The Strohm Building
- Below Replacement Cost
- 2016 Class A NoHo Asset
- Rooftop & Modern Amenities
- No Rent Control Restrictions
- 14% Below Market Rents
- 5%+ Rent Hikes Pre Closing
- ADU Adds 2BR, $600K Value
- Strong Tenant Demand & NOI
Property Description
The LAAA Team of Marcus & Millichap is pleased to present The Strohm Building, a 2016 vintage, elevator-served, 26-unit property featuring rooftop amenities in the heart of North Hollywood. Delivered with a March 17, 2016 CofO and fully sprinklered (NFPA-13), the property offers modern systems, in-unit laundry, and secured parking—checks every “institutional” box while remaining a manageable, sub 30 unit scale. The asset is unencumbered by rent control or affordability covenants, not subject to Los Angeles RSO and exempt from AB 1482 through 2031—allowing an investor to implement market driven rent strategy without statutory caps. In-place rents are approximately 14 percent below market across a balanced mix of studios, one-bedroom with a den, and two-bedroom/two-bathroom plans, with the seller planning approximately five percent increases on eligible units prior to close. That creates an immediate NOI lift at acquisition and a clear, organic path to stabilization over upcoming lease turns. A straightforward ADU conversion of a portion of the garage/storage area (concept plans provided) would add a two-bedroom unit of between 800 and 850 square feet, targeting roughly $2,600 per month. At a five percent yield, the ADU translates to an estimated $600K of value creation, pushing the count from 26 to 27 units and further strengthening per-SF and per-unit metrics. The North Hollywood/Toluca Lake pocket delivers sticky tenant demand—walkable to Magnolia retail, proximate to the NoHo Red Line (~1.2 miles), and minutes to the 170/134—while major studios and healthcare anchors underpin long-term occupancy. This is a rare Class A, non-regulated Los Angeles multifamily with both near-term NOI acceleration (seller increases + market catch-up) and structural upside (ADU). For buyers seeking durable cash flow with multiple levers to grow value, The Strohm Building stands out.
Key Property Information
| Listing Status: | Available |
|---|---|
| Price: | $9,200,000 |
| No. of Units: | 26 |
| Cap Rate: | 5.03% |
| GRM /GIM: | 12.63 |
| Year Built: | 2016 |
| Building Size: | 23,644 Sq ft |
| Lot Size: | 0.30 Acres |
| Opportunity Zone: | No |
| Price per unit: | $353,846 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Filip Niculete | 818-212-2748 | [email protected] |
| Glen Scher | 818-212-2808 | [email protected] |
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