
North Hollywood, California 91601
This Quadruplex Residential Income property is a Strong Value Opportunity, listed at $1,350,000—positioned above the $1,297,709 Fair Market Value. While priced at a premium, the property offers a stable 5.33% cap rate and a Condition Rating of 3, featuring a fully renovated, move-in ready unit alongside three income-producing units. Its prime location near the NoHo Arts District ensures consistent tenant demand. This asset is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants looking to offset housing costs through efficient, turnkey rental income.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 5629 Cleon Subject | $1,350,000* List Price | 1 | 1 | 2,080 | $624 | - |
A 5431 Cartwright Active | $1,125,000 List Price | 0 | 0 | 1,890 | $595 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
While the structure dates to 1954, the property features one unit with an extensive recent renovation (<5 years) including modern flooring, designer bathroom finishes, and new appliances. Combined with fresh exterior paint and new landscaping, the property is well-maintained and move-in ready, though the remaining three units and wall-mounted AC systems reflect its mid-century age.
The property features a vacant, extensively renovated 1-bedroom unit with modern finishes and new appliances, allowing a buyer to move in immediately while offsetting housing costs with income from three occupied units.
Situated on a quiet street near the NoHo Arts District and Metro Station, the property offers excellent proximity to major employers like Universal Studios and Disney, ensuring high tenant demand.
With a 5.33% cap rate, separately metered utilities, and recent exterior improvements, the property provides a low-expense operating profile with significant rental upside.
The property consists entirely of 1-bedroom/1-bathroom units, which may limit the potential tenant pool and cap rental growth compared to buildings with larger multi-bedroom configurations.
Originally constructed in 1954, the property may require future capital expenditures for aging systems or structural maintenance that are not addressed by recent cosmetic renovations.
5629 Cleon Ave is a rare fourplex owner-user opportunity located on a quiet, tree-lined street in one of North Hollywood’s most desirable pockets just moments from the NoHo Arts District. The property offers a compelling opportunity to live in a fully renovated, move-in ready 1-bedroom/1-bathroom unit while offsetting your monthly housing cost with income from the remaining three in-place units, creating a significantly more efficient path to homeownership in Los Angeles. Delivered with one vacant, extensively renovated 1-bedroom/1-bathroom unit featuring updated flooring, countertops, designer bathroom finishes, and brand new appliances, a buyer can immediately move in without the need for renovations or downtime. Meanwhile, the remaining three units provide stable, day-one income, allowing an owner-user to substantially reduce their effective monthly cost of living compared to a traditional single-family home or condo purchase. Beyond its strong appeal to owner-users, the property also performs as a solid investment, offering a 5.33% cap rate, a low-expense operating profile with separately metered gas and electric, and additional upside as in-place rents trend toward market. The efficient fourplex layout consisting entirely of one-bedroom units consistently attracts tenant demand, while recent exterior improvements including fresh paint and new landscaping enhance curb appeal and minimize near-term capital needs. Ideally located near the NoHo Arts District and the North Hollywood Metro Station, the property benefits from close proximity to major employment hubs including Universal Studios, Warner Bros., and Disney, along with immediate access to dining, coffee, retail, and entertainment. With its unique ability to blend lifestyle and investment, 5629 Cleon Ave presents a standout opportunity for a buyer looking to build equity, generate income, and live in one of Los Angeles’ most dynamic rental markets.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 1.0 | 0.0 | 58% |
| Baths | 1.0 | 0.0 | 58% |
| Square foot | 2,080 | 2,716 | 33% |
| Lot Size | 5,553 | 6,753 | 17% |
| Price | $1.35M | $1.28M | 50% |
| Price per sq ft | $649 | $456 | 83% |
| Built year | 1954 | 1954 | 50% |
| HOA | $0 | $0 | 50% |
| Days on market | 31 | 123 | 8% |
May 6, 2026
$1,350,000
Initial Listing
Sep 16, 2008
$425,000
Public Record
Dec 1, 2005
$659,000
Public Record
Apr 26, 2001
$233,500
Public Record