The Strohm Building at 10455 W Magnolia Blvd is a 2016-vintage, elevator-served, 26-unit asset with rooftop amenities in the heart of North Hollywood. Delivered with a March 17, 2016 CofO and fully sprinklered (NFPA-13), the property offers modern systems, in-unit laundry, and secured parking—checks every “institutional” box while remaining a manageable, sub-30-unit scale. The asset is unencumbered by rent control or affordability covenants —not subject to Los Angeles RSO and exempt from AB 1482 through 2031—allowing an investor to implement market-driven rent strategy without statutory caps. In-place rents are approximately 14 percent below market across a balanced mix of studios, one-bedroom with a den, and two-bedroom/two-bathroom plans, with the seller planning approximately five percent increases on eligible units prior to close. That creates an immediate NOI lift at acquisition and a clear, organic path to stabilization over upcoming lease turns. A straightforward ADU conversion of a portion of the garage/storage area (concept plans provided) would add a two-bedroom unit of between 800 and 850 square feet, targeting roughly $2,600 per month. At a five percent yield, the ADU translates to an estimated $600K of value creation, pushing the count from 26 to 27 units and further strengthening per-SF and per-unit metrics. The North Hollywood/Toluca Lake pocket delivers sticky tenant demand—walkable to Magnolia retail, proximate to the NoHo Red Line (~1.2 miles), and minutes to the 170/134—while major studios and healthcare anchors underpin long-term occupancy. This is a rare Class A, non-regulated Los Angeles multifamily with both near-term NOI acceleration (seller increases + market catch-up) and structural upside (ADU). For buyers seeking durable cash flow with multiple levers to grow value, The Strohm Building stands out.