| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 76th | Best |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10908 W Morrison St, North Hollywood, CA, 91601, US |
| Region / Metro | North Hollywood |
| Year of Construction | 1989 |
| Units | 24 |
| Transaction Date | 1994-06-29 |
| Transaction Price | $1,300,000 |
| Buyer | INOUYE MINORU TED |
| Seller | FIRST FEDERAL BANK OF CALIFORNIA |
10908 W Morrison St North Hollywood Multifamily Investment
This 24-unit North Hollywood property benefits from a neighborhood where renter-occupied units comprise nearly 77% of housing tenure and occupancy remains above 93%, reflecting sustained demand in a high-density urban core according to CRE market data from WDSuite.
Located in North Hollywood within the Los Angeles-Long Beach-Glendale metro, this property occupies an Urban Core neighborhood that ranks in the top quartile nationally for housing fundamentals (85th percentile) and amenity access (78th percentile among 1,441 metro neighborhoods). Renter-occupied units represent 76.9% of neighborhood tenure—98th percentile nationally—underscoring strong multifamily demand and a deep tenant base. Neighborhood-level occupancy stands at 93.6%, above the metro median, supporting stable absorption and lease renewal dynamics. Median contract rent of $2,028 ranks in the 92nd percentile nationally and has risen 36% over five years, reflecting sustained pricing power in a supply-constrained market.
Built in 1989, the property is slightly newer than the neighborhood average construction year of 1982, positioning it competitively within the local stock without the near-term capital expenditure pressure typical of older vintage assets. The neighborhood's amenity density is notable: 6.42 grocery stores per square mile (97th percentile nationally), 1.43 cafés per square mile (91st percentile), and 19.97 restaurants per square mile (96th percentile), all factors that enhance tenant appeal and retention in a walkable, services-rich environment.
Within a 3-mile radius, the area serves approximately 195,000 residents across 84,000 households. The renter share among occupied units is 65.7%, reinforcing reliance on rental housing. Median household income is $94,188, up 32% over five years, and forecasts project further growth to $133,088 by 2028—a 41% increase that supports rent absorption and tenant purchasing power. Median contract rent within the 3-mile area is $1,869, with projections indicating a rise to $2,548 by 2028, a 36% gain that aligns with income growth and sustained rental demand.
Home values in the neighborhood carry a median of $993,373 (97th percentile nationally) and a value-to-income ratio of 11.7 (99th percentile), indicating that elevated ownership costs limit accessibility to ownership and sustain reliance on rental housing. This dynamic reinforces multifamily demand depth and supports lease retention, though investors should monitor rent-to-income ratios (0.30, 6th percentile nationally) for potential affordability pressure that may require active lease management to maintain occupancy and minimize turnover.
Crime metrics for the neighborhood show a property offense rate of approximately 307 incidents per 100,000 residents, ranking 626th among 1,441 metro neighborhoods (47th percentile nationally). More notable is the year-over-year trend: property offenses declined 81% and violent offenses fell 96%, placing the neighborhood in the 98th and 100th percentiles nationally for improvement, respectively. These trends suggest strengthening public safety conditions that may support tenant retention and leasing velocity.
Overall, the neighborhood ranks 357th of 1,441 for crime (76th percentile nationally), indicating safety levels above the metro median. Investors should view these figures as comparative context rather than guarantees, and consider property-level security measures and lease terms that reflect local risk management practices typical of urban core assets.
The property benefits from proximity to major corporate offices and headquarters that anchor regional employment and support workforce housing demand in North Hollywood.
- Radio Disney — media & entertainment (1.6 miles)
- Disney — media & entertainment (2.5 miles) — HQ
- Charter Communications — telecommunications (3.0 miles)
- Live Nation Entertainment — entertainment services (4.3 miles)
- Activision Blizzard Studios — technology & gaming (6.7 miles)
This 24-unit property in North Hollywood offers exposure to a high-density urban core with occupancy above 93%, a renter concentration near 77%, and median rents in the 92nd percentile nationally. Rent growth of 36% over five years and projected increases to $2,548 by 2028 within the 3-mile demographic area reflect sustained pricing power and income growth that supports absorption. The property's 1989 vintage aligns with neighborhood norms, reducing near-term capital intensity relative to older stock while offering potential for targeted value-add improvements. Proximity to Disney, Charter Communications, and other regional employers within 3 miles underpins workforce housing demand and commute convenience.
Elevated home values (median $993,373, 97th percentile nationally) and a value-to-income ratio of 11.7 reinforce rental demand by limiting ownership accessibility, though investors should monitor the rent-to-income ratio (0.30, 6th percentile nationally) for affordability pressure that may require active lease management. Crime trends show significant year-over-year declines (property offenses down 81%, violent offenses down 96%), supporting tenant retention and leasing stability. The neighborhood's amenity density—grocery, dining, and transit access—enhances tenant appeal in a supply-constrained, services-rich environment.
- Neighborhood occupancy above 93% and renter tenure near 77% signal stable demand and deep tenant base
- Median rents in 92nd percentile nationally with 36% five-year growth and continued upward trajectory through 2028
- Proximity to Disney, Charter, and Live Nation supports workforce housing demand and lease retention
- High home values and value-to-income ratio (99th percentile) sustain reliance on rental housing and limit ownership competition
- Low rent-to-income ratio (6th percentile nationally) may present affordability pressure requiring active lease management and turnover monitoring