5629 Cleon Ave is a rare owner-user opportunity located on a quiet, tree-lined street in one of North Hollywood’s most desirable pockets just moments from the NoHo Arts District. The property offers a compelling opportunity to live in a fully renovated, move-in ready unit while offsetting your monthly housing cost with income from three in-place units, creating a significantly more efficient path to homeownership in Los Angeles.
Delivered with one vacant, extensively renovated unit featuring updated flooring, countertops, designer bathroom finishes, and brand new appliances, a buyer can immediately move in without the need for renovations or downtime. Meanwhile, the remaining three units provide stable, day-one income, allowing an owner-user to substantially reduce their effective monthly cost of living compared to a traditional single-family home or condo purchase.
Beyond its strong appeal to owner-users, the property also performs as a solid investment, offering a 5.33% cap rate, a low-expense operating profile with separately metered gas and electric, and additional upside as in-place rents trend toward market. The simple, efficient unit mix of four one-bedroom units consistently attracts tenant demand, while recent exterior improvements including fresh paint and new landscaping enhance curb appeal and minimize near-term capital needs.
Ideally located near the NoHo Arts District and the North Hollywood Metro Station, the property benefits from close proximity to major employment hubs including Universal Studios, Warner Bros., and Disney, along with immediate access to dining, coffee, retail, and entertainment. With its unique ability to blend lifestyle and investment, 5629 Cleon Ave presents a standout opportunity for a buyer looking to build equity, generate income, and live in one of Los Angeles’ most dynamic rental markets.