10617-10625 Oxnard St, North Hollywood

The LAAA Team of Marcus & Millichap is proud to announce the successful closing of this 12 unit property located at 10617-10625 Oxnard St, North Hollywood. This is the first time this property has been sold in nearly 40 years.

Record Sale

For LA rent-controlled apartment buildings (built before October 1978) in the 91606 zip code of North Hollywood, this sale has cemented itself in the all-time record books according to CoStar's property sale records. At $344,167 per Unit and $390.47 per SqFt, this sale has become the #1 and #6 highest sales ever achieved, respectively.

Property Overview

Comprised of two identical 6 unit buildings on two separate APNs, the offering is ideally situated on a corner lot with an alley behind, giving access to this 0.45 acre double lot on three different streets. These buildings are a combined 10,577 square feet, and all 12 units have 2 bedrooms and 1 bathroom which are approximately 880 square feet each. Each second level unit comes with a private balcony, and the ground floor units comes with a large 400sf private patio, making the ground floor just as desirable as the second level, if not more. The property brings in a significant amount of additional income through garage rent and laundry income. There are 11 one-car garages on the property, and every one of them is leased out for $150 per month, which brings in a combined $1,650 per month, or $19,800 per year, of additional income.

Deal Story

We first started speaking with the seller of this building in April 2022. At that time, the seller was telling agents that they were willing to sell this property off-market, but they would not give any one agent an exclusive listing. From our experience of representing hundreds of sellers, we strongly believe that exclusive representation is the best way to achieve the best results in a sale. We often tell prospective clients who are considering selling, "even if you don't hire us, hire someone! It is in your best interest."

The main objection we hear from clients when explaining the power of an exclusive listing is: "well, it is better to have 15 different agents working on bringing you a buyer instead of only 1 agent." However, the truth is your property will garner a lot less attention from potential buyers in this off-market situation. It may seem counterintuitive, but let's take this example of having 15 different agents working your listing off-market. In a best case scenario, we will assume these 15 agents show your...