Co-Living Investment Opportunity: Alcove Ave, North Hollywood
$1,800,000 Purchase Price | 9 Beds | 6 Baths | ~3,850 sq ft
Executive Summary
A Rare Combination of Scale, Flexibility & Value‑Add Potential
We are pleased to present a premium investment opportunity at 7111 Alcove Ave, North Hollywood, CA 91605. This property is offered to you at a purchase price of $1,800,000, and presents a rare combination of scale, flexibility and value‑add potential. With 9 bedrooms, 6 bathrooms, approximately 3,850 sq ft of living space on a ~6,700 sq ft lot, this asset is ideal for an investor seeking to capitalize on Los Angeles' high‑demand residential market and carry out strategic upgrades to unlock further value.
Key value‑add opportunities:
  • Create a duplex by adding an interior dividing wall, maximizing unit yield.
  • Convert the detached garage into an ADU (Accessory Dwelling Unit) thereby generating incremental income and elevating the property's long‑term value.
With your acquisition at $1.8 M, the property offers significant upside and is ready for your value‑creation strategy.
Property Overview
Address
7111 Alcove Ave, North Hollywood, CA 91605
Property Type
Detached single‑family home (9 beds / 6 baths)
Living Area
~3,850 sq ft
Lot Size
~6,700 sq ft
Year Built
1949
Purchase Price to Investor
$1,800,000
Unique features & investor appeal:
  • Large floor plan with 9 bedrooms (rare for the area) creates flexibility in unit configuration.
  • Detached garage structure presents immediate ADU conversion potential (subject to local permitting).
  • Situated in a desirable North Hollywood location with strong demand for multi‑unit/ADU scenarios.
  • Clear path for value creation via interior re‑modelling / unit optimisation.
Detached Garage (ADU Conversion Play)
Investment Highlights & Value‑Add Strategy
Value‑Add Opportunities
  • Duplex Conversion: By inserting a dividing wall or otherwise partitioning the interior, the property may be converted from a single‑family occupancy to a two‑unit configuration — increasing rental yield and appealing to multi‑tenant investors.
  • ADU Conversion: The detached garage can be transformed into an ADU (subject to planning/permit) to generate supplementary monthly income and boost overall asset value.
  • Upside Potential: The purchase price of $1.8 M gives an investor room to invest in upgrades while still capturing strong returns.
Strong Entry Price
Acquiring at $1.8 M positions you ahead of broader market competition for similar large‑scale properties in North Hollywood, while leaving margin for upgrades and repositioning.
Clear Exit / Income Strategy
  • After upgrades: generate steady rental income from multiple units(Duplex) or Individual Room Rentals + ADU.
  • Nursing Home, Group Home, Adult Family Home
  • Medium‑term exit: reposition for sale once value is unlocked.
  • Long‑term hold: capture appreciation and higher cash‑flow from optimized unit setup.
Co-Living Opportunity
Co-living is a modern residential model where unrelated tenants rent individual bedrooms in a shared home, often with shared kitchens and common areas. This approach maximizes income by increasing per-room rental yield, reduces vacancy risk, and promotes community-style living.
Rental Income Potential:
  • Unfurnished rooms: $800–$1,000 per month each
  • Furnished rooms: $1,000–$1,200 per month each
  • With 9 bedrooms, gross monthly income potential ranges from $7,200 to over $10,800
Advantages of Co-Living:
  • Tenants can be billed weekly, which improves cash flow and helps reduce eviction risk
  • Can be Self - Managed
  • Units can be listed on platforms like PadSplit.com, which screens tenants (credit, background, income) and manages rent collection
  • PadSplit charges an 8% management fee and collects the first 10 days of rent for each new tenant
  • Reduces vacancy through frequent tenant turnover while ensuring steady occupancy
Management Tools:
  • PadSplit streamlines operations, tenant sourcing, and rent collection
  • Tenants are matched to available rooms, and all leasing compliance is handled
  • Self Management: TurboTenant.com

Additional Play: Airbnb Conversion
If the property is reconfigured into three separate units (duplex + ADU), there's a strong case for operating each unit as a short-term rental. Airbnb potential increases significantly in North Hollywood for furnished multi-unit properties, offering another high-yield exit or income strategy.
Financial Snapshot
*Budget to be developed after inspection and scope‑of‑work is defined.
Risk & Mitigation
Risks:
  • Permitting delays for ADU/duplex conversion.
  • Unexpected rehab costs or structural issues.
  • Rental market fluctuations.
Mitigations:
  • Pre‑check zoning/permit feasibility for ADU and multi‑unit conversion.
  • Include contingency budget in upgrade plan.
  • Accelerate rental leasing to reduce holding cost exposure.
Pictures

Google Drive

Alcove North Hollywood - Google Drive

Why This Offer Works for You
  • Attractive entry price ($1.8 M) relative to large floor‑area residential properties in this sub‑market.
  • Opportunity to immediately activate value through conversion and income optimization.
  • Flexibility: long‑term hold for cash‑flow or medium‑term flip for value‑capture.
  • Rare large property footprint (3,850 sq ft) with 9 bedrooms in North Hollywood — not common in today's market.
Contact & Engagement
If you'd like to move forward, please contact:
Shane Robison
Phone: (213) 816-5300
We can send you a formal term sheet, property condition inspection summary, and modelling template within 24 hours.