home

As of June 2025

We are proud to present Las Casitas — a well-performing, workforce housing investment located at 11966 Runnymede St. in the high-demand rental market of North Hollywood, CA.Positioned as a core cash-flow asset with remaining value-add upside, Las Casitas offers both immediate income and future growth potential. Priced to move at a compelling ~6.42% Cap Rate, this is a rare opportunity to acquire a strong-performing asset in a quality rental market at an attainable loan-to-value.The property spans ±7,234 SF of improvements on an expansive ±13,400 SF LARD2-zoned lot, consisting of:+ A front house built in 1947+ Two apartment buildings constructed in 1964Construction is wood frame and stucco exterior, with exterior paint completed in recent months. The front house has had several major upgrades in recent years, including:+ Newer roof+ Updated A/C+ Newer water heaterMost apartment units feature tile flooring for ease of maintenance, and nearly all have newer hot water heaters. The apartment building roof is approximately 10 years old and has been regularly maintained.Parking & LayoutThe property is well parked, with:+ A 2-car garage attached to the front home+ 4 tandem spaces + 3 single spaces = 13 total parking spacesUnit Mix, Amenities & Upside Potential+ 6 (2+1.5) townhome-style units+ 1 (4+1.5) single-family homeEach apartment unit features its own private, enclosed yard or patio, supporting higher tenant satisfaction and rental premiums. With rents still below market in several units, the property offers room for rental increases through gradual turnover and light interior upgrades.At the rear of the property are two 10'x12' storage sheds of high Home Depot quality. One is rented for $150/month; the other will be available, with market rent potential of $250/month or more.Efficiency & Cost Control+ Separately metered for gas and electric (no house meter)+ Trash service is included in LADWP and billed to tenants+ Low-maintenance, drought-tolerant landscaping keeps operating costs minimalLas Casitas is a low-maintenance asset that balances current performance with future upside. Whether you’re seeking steady cash flow, value-add opportunity, or a long-term hold in a dynamic submarket, this investment checks all the boxes.

Last Agent to Sell the Property

Raymond Rodriguez

Equity Union Brokerage Phone: 818-581-5829 License #01402283 Listed on: 05/02/2025

Equity Union

Last Buyer's Agent

Daniel Mizrahi

Capstone Real Estate License #01807661

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1947

Lot Details

  • 0.31 Acre Lot
  • Two or More Common Walls

Parking

  • 2 Car Garage
  • Parking Available
  • Tandem Uncovered Parking

Home Design

  • Apartment

Interior Spaces

  • 7,234 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 6 Bedrooms
  • 4 Bathrooms

Additional Features

  • Urban Location
  • Central Heating

Listing and Financial Details

  • Tax Lot 5
  • Tax Tract Number 11056
  • Assessor Parcel Number 2317014010
  • Seller Considering Concessions

Community Details

Overview

  • 3 Buildings
  • 7 Units

Building Details

  • Rent Control
  • 7 Separate Electric Meters
  • 7 Separate Gas Meters
  • Operating Expense $61,107
  • Gross Income $191,760
  • Net Operating Income $124,901

Property Details

Home Type

Multi-Family

Year Built

Built in 1947

Lot Details

0

Parking

2

Listing Details

  • CapRate: 6.42
  • Price Per Unit: 277857
  • Property Attached: Yes
  • Zoning: LARD2
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Parcel Number: 2317014010
  • Year Built: 1947
  • AgentOnly_SellerConsiderConcessionYN: Yes
  • Special Features: None

Interior Features

  • Stories: 2
  • Entry Location: 1
  • Common Walls: 2+ Common Walls
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 255.74

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 2.00
  • Parking: Yes
  • Parking Features: Tandem Uncovered
  • Total Parking Spaces: 13.00

Utilities

  • Heating: Yes
  • Laundry: No
  • Heating Type: Central
  • Sewer: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Urban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Lot 6500-9999
  • Lot Size Sq Ft: 13499.00
  • Lot Size Acres: 0.3099
  • Latitude Manual: 34.20543100

Multi Family

  • Gross Income: 191760.00
  • Gross Multiplier: 10.14
  • Gross Scheduled Income: 191760.00
  • Lot Size Area: 13499.0000 Square Feet
  • Net Operating Income: 124901.00
  • Number Of Separate Electric Meters: 7
  • Number Of Separate Gas Meters: 7
  • Number Of Units Total: 7
  • Operating Expense: 61107.00
  • Rent Control: Yes
  • Total Expenses: 61107.00

Tax Info

  • Tax Census Tract: 1224.10
  • Tax Lot: 5
  • Tax Tract Number: 11056

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Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price Change Sq Ft Price
06/18/2025 06/18/25 Sold $1,850,000 -4.9% $256 / Sq Ft
05/20/2025 05/20/25 Pending -- -- --
05/02/2025 05/02/25 For Sale $1,945,000 +31.9% $269 / Sq Ft
11/19/2015 11/19/15 Sold $1,475,000 -13.0% $885 / Sq Ft
11/10/2015 11/10/15 Pending -- -- --
06/10/2015 06/10/15 For Sale $1,695,000 -- $1,017 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SR25098155

California Regional Multiple Listing Service (CRMLS)