| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 68th | Good |
| Amenities | 65th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 11005 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 | NORTH SAN DIEGO STATE 2 LLC |
| Seller | BW MORRISON 11005 OWNER LLC |
11005 Morrison St North Hollywood Multifamily Investment
Neighborhood renter demand is deep and supported by a high-cost ownership market, while occupancy sits near national norms according to WDSuite’s CRE market data. This positioning can favor stable leasing with careful attention to affordability and lease management.
Situated in North Hollywood’s Urban Core, the area scores competitive among 1,441 Los Angeles metro neighborhoods for overall livability, supported by dense food-and-beverage options. Restaurants and cafés are abundant (top tier nationally), and pharmacies are readily accessible, while public parks and formal childcare options are comparatively limited. For investors, this amenity mix can aid day-to-day convenience and leasing appeal, particularly for working professionals.
At the neighborhood level, asking rents sit well above national benchmarks, and occupancy trends hover around the national midpoint. That balance suggests pricing power is present but requires disciplined renewal strategies. The neighborhood’s average construction vintage skews mid-1980s, positioning 1989 assets to compete effectively against older stock while still warranting targeted modernization for systems and finishes.
Within a 3-mile radius, demographic statistics show a large, diversified tenant base with 66% of housing units renter-occupied, reinforcing depth of demand for multifamily. Household counts have edged up and are projected to grow further over the next five years, indicating a larger tenant pool and supporting occupancy stability even as average household size trends lower.
Home values in the surrounding area rank among the higher-cost ownership markets nationally. For multifamily owners, elevated entry costs into ownership tend to sustain reliance on rental housing, which can support retention and reduce turnover, though it also heightens resident affordability pressure—an important consideration for rent growth pacing and concessions strategy.
Relative to neighborhoods nationwide, local safety metrics are above average, placing the area in the stronger tiers nationally. Compared with Los Angeles metro peers (1,441 neighborhoods), the crime profile is competitive rather than exceptional, and recent trend data indicates notable improvement in reported property and violent offense rates. For investors, this translates to support for renter retention and leasing, with the usual caution to monitor block-level variations and maintain standard security measures.
Proximity to major entertainment and communications employers underpins a steady workforce renter base and commute convenience. Key nearby nodes include Radio Disney, Disney, Charter Communications, and Live Nation Entertainment, which collectively support leasing durability.
- Radio Disney — media (1.8 miles)
- Disney — studios & entertainment (2.6 miles) — HQ
- Charter Communications — telecommunications (3.0 miles)
- Live Nation Entertainment — entertainment offices (4.4 miles)
- Live Nation Entertainment — entertainment offices (6.2 miles) — HQ
11005 Morrison St is a 24-unit 1989-vintage asset positioned in a high-demand North Hollywood corridor where elevated ownership costs and a deep renter base support durable occupancy. According to CRE market data from WDSuite, neighborhood occupancy sits near the national midpoint while asking rents trend well above national levels, pointing to pricing power that benefits from disciplined renewal and concession management. The 1989 vintage is slightly newer than the area’s mid-1980s baseline, offering competitive positioning versus older stock and room for targeted value-add through modernization.
Within a 3-mile radius, the renter pool is substantial and projected household growth indicates more renters entering the market, supporting leasing velocity and retention. Dense dining and daily-needs amenities enhance livability, while the limited public park and childcare footprint suggests a resident mix skewed to professionals—reinforcing the case for unit finishes and amenities that serve convenience and work-from-home needs.
- Deep renter base and elevated home values support demand and retention
- Rents sit above national benchmarks; occupancy near national norms
- 1989 vintage offers competitive positioning with targeted value-add potential
- Dense F&B and daily services bolster leasing appeal for professionals
- Risks: affordability pressure and modest parks/childcare access warrant careful lease and amenity strategy