11231 Otsego St · Los Angeles, CA 91601

$8,995,000

59 bd · 65.0 ba · 32,150 sqft · MultiFamily public records · 114 Days on market

Built 1974 0.47 ac lot $280/sqft · 15% above area Est $7800k · 15% over

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +28.9/30.0
• DSCR +10.0/10.0
• 1% rule +6.9/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• ARV discount +0.6/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 44 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

11231 Otsego Street is a well-maintained 44-unit apartment community located in the heart of North Hollywood, one of the San Fernando Valley's most dynamic rental submarkets. The property features a highly desirable and balanced unit mix consisting of 2 studio units, 21 one-bedroom units, and 21 two-bedroom units, catering to a broad tenant base that includes young professionals, couples, and small families. The asset benefits from efficient utility configuration, with individual metering for gas and electricity and master-metered water, supporting predictable operating expenses and streamlined management. From a tenant's perspective, the property offers both lifestyle convenience and functional amenities. Residents enjoy access to 60 on-site parking spaces, comprised of a combination of single and tandem parking, as well as on-site laundry facilities and trash chutes located on each floor, enhancing day-to-day convenience. The location places tenants near grocery stores, pharmacies, restaurants, and cafs, along with the vibrant NoHo Arts District. Proximity to public transportation, including major bus routes and Metro access, further strengthens the property's appeal to commuters and car-light renters. For investors, 11231 Otsego Street represents a compelling multifamily opportunity supported by scale, location, and operational efficiency. The property's unit mix and strong parking ratio promote stable occupancy, while individual utility metering reduces owner expense exposure. Its well-maintained condition limits near-term capital requirements, and the North Hollywood submarket continues to benefit from redevelopment, employment growth, and sustained rental demandpositioning the asset for consistent cash flow with potential upside through future rent growth or targeted value-add enhancements.

Key facts

• Master metered water
• 0.47 acre lot
• 60 parking spots

Tags

• 44 UNIT APARTMENT COMMUNITY
• INDIVIDUAL METERING FOR GAS
• MASTER METERED WATER
• 60 ON SITE PARKING SPACES
• ON SITE LAUNDRY FACILITIES
• TRASH CHUTES ON EACH FLOOR

What this means for you Summary

Snapshot

• This is a 21×1bd/1ba + 21×2bd/1ba + 2×?bd/1ba units multifamily listed at $8.99M.

Deal economics

• At list price, monthly cash flow is $30k ($365k/yr) — positive. Per door: $690/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($107k rent vs $8.99M).
• Recommended offer: $8.19M (9.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 2.1% in Los Angeles — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#273 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment B; Watch: health & safety C-, schools D+, crime F.
• Los Angeles Unified (urban): math 29% / reading 54% proficiency, ranked #223 of 517 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.9%/yr); 89 active listings in the ZIP; solid renter incomes; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $106,718/mo this rent would consume 1609% of the median local household income ($80k/yr) (locally 5323% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $62k of loan paydown is wiped out by about $270k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($8.19M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 8→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $8,185,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.19% ✓
• Cap rate: 10.35%
• Cash-on-cash: 14.47%
• DSCR: 1.64
• GRM: 7.0

CMA / ARV

• ARV (median comp): $7,800,000
• List price: $8,995,000
• Delta: 15.32%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 1.7%
• Equity multiple: 1.06×
• Total profit: $160,836
• Equity at exit: $1,341,184

10-year hold

• IRR: 8.4%
• Equity multiple: 1.56×
• Total profit: $1,408,515
• Equity at exit: $777,723

Cash invested: $2,518,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City Los Angeles: 0 Strongly Tenant-Friendly · D+22

LARSO + JCEO 2023; relocation for substantial remodel evictions.

Methodology + full state rankings →

ZIP-level market 91601

• Rents YoY: -0.9%
• Active inventory: 89
• Price-to-rent: 331.8×

Monthly cashflow live

• Estimated rent: $106,718 high
• Mortgage (P&I): −$47,171
• Tax from tax record: −$3,013 /mo · $36,161/yr
• Insurance: −$3,748
• HOA: −$0
• Vacancy / Maint / Mgmt: −$22,411
• Net cashflow: $30,375

Break-even live

Break-even rent $68,268

Max offer price $8,995,000

Occupancy floor 67%

Sensitivity live

Price	-10% $35,467	-5% $32,921	+0% $30,375	+5% $27,829	+10% $25,283
Rent	-10% $21,944	-5% $26,160	+0% $30,375	+5% $34,591	+10% $38,806
Rate	-1.0pp $34,905	-0.5pp $32,663	base $30,375	+0.5pp $28,044	+1.0pp $25,673

44-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 21× units	1	1	$47,439
▸ 21× units	2	1	$54,411
▸ 2× units	0	1	$4,860
Total (44 units)			$106,718

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $2,248,750
• Closing costs: $269,850
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $8,995,000 Active 114 DOM
2. 2026-06-17
   days on market $8,995,000 Active 113 DOM
3. 2026-06-16
   days on market $8,995,000 Active 112 DOM
4. 2026-06-15
   days on market $8,995,000 Active 111 DOM
5. 2026-06-13
   days on market $8,995,000 Active 109 DOM
6. 2026-06-09
   days on market $8,995,000 Active 105 DOM
7. 2026-06-08
   days on market $8,995,000 Active 104 DOM
8. 2026-06-07
   days on market $8,995,000 Active 103 DOM
9. 2026-06-04
   days on market $8,995,000 Active 100 DOM
10. 2026-06-03
    days on market $8,995,000 Active 99 DOM
11. 2026-06-02
    days on market $8,995,000 Active 98 DOM
12. 2026-06-02
    price $8,995,000 Active 97 DOM
13. 2026-06-01
    days on market $9,995,000 Active 97 DOM
14. 2026-05-31
    days on market $9,995,000 Active 96 DOM
15. 2026-02-09
    listed $9,995,000 Active 1827-char remark

    Show marketing remark (1827 chars)

    11231 Otsego Street is a well-maintained 44-unit apartment community located in the heart of North Hollywood, one of the San Fernando Valley's most dynamic rental submarkets. The property features a highly desirable and balanced unit mix consisting of 2 studio units, 21 one-bedroom units, and 21 two-bedroom units, catering to a broad tenant base that includes young professionals, couples, and small families. The asset benefits from efficient utility configuration, with individual metering for gas and electricity and master-metered water, supporting predictable operating expenses and streamlined management. From a tenant's perspective, the property offers both lifestyle convenience and functional amenities. Residents enjoy access to 60 on-site parking spaces, comprised of a combination of single and tandem parking, as well as on-site laundry facilities and trash chutes located on each floor, enhancing day-to-day convenience. The location places tenants near grocery stores, pharmacies, restaurants, and cafs, along with the vibrant NoHo Arts District. Proximity to public transportation, including major bus routes and Metro access, further strengthens the property's appeal to commuters and car-light renters. For investors, 11231 Otsego Street represents a compelling multifamily opportunity supported by scale, location, and operational efficiency. The property's unit mix and strong parking ratio promote stable occupancy, while individual utility metering reduces owner expense exposure. Its well-maintained condition limits near-term capital requirements, and the North Hollywood submarket continues to benefit from redevelopment, employment growth, and sustained rental demandpositioning the asset for consistent cash flow with potential upside through future rent growth or targeted value-add enhancements.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $36,161 · $3,013/mo
• Projected year-2 tax: $68,362 · $5,697/mo
• Expected delta: +$32,201/yr (+$2,683/mo · 89.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 8 d/yr ≥97°F today · 23 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $1,280,616
• − Mortgage interest: −$503,860
• − Property taxes: −$36,161
• − Insurance: −$44,975
• − Repairs & maintenance: −$102,449
• − Management: −$102,449
• − Depreciation: −$261,673
• Taxable income: $229,049
• Est. tax owed @ 24.0%: −$54,972
• After-tax cash flow: $309,530/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Los Angeles Unified
• NCES district ID: 0622710
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 54% ▲ 10.00%
• Median HH income: $50,403
• Composite: 35.67/100
• National rank: #4875
• State rank: #223 of 517 in CA

Livability — Los Angeles

• Score: 68/100
• State rank: #273
• US rank: #9237

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment B Housing B- Health & safety C- User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Los Angeles, CA
• County: Los Angeles County · 9,444,647 people
• City population: 3,838,149
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 36,992
• Household income: $79,607
• Rent vs Own: 83.3% rent · 16.7% own
• Severe rent burden: 5323.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 43% Hispanic / Latino 33% Two or more races 14% Black 10% Asian 8%
• Hispanic origin (detail): Mexican 18% Puerto Rican 1%
• Common ancestry: Scotch-Irish 3% Romanian 2% Italian 2%
• Foreign-born: 25% · Canada, China, South Korea
• Languages at home: 62% English-only · Spanish 25% Other Indo-European 4% Russian/Polish/Slavic 3%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -883.97%
• Current HPI: 446.1574
• Rent YoY: ▼ -0.89%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

1 event — show timeline

• 2026-02-09 Listed $9,995,000 TheMLS

Property tax history

+1.6%/yr

Latest (2025): $36,161 · +2.2% YoY. Source: county tax records.