Toluca Lake's housing is a mix of established single-family homes on tree-lined streets, many with generous lots and lake or hillside views. The stock ranges from 1920s- and 1930s-era traditional and Spanish-style houses — including estates once owned by Hollywood stars — to mid-century ranches and some newer luxury construction. The neighborhood's compact footprint and desirability keep inventory limited, and homes command a premium for the lake setting, privacy, and studio proximity. Multi-family options are limited, concentrated along the busier corridors, while the lakeside blocks remain overwhelmingly single-family.

Toluca Lake offers a quiet, village-like lifestyle at the center of the entertainment industry. The neighborhood's namesake lake, its walking streets, and its low-key cafes and restaurants on Riverside Drive give it a small-town feel rare in Los Angeles. Residents are minutes from the shops and dining of Studio City, North Hollywood's arts district, and downtown Burbank, while Warner Bros., Universal, and Disney are nearby employers. The neighborhood's history of celebrity residents lends it an air of understated privacy. Griffith Park, with its trails and the Los Angeles Zoo, lies just across the river.

Toluca Lake is served by the Los Angeles Unified School District, with Toluca Lake Elementary School within the neighborhood and students continuing to LAUSD middle and high schools in the Valley. The neighborhood also sits near the Burbank Unified School District boundary, and its central location gives families access to many of the region's prominent private schools, including Buckley, Campbell Hall, Oakwood, and Harvard-Westlake, in nearby Studio City and North Hollywood. Toluca Crossroads School offers a private elementary option in the area.

Toluca Lake is positioned for quick access across the San Fernando Valley and into the Los Angeles basin. The Ventura (134) and Hollywood (170) freeways meet at the neighborhood's edge, and the 5 and 101 freeways are minutes away, connecting residents to Burbank, downtown Los Angeles, and the studios. Riverside Drive and Cahuenga Boulevard provide surface routes over the Cahuenga Pass into Hollywood. Bob Hope Airport in Burbank sits just north, offering regional flights. Commuting to the studios and production facilities of Burbank and the East Valley is notably short.

Toluca Lake's recreation is anchored by its private lake and its proximity to the region's largest park. Griffith Park, directly across the Los Angeles River, offers miles of hiking and equestrian trails, the Griffith Observatory, and the Los Angeles Zoo, while the neighborhood's own tree-lined streets and lakeside setting support walking and cycling. The nearby LA River bike path and the parks of Burbank add more outdoor options. For entertainment, Universal Studios, Warner Bros. studio tours, and the dining of Studio City are all minutes away.