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We are proud to present Las Casitas — a well-performing, workforce housing investment located at 11966 Runnymede St. in the high-demand rental market of North Hollywood, CA.Positioned as a core cash-flow asset with remaining value-add upside, Las Casitas offers both immediate income and future growth potential. Priced to move at a compelling ~6.42% Cap Rate, this is a rare opportunity to acquire a strong-performing asset in a quality rental market at an attainable loan-to-value.The property spans ±7,234 SF of improvements on an expansive ±13,400 SF LARD2-zoned lot, consisting of:+ A front house built in 1947+ Two apartment buildings constructed in 1964Construction is wood and stucco, with exterior paint completed in recent months. The front house has had several major upgrades in recent years, including:+ Newer roof+ Updated A/C+ Newer water heaterMost apartment units feature tile flooring for ease of maintenance, and nearly all have newer hot water heaters. The apartment building roof is approximately 10 years old and has been regularly maintained.Parking & LayoutThe property is well parked, with:+ A 2-car garage attached to the front home+ 4 tandem spaces + 3 single spaces = 13 total parking spacesUnit Mix, Amenities & Upside Potential+ 6 (2+1.5) townhome-style units+ 1 (4+1.5) single-family homeEach apartment unit features its own private, enclosed yard or patio, supporting higher tenant satisfaction and rental premiums. With rents still below market in several units, the property offers room for rental increases through gradual turnover and light interior upgrades.At the rear of the property are two 10'x12' storage sheds of high Home Depot quality. One is rented for $150/month; the other will be available, with market rent potential of $250/month or more.Efficiency & Cost Control+ Separately metered for gas and electric (no house meter)+ Trash service is included in LADWP and billed to tenants+ Low-maintenance, drought-tolerant landscaping keeps operating costs minimalLas Casitas is a turnkey, low-maintenance asset that balances current performance with future upside. Whether you’re seeking steady cash flow, value-add opportunity, or a long-term hold in a dynamic submarket, this investment checks all the boxes.
Property Type(s):
Residential Income
| Last Updated | 5/2/2025 | Year Built | 1947 |
|---|---|---|---|
| Community | North Hollywood | Garage Spaces | 2.0 |
| County | Los Angeles |
Additional Details
| AREA | North Hollywood |
|---|---|
| GARAGE | Tandem, Uncovered, Yes |
| HEAT | Central |
| LOT | 0.31 acre(s) |
| PARKING | Tandem,Uncovered |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 2 |
| WATER | Public |
| ZONING | LARD2 |
Location
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Listed with Equity Union
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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