• Joseph P

North Hollywood - An Up And Coming ADU Neighborhood

Updated: Nov 25, 2020

North Hollywood is close enough to Los Angeles that residents can still enjoy doing activities in the city. However, it’s also a retreat to suburban living for its residents. The neighborhood is made up of a variety of residents, ranging from working professionals, couples, and young families to creatives, artists, and entertainers. Building an ADU (accessory dwelling unit) in North Hollywood will increase your current property value by $150,000 - $250,000.

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ADU and Accessory dwelling units in North Hollywood. North Hollywood Demographics, renting ADU in North Hollywood.
Accessory dwelling units North Hollywood

Why is the market for ADU’s trending In North Hollywood?

1. The Arts District

The North Hollywood Arts District began with performance theaters for arts such as jazz music and dancing. Through the years, it was joined by new businesses, one-of-a-kind restaurants, and other performance art theaters, which have successfully drawn more visitors and local artists to the neighborhood. Even though this district started with only one theater, there are now over 20 professional theaters located in the area.

2. Pedestrian Friendly Transportation

North Hollywood is a hub for the Los Angeles Metro. The Orange Line which runs through all of the San Fernando Valley connects with the Red Line which can reach all of the greater Los Angeles area. The Red Line can get you to downtown in less than an hour and Hollywood is only a 15 minute drive away. Residents who live near North Hollywood’s main street at Lankershim have the convenience of easily walking to grocery stores, theaters, restaurants, parks, and the Metro.

3. Affordability

ADU’s are small living units that are usually between 200-1200 square feet. Since September 2020 the state of California has made it easier for home owners to permit and build new units. Why? Because it works. The housing shortage is finally being privatized and its single family home owners that will finally win. Not only are homeowners looking to build more ADU’s in the area, but renters are looking for more private alternatives to apartments in which they can have their own personal space. Rather than paying rent for a small apartment, a tenant would prefer having their own small home. As a homeowner in the area, making an investment in building an ADU will pay off as tenants are ready to move in.

North Hollywood Demographics -

With a population of 74,000 people and 28,000 housing units that were built before 2010, it makes sense that ADU’s built after 2018 are so sought after due to their affordability as well as modern build.

  • Median Income - $68,000

  • Median Age - 36 years old

  • Average Home Price - $586,000

How Much Can I Rent An ADU In North Hollywood For In Today’s Market?

The average ADU in North Hollywood rents for about:

  • Studio ADU- $1300/m

  • 1 Bed 1 Bath ADU- $1500/m

  • 2 bed 2 bath ADU- $2100/m

  • 3 bed 3 bath ADU- $2800/m

ADU walkability score in Beverly Grove

The ADU walkability score is measured by walking distance from your new ADU to these attractions, the closer you are to these Beverly Grove locations the more your future tenant will pay for rent.

Ofri Peretz (818) 569 - 9947 actively looks for homes with ADU potential. She also had multiple homes sell for over asking in North Hollywood before and after the unit was built. When renting out your newly built ADU, hiring a realtor can make the process a breeze. When an agent is hired, they can create a listing for you, help check out the applicants, and manage the other aspects of renting so you don’t have to worry about it. A realtor may also increase the amount of rent you can receive monthly for your ADU.

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License #: 1061134

Local Neighborhoods for ADUs and Garage Conversions

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