Property Description

Lucrum Real Estate Group is 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 1964

Construction is wood frame and stucco exterior, 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 heater

Most 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 & Layout

The property is well parked, with:

• A 2-car garage attached to the front home
• 4 tandem spaces + 3 single spaces = 13 total parking spaces

Unit Mix, Amenities & Upside Potential

• 6 (2+1.5) townhome-style units
• 1 (4+1.5) single-family home

Each 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 delivered vacant, 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 minimal

Las Casitas is a 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.

Location Description

Prime North Hollywood Location – Strong Rental Demand & Long-Term Growth

Las Casitas is strategically located in the heart of North Hollywood, just minutes from the vibrant NoHo Arts District, one of L.A.’s most walkable and desirable rental submarkets. Known for its thriving creative scene, boutique theaters, trendy cafes, and nightlife, the area draws a strong mix of young professionals, artists, and working-class renters seeking both culture and convenience.

The property is positioned near key employment and transit hubs:

• Just east of the NoHo Arts District and Metro B Line (Red) station, offering direct rail access to Hollywood, Koreatown, and Downtown LA
• Close to the 170 and 101 Freeways, enabling quick commutes across the San Fernando Valley and beyond
• Minutes from the Burbank Media District, home to major employers like Disney, Warner Bros., and Universal Studios
• Near Valley Village, Studio City, and Toluca Lake, all high-demand neighboring communities

This location benefits from steady tenant demand, driven by its centrality, access to jobs, and walkability to local amenities. With ongoing infrastructure investment in the NoHo area — including the NoHo West mixed-use development and transit-oriented projects — this neighborhood continues to see strong rent growth and long-term appreciation potential.

For investors, Las Casitas offers a rare combination of in-place cash flow and value-add upside in one of the San Fernando Valley’s most resilient rental corridors.

Property Highlights

• Attractive in-place cash flow: Strong-performing asset with ~6.42% Cap Rate
• Value-add upside: Below-market rents in several units offer room for increases through turnover and light interior updates
• Desirable unit mix:
  • 6 (2+1.5) townhome-style units with private patios/yards
  • 1 (4+1.5) single-family home
• Stable workforce housing: In-demand product type in a high rental demand market
• Bonus storage income: Two large 10’x12′ storage sheds (one rented, one vacant) with rent potential of $250+/month each
• Efficient operations:
  • Separately metered for gas & electric (no house meter)
  • Trash billed to tenants via LADWP
  • Drought-friendly, low-maintenance landscaping
• Well-maintained buildings:
  • Fresh exterior paint
  • Front house has newer roof, water heater, and A/C
  • Newer hot water heaters in most apartment units
  • Roof on apartment building is approx. 10 years old
• Ample parking: 2-car garage + 11 surface spaces (4 tandem, 3 single) = 13 total spaces
• Zoning & lot size: Expansive ±13,400 SF LARD2 lot provides long-term flexibility

Location Highlights

• Prime North Hollywood location: Minutes from the NoHo Arts District, a vibrant cultural hub with walkable cafes, restaurants, boutique theaters, and nightlife
• Strong tenant demand: Desirable rental corridor attracting creatives, young professionals, and workforce tenants
• Excellent transit access: Near Metro B Line (Red) subway station offering direct rail to Hollywood, Downtown LA, and Koreatown
• Convenient freeway connectivity: Quick access to the 170, 101, and 134 Freeways for easy commuting across the Valley and greater Los Angeles
• Close to major employers: Minutes from the Burbank Media District, home to Disney, Warner Bros., NBCUniversal, and more
• Nearby NoHo West development: Multi-phase retail, dining, and residential project driving long-term neighborhood growth
• High-demand neighboring submarkets: Adjacent to Valley Village, Studio City, and Toluca Lake, supporting strong rental fundamentals
• Ongoing public & private investment: Significant infrastructure and transit-oriented development underway in NoHo enhancing long-term value