| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 68th | Good |
| Amenities | 65th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 11000 Morrison St, North Hollywood, CA, 91601, US |
| Region / Metro | North Hollywood |
| Year of Construction | 1989 |
| Units | 24 |
| Transaction Date | 2022-12-05 |
| Transaction Price | $10,800,000 |
| Buyer | SOUTH SAN DIEGO STATE 2 LLC |
| Seller | BW MORRISON 11000 OWNER LLC |
11000 Morrison St North Hollywood Multifamily Opportunity
Positioned in an amenity-dense Urban Core pocket of North Hollywood, the asset offers durable renter demand and value-add potential; according to WDSuite’s CRE market data, neighborhood fundamentals support steady occupancy with pricing set by a high-cost ownership market.
This North Hollywood location sits within an Urban Core neighborhood ranked 279 of 1,441 in the Los Angeles-Long Beach-Glendale metro, signaling competitive positioning among metro peers. Dining and daily-needs access are a clear strength, with restaurants, cafes, groceries, and pharmacies concentrated at levels that place the area among the top quartile nationally—supporting resident convenience and lease retention.
The neighborhood s renter concentration is high (measured as the share of housing units that are renter-occupied), which deepens the local tenant base and supports multifamily absorption. Median home values are elevated relative to most U.S. neighborhoods, reinforcing reliance on rental housing and aiding pricing power for well-managed assets. At the same time, school ratings in the immediate area trail national norms, which could temper appeal for some family renters.
For investors evaluating building competitiveness, the property s 1989 vintage is slightly newer than the neighborhood s average construction year of 1984. That positioning can reduce near-term obsolescence risk versus older stock, while still leaving room for targeted renovations to modernize interiors and systems for rent lift.
Occupancy in the neighborhood is about 90% and has softened over the last cycle, warranting attention to leasing strategy and renewal management. Within a 3-mile radius, demographics are diversified and skew toward working-age cohorts, with households and incomes trending upward over the past five years and a forecasted increase in households by 2028. Smaller average household sizes point to sustained demand for 1–2 bedroom rentals, supporting occupancy stability for efficiently planned units.
Safety trends are mixed but improving. The neighborhood s overall crime profile is competitive among Los Angeles-Long Beach-Glendale neighborhoods (rank 440 of 1,441) and sits above the national middle of the pack, indicating comparatively better conditions than many urban areas. Recent year-over-year data show meaningful declines in both violent and property offenses, suggesting improving near-term conditions.
Nationally, the area performs above average on overall safety, while property offenses remain a watch item despite recent improvement. Investors should underwrite with standard urban risk controls (lighting, access control, and active management) and monitor continuing trendlines rather than relying on any single year s shift.
Proximity to entertainment, media, and corporate services employers supports a broad renter pool and commute convenience for residents, which can aid retention and leasing stability. Nearby demand drivers include Radio Disney, Disney, Charter Communications, Live Nation Entertainment, and Avery Dennison.
- Radio Disney — media (1.8 miles)
- Disney — entertainment studios (2.6 miles) — HQ
- Charter Communications — telecommunications (3.1 miles)
- Live Nation Entertainment — entertainment (4.4 miles)
- Avery Dennison — materials & labeling (6.6 miles) — HQ
11000 Morrison St is a 24-unit, 1989-vintage asset with large average unit sizes (~1,015 SF) in a renter-heavy North Hollywood submarket. Based on CRE market data from WDSuite, the neighborhood exhibits strong amenity density and a high-cost ownership environment—factors that tend to support renter demand and rent resiliency for quality product. Elevated renter concentration provides depth to the tenant base, while recent occupancy softening suggests the need for hands-on leasing and renewal management.
Within a 3-mile radius, households and incomes have been trending upward with a projected increase in households by 2028, expanding the local renter pool. The 1989 vintage offers a platform for targeted interior and building-system upgrades to capture value-add upside relative to older stock, though underwriting should account for capex to modernize finishes and address aging mechanicals. Ownership costs remain high relative to incomes locally, which can reinforce multifamily demand; however, rent-to-income levels indicate some affordability pressure, requiring disciplined pricing and amenity execution.
- Renter-heavy neighborhood and high-cost ownership context support durable multifamily demand
- Amenity-rich Urban Core location aids leasing velocity and retention
- 1989 vintage with larger floor plans presents clear value-add modernization potential
- Expanding households within 3 miles point to a growing renter pool through 2028
- Risks: occupancy has softened, schools rate below average, and affordability pressure requires disciplined rent positioning