Prepared Exclusively for Rachel Jacobs
June 2026
The LAAA Team at Marcus & Millichap is one of the most active multifamily brokerage teams in Los Angeles, with 465 closings and more than $1.47B in sales volume across the LA metro.
That activity is concentrated in exactly this product and this geography. Two weeks before this opinion of value, the LAAA Team closed 2907 W Riverside Drive - a four-unit Media District property one freeway exit east - after resetting a canceled escrow and running a competitive multiple-offer process. We know the buyers for a Greater Toluca Lake 4-plex by name, because we just finished calling them.
• Chairman's Club - a top-tier annual honor at Marcus & Millichap
• National Achievement Award - Consistent top national performer
• CoStar #1 Team - Most active multifamily sales team in LA County
• 500+ Transactions - Over $1.6 billion in career sales volume
• 34-Day Median DOM - Properties sell faster than market average
The LAAA Team is proud to present 4411 N Ensign Ave, a four-unit multifamily property in the coveted 91602 pocket south of Riverside Drive, where North Hollywood borders Toluca Lake. Built in 1951 as two buildings totaling 3,764 SF on a 6,695 SF R3 lot, the property pairs two 2-bedroom units with two 1-bedroom units and includes two detached 2-car garages at the rear - one parking space for every unit, a rarity for the vintage.
The units live like small homes: hardwood floors, crown moldings, formal dining rooms, generous bedrooms, and private entrances. An on-site community laundry room serves all four units, and the ownership has handled the unglamorous work that protects a buyer - the water main has been replaced along with the supply plumbing to the laundry building, the property carries original Certificates of Occupancy on file, and the city shows zero code enforcement cases. In-place rents sit meaningfully below the achieved rents in the immediate pocket, giving the next owner a clear path to higher income through natural turnover.
Demand here is anchored by the entertainment economy: Universal Studios is 1.5 miles away, Warner Bros 1.8 miles, and Walt Disney Studios 2.7 miles, and the pocket's $1.2M median home price keeps that workforce renting. Supply is structurally constrained - quiet streets of single-family homes and small 1950s multifamily with almost nothing new built - and the last two 4-unit sales in the area both closed at or above asking. For a buyer seeking a durable asset with built-in growth, this is the profile that rarely trades.
The property sits in the 91602 pocket south of Riverside Drive, a quiet residential enclave of North Hollywood bordering Toluca Lake within the Greater Toluca Lake submarket. The blocks here mix well-kept single-family homes with small mid-century multifamily, and the zip's $1.2M median sale price reflects a neighborhood premium over NoHo proper. It is the kind of street where tenants stay.
The renter base is anchored by the eastern San Fernando Valley's entertainment employment core: Universal Studios 1.5 miles, Warner Bros 1.8 miles, and Walt Disney Studios 2.7 miles. Commuters reach the 101, 134, and 170 within about a mile at the Hollywood Split, and the Metro B Line at Universal/Studio City Station is under a mile south. The Riverside Drive corridor is two blocks away, with the shops and restaurants of Toluca Lake village and the NoHo Arts District each roughly one mile out, and Walter Reed Middle School - one of LAUSD's strongest draws - nearby.
The area's trajectory is investment-heavy: Universal's multi-decade Evolution Plan, Warner Bros' reopened Ranch Lot stages (March 2026), District NoHo's roughly 1,500 units rising at the North Hollywood Metro station, and NoHo West's retail anchor a short drive north. Against that demand picture, the immediate pocket adds almost no new small-multifamily supply, which is exactly the imbalance that has kept achieved rents climbing and vacancy structurally low.
| Location Details | |
|---|---|
| Walk Score | 81 - Very Walkable |
| Transit Score / Bike Score | 46 / 74 |
| Nearest Rail | Metro B Line, Universal/Studio City Station - 0.9 mi |
| Freeway Access | 101 / 134 / 170 at the Hollywood Split - approx. 1 mi |
| Major Employers | Universal Studios 1.5 mi | Warner Bros 1.8 mi | Disney 2.7 mi |
| Toluca Lake Village | 1.1 mi - Riverside Dr shops and restaurants |
| Grocery | Trader Joe's (NoHo West area) - 1.1 mi |
| Parks | Woodbridge Park, Weddington Park, North Hollywood Park |
| Schools | Walter Reed Middle, North Hollywood High |
| Property Overview | |
|---|---|
| Address | 4411 N Ensign Ave, North Hollywood, CA 91602 |
| APN | 2423-012-021 |
| Year Built | 1951 |
| Units | 4 (2 x 2bd/1ba, 2 x 1bd/1ba) |
| Building SF | 3,764 (assessor) |
| Average Unit SF | approx. 941 |
| Buildings | 2, plus two detached 2-car garages |
| Construction | Wood frame |
| Site & Zoning | |
|---|---|
| Lot Size | 6,695 SF (0.15 acres) |
| Zoning | R3-1-RIO |
| General Plan | Medium Residential |
| Community Plan | Sherman Oaks - Studio City - Toluca Lake - Cahuenga Pass |
| By-Right Density | Up to 8 units (R3, 1 per 800 SF lot area) |
| Parking | 4 garage spaces (two detached 2-car garages, auto openers) |
| Building Systems & Capital Improvements | ||
|---|---|---|
| Plumbing | Water main replaced; supply line to laundry building replaced (per ownership) | |
| Roof | Original-era; reported serviceable by ownership (buyer to verify in DD) | |
| Cooling | Unit A/C (wall/window) | |
| Laundry | Common laundry room; machines under third-party lease | |
| Garages | Two detached 2-car structures at rear alley | |
| Certificates of Occupancy | On file for both buildings (LADBS, 1951) | |
| Regulatory & Compliance | |
|---|---|
| Rent Control | City of LA RSO (ZIMAS verified) |
| Just Cause | Governed by RSO provisions |
| Soft-Story Retrofit | No retrofit orders or permits on record |
| Code Enforcement | No open or closed cases (verified June 2026) |
| Housing Element | Parcel listed on the Housing Element sites inventory; unit replacement applies to redevelopment |
1031 Exchange Buyer
Needs a stable, fully occupied asset with clean title and a definable upside story inside a tight identification window - this property checks every box.
First-Time Apartment Investor
The pocket's most recent comparable sale went to a local first-time investor; a 4-plex with garages near the studios is the classic entry asset.
Long-Term Family Capital
Greater Toluca Lake small multifamily almost never trades; durable tenancy and land-banked R3 zoning reward patient ownership.
Value-Add Operator
Turnover-driven rent growth plus garage ADU potential offer two distinct levers without major capital exposure.
Few assets combine Toluca Lake adjacency, dedicated garage parking, verifiable rent upside, and R3 land value in a single 4-unit package - and fewer still come to market at all.
"The property is under LA RSO. Doesn't that cap the upside?"
The upside here is turnover-based, which RSO permits in full - each unit re-leases at market on vacancy. In-place income is already strong for the vintage, and the pro forma rents are supported by live asking rents at the property itself and at the remodeled building across the street.
"Nearby RSO fourplexes traded around $300,000 to $342,500 per unit. Why is this priced higher?"
Those sales carried materially weaker income - between $51,564 and $88,344 in annual scheduled income against this property's $101,067 - and each came with baggage: a vacancy at closing, a trust sale with concessions, or legal-nonconforming R1 zoning. The two most recent area prints, $397,500 per unit in May 2026 (an LAAA sale) and $512,500 per unit for a vacant-delivery trophy on Forman Ave, define the current market.
"The price per square foot looks high against 10923 Moorpark at $386 per SF."
Price per SF is a product of unit size, not value - 10923 Moorpark averages 1,101 SF per unit against this property's 941, and larger units always dilute $/SF. At $423.75 per SF the subject sits at the median of the verified comp set, and on the institutional metric, price per unit, it is priced below that same Moorpark sale.
"What should I expect from 1951 systems?"
The water main and the supply plumbing to the laundry building have been replaced, the city file is clean - Certificates of Occupancy on record, zero code enforcement cases, no soft-story orders - and the roof is reported serviceable by ownership. Standard physical due diligence is welcomed.
| # | Address | Units | Year | SF | Price | $/Unit | $/SF | Cap | GRM | Date | DOM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2907 W Riverside Dr, Burbank LAAA TEAM | 4 | 1942 | 3,023 | $1,590,000 | $397,500 | $525.97 | 4.37% | 14.9x | 05/2026 | -- |
| 2 | 10717 Bloomfield St, North Hollywood | 4 | 1962 | 3,224 | $1,370,000 | $342,500 | $424.94 | 3.34% | 15.5x | 08/2025 | 43 |
| 3 | 10923 Moorpark St, North Hollywood | 4 | 1981 | 4,404 | $1,700,000 | $425,000 | $386.01 | 4.23% | 16.3x | 09/2025 | 20 |
| 4 | 10458 Riverside Dr, Toluca Lake | 4 | 1952 | 3,068 | $1,270,000 | $317,500 | $413.95 | 3.42% | 21.2x | 10/2025 | 113 |
| 5 | 10454 Moorpark St, Toluca Lake | 4 | 1941 | 2,776 | $1,200,000 | $300,000 | $432.28 | -- | 14.9x | 08/2025 | 31 |
| 6 | 4441 Forman Ave, Toluca Lake | 4 | 1948 | 4,166 | $2,050,000 | $512,500 | $492.08 | -- | -- | 05/2026 | 5 |
| Average | $1,530,000 | $382,500 | $446 | 3.84% | 16.6x | 42 | |||||
| Median | $1,480,000 | $370,000 | $429 | 3.83% | 15.5x | 31 | |||||
| Tier 1 Average | $370,000 | $475 | 3.85% | 15.2x |
2907 W Riverside Drive, Burbank (LAAA Team Sale) - Four units, built 1942, closed May 27, 2026 for $1,590,000 - $397,500 per unit, a 4.37% cap and 14.88 GRM on 3,023 SF. The LAAA Team ran this listing start to finish: when the first buyer attempted a re-trade we advised the sellers to cancel, relaunched in April, and closed a competitive multiple-offer process. The property carried three 1-bedroom units and one 2-bedroom with rents roughly 17% below market. Adjusting 10% for Burbank's lighter AB 1482 regime versus the subject's RSO implies $357,750 per unit of support, and the subject's heavier 2-bedroom mix and larger units argue above that floor.
10717 Bloomfield St, North Hollywood - Four 2-bedroom units, built 1962, sold August 2025 for $1,370,000 - $342,500 per unit, $424.94 per SF, a verified 3.34% cap and 15.51 GRM. This is the cleanest direct match: same zip, same RSO status, similar scale. Its scheduled income of $88,344 ran 13% below the subject's $101,067, which is precisely why its unadjusted per-unit print reads as a floor rather than a target; on income-normalized measures (GRM and $/SF) it supports the subject's pricing directly.
10923 Moorpark St, North Hollywood - Four units, built 1981, sold September 2025 for $1,700,000 - $425,000 per unit. A remodeled townhouse-style building outside RSO (AB 1482 applies), it establishes the pocket's premium tier. Adjusting 10% for rent control status and 5% for vintage implies roughly $363,000 per unit for the subject - above the subject's RSO comp floor and consistent with its positioning.
10458 Riverside Dr, Toluca Lake - Four units, built 1952, sold October 2025 for $1,270,000 - $317,500 per unit. A trust sale with seller concessions and rents averaging just $1,245 per unit, 41% below the subject's in-place income. It marks the deep value-add floor of the market, not a pricing ceiling for stabilized product.
10454 Moorpark St, Toluca Lake - Four units, built 1941, sold August 2025 for $1,200,000 - $300,000 per unit on legal-nonconforming R1 zoning, with a garage-conversion studio renting at $532 and a vacancy at closing. The lowest print in the set, and the most heavily encumbered.
| # | Address | Type | SF | Rent | $/SF | Source |
|---|---|---|---|---|---|---|
| 1 | 4411 Ensign Ave (subject unit) | 1bd/1ba | 700 | $2,000 | $2.86 | Apartments.com (live) |
| 2 | 4444 Ensign Ave | 1bd/1ba | -- | $2,098 | -- | Westside Habitats |
| 3 | 11495 Riverside Dr | 1bd | -- | $2,150 | -- | RentCafe |
| 4 | 4411 Ensign Ave (subject unit) | 2bd/1ba | 900 | $2,750 | $3.06 | Zillow |
| 5 | 10711 Woodbridge St | 2bd | -- | $2,975 | -- | Apartments.com |
| 6 | 10620 Whipple St | 2bd | -- | $3,295 | -- | Apartments.com |
| 7 | 11321 Moorpark St | 2bd | -- | $3,145 | -- | RentCafe |
| Unit | Type | SF | Current Rent | Rent/SF | Market Rent | Market/SF |
|---|---|---|---|---|---|---|
| 1 | 2 Bed / 1 Bath | 950 | $2,600 | $2.74 | $2,850 | $3.00 |
| 2 | 2 Bed / 1 Bath | 950 | $1,626 | $1.71 | $2,850 | $3.00 |
| 3 | 1 Bed / 1 Bath | 700 | $1,990 | $2.84 | $2,295 | $3.28 |
| 4 | 1 Bed / 1 Bath | 700 | $2,206 | $3.15 | $2,295 | $3.28 |
| Total | 4 Units | 3,300 | $8,422 | $2.55 | $10,290 | $3.12 |
| Income | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Gross Scheduled Rent | $101,067 | $25,267 | $26.85 | - |
| Less: Vacancy (0%) | $(0) | $(0) | $(0.00) | - |
| Effective Gross Income | $101,067 | $25,267 | $26.85 | 100.0% |
| Expenses | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Real Estate Taxes [1] | $19,938 | $4,984 | $5.30 | 19.7% |
| Insurance | $4,050 | $1,012 | $1.08 | 4.0% |
| Utilities - Electric [2] | $240 | $60 | $0.06 | 0.2% |
| Utilities - Water & Sewer [3] | $6,000 | $1,500 | $1.59 | 5.9% |
| Repairs & Maintenance | $3,500 | $875 | $0.93 | 3.5% |
| Contract Services | $2,500 | $625 | $0.66 | 2.5% |
| Total Expenses | $36,228 | $9,057 | $9.62 | 35.8% |
| Net Operating Income | $64,839 | $16,210 | $17.23 | 64.2% |
[1] Real Estate Taxes: Buyer Year 1 tax at the recommended list price ($1,595,000 x 1.25%).
[2] Utilities - Electric: common areas only; units separately metered.
[3] Tenants pay their own trash service; owner pays water and minimal common-area utilities.
| OPERATING DATA | |
|---|---|
| Price | $1,595,000 |
| Down Payment (30%) | $478,500 |
| Number of Units | 4 |
| Price / Unit | $398,750 |
| Price / SF | $424 |
| Gross SF | 3,764 |
| Lot Size | 6,695 SF (0.15 ac) |
| Year Built | 1951 |
| Returns | Current | Pro Forma |
|---|---|---|
| Cap Rate | 4.07% | 5.47% |
| GRM | 15.78x | 12.92x |
| Cash-on-Cash | -3.69% | 0.99% |
| DSCR | 0.79x | 1.06x |
| FINANCING | |
|---|---|
| Loan Amount | $1,116,500 |
| Loan Type | Fixed |
| Interest Rate | 6.25% |
| Amortization | 30 Years |
| Loan Constant | 7.39% |
| LTV (LTV) | 70.0% |
| DSCR | 0.79x |
| Income | Current | Pro Forma |
|---|---|---|
| GSR | $101,067 | $123,480 |
| Vacancy (0%) | $(0) | $(0) |
| Other Income | $0 | $0 |
| EGI | $101,067 | $123,480 |
| Cash Flow | Current | Pro Forma |
|---|---|---|
| NOI | $64,839 | $87,252 |
| Debt Service | $(82,494) | $(82,494) |
| Net Cash Flow | $-17,655 | $4,758 |
| CoC Return | -3.69% | 0.99% |
| Principal Reduction | $13,083 | $13,083 |
| Total Return | -0.96% | 3.73% |
| EXPENSES | |
|---|---|
| Real Estate Taxes | $19,938 |
| Insurance | $4,050 |
| Utilities - Electric | $240 |
| Utilities - Water & Sewer | $6,000 |
| Repairs & Maintenance | $3,500 |
| Contract Services | $2,500 |
| Total Expenses | $36,228 |
| Purchase Price | Current Cap | Pro Forma Cap | Cash-on-Cash | $/SF | $/Unit | PF GRM |
|---|---|---|---|---|---|---|
| $1,695,000 | 3.75% | 5.07% | -4.73% | $450 | $423,750 | 13.73x |
| $1,675,000 | 3.81% | 5.15% | -4.54% | $445 | $418,750 | 13.56x |
| $1,655,000 | 3.87% | 5.23% | -4.33% | $440 | $413,750 | 13.40x |
| $1,635,000 | 3.94% | 5.31% | -4.12% | $434 | $408,750 | 13.24x |
| $1,615,000 | 4.00% | 5.39% | -3.91% | $429 | $403,750 | 13.08x |
| $1,595,000 | 4.07% | 5.47% | -3.69% | $424 | $398,750 | 12.92x |
| $1,575,000 | 4.13% | 5.56% | -3.46% | $418 | $393,750 | 12.76x |
| $1,555,000 | 4.20% | 5.64% | -3.23% | $413 | $388,750 | 12.59x |
| $1,535,000 | 4.27% | 5.73% | -3.00% | $408 | $383,750 | 12.43x |
| $1,515,000 | 4.35% | 5.83% | -2.75% | $402 | $378,750 | 12.27x |
| $1,495,000 | 4.42% | 5.92% | -2.50% | $397 | $373,750 | 12.11x |
Our recommended list price of $1,595,000 - $398,750 per unit and $423.75 per SF - is anchored by the two primary comparables: the LAAA Team's own closing at 2907 W Riverside Drive ($397,500 per unit, May 27, 2026) and 10717 Bloomfield St ($342,500 per unit, the direct RSO match whose scheduled income ran 13% below the subject's). Across the six verified sales, the subject's $423.75 per SF sits at the median of the set, and its 15.78 GRM at list falls inside the verified 14.88 to 16.26 band. The property's $101,067 of in-place scheduled income exceeds every sub-$345,000-per-unit comparable by 13% to 41%, which is the analytical reason straight per-unit averages understate this asset.
The two most recent transactions in the pocket frame the opportunity: 2907 W Riverside at $397,500 per unit and 4441 Forman Ave at $512,500 per unit, a vacant-delivery trophy sale that closed over asking in five days in May 2026. Against six comparable sales spanning August 2025 to May 2026, we expect 4411 Ensign to trade between $1,495,000 and $1,695,000, with the list price positioned to capture the demand those two prints just demonstrated.