5629 Cleon Ave, North Hollywood
NoHo Arts Gem | Artfully Renovated 1950s Fourplex
5629 Cleon Ave is a fully leased fourplex in one of North Hollywood's most sought-after neighborhoods, just moments from the NoHo Arts District. Recently stabilized at 100% occupancy, the property delivers immediate cash flow with two brand-new 2026 leases already in place, while two below-market rents provide built-in upside for future revenue growth. Featuring separately metered gas and electric, on-site parking, recent exterior improvements, and a low-maintenance operating profile, this turnkey asset offers the ideal combination of stable income and long-term appreciation potential.
The Important
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$1,285,000
Fourplex
For Sale
4
1954
5.62%
13.24
$108,000/Year
2,080 sqft
5,553 sqft
$617.79
$321,250
4 x 1b/1b
No
4 Exterior Parking Spots
Yes
Other Features:
100% Leased, Pride-of-Ownership NoHo Arts Fourplex, Value-Add Opportunity
The Highlights
100% Leased Fourplex: Fully stabilized and generating immediate cash flow.
Two New 2026 Leases: Recent leasing activity provides strong income stability and reduces near-term rollover risk.
Renovated Unit D Leased in Just 2 Days: Demonstrates exceptional tenant demand and validates rental pricing in the market.
Value-Add Opportunity: Two units currently leased below market rents provide a clear path to future revenue growth.
Proven Rental Upside: Current average rents of approximately $2,022/month versus market rents of approximately $2,250/month.
Attractive In-Place Returns: 5.62% current cap rate with 6.44% pro forma cap rate potential.
Low-Expense Operations: Separately metered gas and electric minimize ownership expenses.
Recent Capital Improvements: Fresh exterior paint, new landscaping, and renovated units enhance curb appeal and reduce near-term capital needs.
Strong Tenant Demand Location: Situated minutes from the NoHo Arts District, Metro Station, Universal Studios, Warner Bros., and Disney. Four On-Site
Parking Spaces: Valuable amenity for tenants in a highly competitive rental market.
Efficient Four 1-Bedroom Unit Mix: Consistently attractive floor plans with broad tenant appeal and strong leasing velocity.
The Neighborhood
<15-Minute Walk
Macy’s, The Cheesecake Factory, Mendocino Farms, Furley's Bar - Glendale, Porto's Bakery and Cafe, Mario's Italian Deli & Market
<15-Minute Drive
NoHo Arts District, The Federal, Amazon Fresh, Eat, Dave's Hot Chicken, Republic of Pie, 24 Hour Fitness, NoHo West, Porto’s Bakery & Cafe, Laemmle NoHo7, North Hollywood Park, The Good Nite
<$15 Uber Ride
BJ's Restaurant & Brewhouse, California Pizza Kitchen at Glendale, Olive Garden Italian Restaurant, Starbucks Coffee Company, Target, Din Tai Fung, Broadway Burger, Barnes & Noble, Louis Vuitton Glendale Americana
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