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SOLD 12/16/2022

10824 Morrison Street, North Hollywood, CA 91601$2,575,000

11
beds
--
bath
4666
ft2
· 6600
ft2 lot
$568 / ft2

Listing provided courtesy of Listing Broker: Elizabeth Maddox, The 2-4 Unit Specialists
Source CRMLS;
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10824 Morrison St is a rare, non-rent controlled 2018 construction fourplex in prime Toluca Lake Adj./NoHo Arts District that is being offered at an unheard-of low price of $2,649,000! The property boasts a cap rate of 4.69% and is made up of quiet tenants that diligently pay their rent each month. Once the current tenants’ leases expire, we expect a conservative 5.00% cap rate. 10824 Morrison features two 2-story duplexes containing a total of one 4b/3b unit, two 3b/2b units, and one 2b/1.5b unit with 8 total parking spots (3 garage spots and 5 surface spots)! Enjoy other notable perks including: no rent control, stainless steel appliances, washers and dryers, well-designed open floor plans, little to no maintenance, separate meters for gas, water & electric, and extreme desirability amongst renters for years to come! With a major lack of new construction inventory under $3 million, this property is priced to sell fast at $2,649,000! Between the lack of rent control, charming residential neighborhood, and the major upside potential, this is an ideal newer construction property to act on ASAP! With SB-8 in effect, less fourplexes are being built, making properties like this an even more rare and hot commodity. This property is a dream come true for 1031 exchange buyers- ready to close right away!

HOA

$0/month

On market

2 months

Year built

2018

Property type

Quadruplex

Parking

8

MLS

BB22220633

Price / Sq.Ft.

$568 / ft2

Status

Closed

Buyer’s Brokerage Commission

2%

Home details for 10824 Morrison Street

Interior Features & Layout
Appliances
•   
Kitchen Appliances: Dishwasher, Gas Oven, Gas Range, Refrigerator, Dryer, Washer
•   
Laundry Features: Washer Hookup
Interior Features
•   
Entry Location: 1
•   
Interior Features: Balcony
Heating & Cooling
•   
Has Heating
•   
Has Cooling
•   
Heating Details: Central
•   
Cooling Details: Central Air
Virtual Tour
Property, Lot, Community & Exterior Features
Multi-Unit Info
•   
Number Of Units Total: 4
Parking Info
•   
Parking Features: Assigned
•   
Garage Spaces: 3.0
•   
Garage: true
•   
Open Parking Spaces: 5.0
•   
Parking Spaces: 8.0
Building Info
•   
New Construction Yes/No: true
•   
Building Area Units: SquareFeet
•   
Levels: Two
•   
Property Condition: Turnkey
•   
Total Sq. Ft.: 4666.0
•   
MLS Property Type: Residential Income
•   
Number of Stories: 2
•   
Year Built Source: Assessor
Property Features
•   
View: Neighborhood
•   
Fencing: Excellent Condition
•   
View Yes/No: true
•   
Common Walls: 1 Common Wall
Lot Info
•   
Lot Size Source: Assessor
•   
Elevation Units: Feet
•   
Zoning Type: LARD1.5
•   
Lot Details: Drip Irrigation/Bubblers, Landscaped, Level, Rectangular Lot, Street Level, Yard
•   
Lot Size Area: 6600.0
•   
Acres: 0.1515
•   
Lot Size Units: Square Feet
Community Info
•   
Number Of Buildings: 2
•   
Community Features: Curbs, Street Lights, Sidewalks
Utilities & Other Information
Utility Info
•   
Number Of Separate Electric Meters: 5
•   
Number Of Separate Gas Meters: 4
•   
Number Of Separate Water Meters: 5
Water & Sewer Info
•   
Water Source: Public
•   
Sewer: Public Sewer
Listing Details, Costs & Financing Information
Financial Info
•   
Water Sewer Expense: 700.0
•   
Gross Income: 163740.0
•   
Trash Expense: 0.0
•   
Insurance Expense: 1866.0
•   
Gross Scheduled Income: 163740.0
•   
Operating Expense: 36241.0
Terms
•   
Concessions Comments: n/a
•   
Terms: Submit
Lease Info
•   
Net Operating Income: 124224.0
Listing Details
•   
Status: Closed
•   
Originating System Name: CRMLS
Other
•   
Electric Expense: 0.0
Tax/Assessment Info
•   
Taxes: 30875.0
•   
APN: 2421009044
School Neighborhood & Directions
Location
•   
Zip Code: 91601
•   
Area: NHO - North Hollywood
•   
Zip Code +4: 4620
•   
Directions: Heading north on Vineland Ave, make a right on to Morrison St and property is on your right.
•   
Country: US

Property History for 10824 Morrison Street

12/15/2022
12/15/2022
CRMLS #BB22220633
pending
CRMLS #BB22220633
$2,649,000
12/15/2022
12/15/2022
CRMLS #BB22220633
sold
CRMLS #BB22220633
$2,649,000

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