7061 Whitsett Ave

Highlights:

• Good Unit Mix of (2) 3BR/2BA and (11) 2BR/2BA, 1,145 SF average
• 14,887 SF of building area on a 0.39-acre R3-1 parcel, built 1976
• A detached gated garage for every unit, plus a pool
• Los Angeles RSO, thirteen registered units
• Gas and electric individually metered; owner pays water and trash

Description:

The LAAA Team of Marcus & Millichap is pleased to present 7061 Whitsett Ave, a 13-unit apartment property on the North Hollywood and Valley Glen border, held by the same ownership since 2000. Built in 1976, the two-story building wraps a pool courtyard on a 16,799 square foot R3-1 lot, with a public park across the street and the Hollywood Freeway at Sherman Way around the corner. Eleven of the units are two-bedroom, two-bath apartments and two are three-bedroom, two-baths, so there is not a studio or a one-bedroom on the rent roll.

The two-bedrooms run about 1,125 square feet and the three-bedrooms about 1,250, with two baths in every unit. Residents have gated, covered parking on the rear alley, an on-site laundry room and the pool. The units marketed since 2024 have shaker cabinetry, stainless appliances and plank flooring.

All 13 units are registered under the Los Angeles Rent Stabilization Ordinance, and a unit resets to market rent on a voluntary vacancy. Scheduled rent of $299,143 a year has about 41% upside at market rents of $2,695 for the two-bedrooms and $2,795 for the three-bedrooms. On most of the units, one turnover adds roughly $900 to $1,300 a month. The three units leased since November 2024 now pay $2,695, $2,595 and $2,395 a month. The RSO also allows annual increases, currently 3% through June 30, 2027, and nine of the units are next eligible on March 1, 2027.

Gas and electric are individually metered. Ownership pays water, trash and the central water heater, and a water audit is a sensible first project for a new owner. The City of Los Angeles soft-story retrofit is complete, with two new moment frames and a Certificate of Compliance issued in March 2021. The building was repiped in copper under a permit finaled in November 2015, and a roof replacement is under contract. The balcony and walkway inspection required by California's SB 721 has not yet been performed, so a new owner should plan and budget for the inspection and any repairs it calls for. A summary of a recent property inspection is in the due diligence package.

The property suits a private investor or 1031 exchange buyer who wants larger apartments, income in place and room to grow the rents.