Prepared Exclusively for 5464 Yarmouth Avenue Apartments
August 2026
| Address | Units | Sale Price | $/Unit | Distance | Closed |
|---|---|---|---|---|---|
| 17800 Magnolia Blvd | 21 | $6,100,000 | $290,476 | 0.36 mi | 2023 |
| 18529 Calvert St | 24 | $9,725,000 | $405,208 | 1.25 mi | 2019 |
| 7108 Amigo Ave | 34 | $13,900,000 | $408,824 | 2.27 mi | 2022 |
Published team performance, laaa.com/track-record, as of August 20, 2026.
5464 Yarmouth Ave is the gold marker. Navy markers are the 13 apartment buildings the LAAA Team has closed within 3 miles; lighter markers are 2 other LAAA closings in the same area. Repeat sales at one building share a marker. Source: laaa.com/track-record, as of August 20, 2026.
Of those closings, 341 are apartment sales covering 4,688 units. CoStar ranks LAAA first in Los Angeles County multifamily transactions across both listing and buyer representation for the trailing three years, and the team has not finished a quarter without a closed sale since it was founded.
Volume matters here for one reason: it is where the buyer list comes from. The buyer for a 66-unit rent-stabilized building in Encino is far more likely to be someone this team has already closed with than someone who finds it on a portal, and a team that closes every quarter is calling those people about something regardless.
• Chairman's Club - Marcus & Millichap's top-tier annual honor
• National Achievement Award - multiple years, both partners
• #1 Most Active Multifamily Team in LA County - CoStar 2019-2021
• Sales Recognition Award - every year since 2016
• 493 closed transactions - $1.55B in sales volume
Our public, continuously maintained reach combines active email subscribers, owner and investor contacts, a building-owner database, and targeted direct buyer calls for each listing.
We call the owners of the buildings around this one before the property reaches a portal. A 66-unit rent-stabilized asset in Encino trades to a buyer who already owns in the submarket far more often than to one discovering it through a listing site.
Exchange buyers work to a deadline, and a property of this size absorbs a large exchange in a single transaction. We track identification windows across our active buyer list and bring the ones with a clock running.
Buildings of 50 units and above in Encino reach a different pool than a 20-unit asset. That pool is small, it is known to us, and it is worked directly rather than through mass distribution.
Encino and the surrounding South Valley are where this team works. The buyer who takes this building is very likely someone we have already traded with.
Deals fall apart in escrow when the marketed number cannot be rebuilt from the documents. Ours is built from the seller's own statements and a reassessed tax line, so retrading has nothing to attach to.
Glen Scher and Filip Niculete are both on this assignment from pricing through closing, not a name on a cover and an associate on the calls.
The marketing plan follows the evidence. Buildings of this size and regulatory status in Encino trade rarely, and when they do the buyer is usually already in the submarket. The campaign is built around reaching that group directly and giving them an underwriting they can lend against on the first pass.
There is one competing offering on Yarmouth Avenue at present. Understanding precisely how it is positioned, and where this property differs, shapes both the timing and the pricing of the launch.
| Address | City | Units | Asking Price | $/Unit | Cap | Status |
|---|---|---|---|---|---|---|
| 10455 Magnolia Blvd | North Hollywood | 26 | $9,200,000 | $353,846 | 5.03% | Available |
| 180 Holly Avenue | Carpinteria | 19 | $8,950,000 | $471,053 | 4.80% | Available |
| 2727 3rd Street | Santa Monica | 22 | $7,650,000 | $347,727 | 5.16% | Available |
| 31701 Ridge Route Rd | Castaic | 33 | $7,500,000 | $227,273 | 5.64% | Available |
| 3607 Pacific Ave | Marina del Rey | 6 | $5,395,000 | $899,167 | 4.75% | Available |
| 2001-2005 Grismer Avenue | Burbank | 14 | $5,350,000 | $382,143 | 4.56% | Available |
| 755 E Pine Street | Altadena | 19 | $5,195,000 | $273,421 | 6.68% | Available |
| 7018 Alabama Ave | Canoga Park | 9 | $5,100,000 | $566,667 | 5.27% | Available |
| 4603 La Mirada Avenue & 1255 Lyman Place | Los Angeles | 9 | $4,450,000 | $494,444 | 5.28% | Available |
| 24846 Walnut St | Santa Clarita | 16 | $4,200,000 | $262,500 | 5.13% | Available |
| 12314 & 12320 Washington Pl | Culver City | 8 | $3,096,000 | $387,000 | 4.78% | Available |
| 11025 Blix St | Toluca Lake | 4 | $2,700,000 | $675,000 | 5.27% | Available |
| 1303-1305 Laveta Terrace | Los Angeles | 10 | $2,590,000 | $259,000 | 4.24% | Available |
| 1807 Montana Street | Los Angeles | 4 | $2,395,000 | $598,750 | 5.84% | Available |
| 12231 Pacific Ave | Los Angeles | 7 | $1,900,000 | $271,429 | 5.02% | Available |
| 5614 W Adams Blvd | Los Angeles | 7 | $1,795,000 | $256,429 | 6.52% | Available |
| 24513-24519 Walnut St | Santa Clarita | 3 | $1,095,000 | $365,000 | 4.31% | Available |
| 20234 Roscoe Blvd | Winnetka | 25 | $4,750,000 | $190,000 | 5.51% | In Escrow |
| 10814-10818 Blix St | North Hollywood | 18 | $4,495,000 | $249,722 | 6.24% | In Escrow |
| 13915 Sherman Way | Van Nuys | 15 | $3,750,000 | $250,000 | 5.80% | In Escrow |
| 3361 Hamilton Way | Los Angeles | 4 | $2,800,000 | $700,000 | 5.62% | In Escrow |
| 24802 & 24806 Walnut St | Santa Clarita | 7 | $1,725,000 | $246,429 | 5.31% | In Escrow |
| Total (22 listings) | 285 | $96,081,000 | $337,126 | 5.27% | ||
The LAAA Team is currently marketing 17 multifamily listings with 5 more in escrow, together representing 285 units and $96.1M of asking value. Every assignment runs on the same marketing platform proposed for 5464 Yarmouth Ave.
Listings and statuses as published at www.laaa.com/listings; pricing and status are subject to change. The summary row shows total units and total asking value, the blended price per unit across all listings, and the median published cap rate.
Encino has produced very few closed sales of rent-stabilized buildings at this scale. Every one that did close in the surrounding half mile settled between $211,000 and $228,000 per unit, and the buyers were operators rather than merchant developers.
The one competing offering on the street asks a materially higher figure per unit for a larger-unit building that is not rent-stabilized. It has been available since late June without a price change, which is useful information about where this segment of the market is actually clearing.
Time on market has been short for the two buildings that traded with disclosed income. Newcastle Towers carried 74 days and 17340 Burbank carried 21, in a submarket where this combination of size and regulatory status comes up rarely.
The property is positioned to the buyer who wants scale in a supply-constrained submarket and is comfortable with rent stabilization. That buyer underwrites turnover rather than immediate repositioning, values the completed capital work because it removes near-term exposure, and prices the 26 unrenovated units as the part of the return they control.
Current lender terms for this asset class in this submarket run in the low-to-mid 6% range on five to seven year money with thirty year amortization. A buyer taking roughly 60% leverage covers debt service comfortably on current operations, which widens the pool beyond all-cash purchasers.
Already owns rent-stabilized product within a few miles, already runs the turnover math, and does not need the regulatory framework explained. This is the most probable buyer and the first group we call.
Needs to place a large amount of equity against a deadline. A 66-unit property absorbs an exchange that would otherwise take three separate closings, which is worth real money in execution risk.
Buys for durability rather than a five-year exit. Completed seismic, roof and plumbing work matters more to this buyer than to any other, because they are the one who would otherwise fund it.
Every serious buyer will rebuild the operating statement on a reassessed tax figure. We publish it that way from the first day, so the conversation starts at the number a buyer would have reached anyway rather than at one they have to correct.
The Rent Stabilization Ordinance governs all 66 units. Presenting that plainly, alongside the turnover history that shows how the rent gap is actually captured, removes the objection that otherwise surfaces in week three and costs a deal its momentum.
5150 Yarmouth is the only other building offered on this street. It is a larger-unit property that is not subject to the Rent Stabilization Ordinance, and it has been available since 6/23/2026 without a price change. Naming that difference in the first conversation keeps a buyer comparing unit size and regulatory status rather than treating the two buildings as interchangeable.
5464 Yarmouth Avenue is a 66-unit apartment property built in 1969 on a 1.4 acre parcel in Encino, two blocks north of Ventura Boulevard and immediately west of White Oak Avenue. The improvements total 51,120 square feet across two buildings, zoned R3-1 with a Medium Residential General Plan designation.
The unit mix runs seven studios, 45 one-bedrooms, twelve two-bedrooms and two three-bedrooms. Unit sizes are confirmed in two places: the rent roll and the ownership's own published floor plans agree exactly, at 500 square feet for a studio, 700 for the standard one-bedroom, 900 for the typical two-bedroom and 1,120 for a three-bedroom.
Ownership has been turning units as they vacate. Forty of the 66 are renovated, and the permit record shows the work: eleven units received new subpanels and lighting in a single 2024 program. Twenty-six units have not yet been through that cycle.
All 66 units are registered under the Los Angeles Rent Stabilization Ordinance. Rent increases on occupied units follow the annual allowable adjustment, so the gap between in-place and market rent is realized as units turn rather than through notice.
The property is positioned to the buyer who wants scale in a supply-constrained submarket and is comfortable with rent stabilization. That buyer underwrites turnover rather than immediate repositioning, values the completed capital work because it removes near-term exposure, and prices the 26 unrenovated units as the part of the return they control.
Current lender terms for this asset class in this submarket run in the low-to-mid 6% range on five to seven year money with thirty year amortization. A buyer taking roughly 60% leverage covers debt service comfortably on current operations, which widens the pool beyond all-cash purchasers.
The property sits on Yarmouth Avenue between Burbank Boulevard and Ventura Boulevard, in the Encino-Tarzana Community Plan area of Council District 4. The 101 Freeway is roughly half a mile north and the Encino Courtyard and Encino Town Center retail nodes are within a short drive on Ventura Boulevard.
The 91316 zip code holds 29,491 residents at a median age of 44.2 and a median household income of $92,311. Half of its 12,883 occupied housing units are renter-occupied, and 6,648 of its housing units sit in buildings of 20 units or more, which is a genuinely apartment-oriented submarket rather than a single-family area with apartments in it.
Median gross rent in the zip code is $2,209. The subject's own market rents run $1,800 for a studio and $2,020 to $2,140 for a one-bedroom, so the building rents at or beneath the surrounding median rather than above it.
Walk Score rates the immediate block 53, described as somewhat walkable, with a transit score of 40. The location trades a walkable storefront setting for a quiet residential street two blocks off the boulevard.
| Property & Location Details | |
|---|---|
| Address | 5464 Yarmouth Ave |
| City | Encino, CA 91316 |
| APN | 2162-016-003 |
| Year Built | 1969 |
| Building SF | 51,120 |
| Lot Size | 60,960 SF (1.4 ac) |
| Units | 66 |
| Parking | Covered on-site parking |
| Property Overview | |
|---|---|
| Units | 66 |
| Year Built | 1969 |
| Building SF | 51,120 |
| Lot SF | 60,960 |
| APN | 2162-016-003 |
| Unit Mix | |
|---|---|
| 44x 1 Bed / 1 Bath | 700 SF |
| 9x 2 Bed / 2 Bath | 900 SF |
| 7x Studio / 1 Bath | 500 SF |
| 2x 3 Bed / 2 Bath | 1,120 SF |
| 2x 2 Bed / 2 Bath, Small Plan | 850 SF |
| 1x 2 Bed / 2 Bath, Large Plan | 1,150 SF |
| 1x 1 Bed / 1 Bath, Deluxe/Den | 800 SF |
Two wood-frame buildings of two stories each, arranged around a landscaped courtyard with a swimming pool and a separate heated spa. Access is controlled and gated, parking is covered and on site, and the property carries laundry facilities, a community lobby, an outdoor barbecue area and on-site maintenance.
Units carry air conditioning, gas ranges, dishwashers, microwaves, disposals, large closets, cable access and recessed lighting. Renovated units add hardwood-style flooring, granite counters, stainless appliances and higher ceilings, and a portion of the units have private patios or balconies.
The permit record supports the condition. The roof was replaced in 2019 at a stated valuation of $193,000 across 380 squares. Gas piping and regulators were replaced in 2019 along with earthquake shutoff valves. The domestic hot and cold water verticals were repiped in 2023. The soft-story retrofit finished in 2019 and the parcel is not a possible non-ductile concrete building.
Click any image to enlarge. Images depict the property and representative interiors. Source: listing media and site photography.
| Address | Unit Type | SF | Asking Rent | Distance |
|---|---|---|---|---|
| 15415 Newcastle Ave, Encino, CA 91316 | 1 Bed / 1 Bath | - | $1,549 | 0.31 mi |
| 15415 Newcastle Ave, Encino, CA 91316 | 2 Bed / 1.5 Bath | - | $1,804 | 0.31 mi |
| 15415 Newcastle Ave, Encino, CA 91316 | 3 Bed / 2 Bath | - | $1,907 | 0.31 mi |
| 217340 Burbank Blvd, Encino, CA 91316 | 1 Bed / 1 Bath | - | $1,676 | 0.50 mi |
| 217340 Burbank Blvd, Encino, CA 91316 | 2 Bed / 2 Bath | - | $1,905 | 0.50 mi |
| 217340 Burbank Blvd, Encino, CA 91316 | 3 Bed / 2 Bath | - | $2,380 | 0.50 mi |
| 35461 Yarmouth Ave, Encino, CA 91316 | 1 Bed / 1 Bath | 780 (est.) | $2,156 | 0.05 mi |
| 45150 Yarmouth Ave, Encino, CA 91316 | 1 Bed / 1 Bath | - | $2,303 | 0.43 mi |
| 45150 Yarmouth Ave, Encino, CA 91316 | 2 Bed / 2 Bath | - | $2,600 | 0.43 mi |
| 45150 Yarmouth Ave, Encino, CA 91316 | 3 Bed / 2 Bath | - | $3,708 | 0.43 mi |
| 55500 Newcastle Ave, Encino, CA 91316 | 1 Bed / 1 Bath | 700 (est.) | $1,600 | 0.21 mi |
| 65501 Newcastle Ave, Encino, CA 91316 | 1 Bed / 1 Bath | 847 (est.) | $2,495 | 0.30 mi |
| 717200 Burbank Blvd, Encino, CA 91316 | 2 Bed / 2 Bath | 1,000 (est.) | $2,948 | 0.64 mi |
| Average (13 rent comps) | 832 (incl. est.) | $2,233 | 0.38 mi | |
The most reliable rent evidence in this submarket comes from the two rent-stabilized Encino buildings that actually sold. At 5415 Newcastle Avenue, a third of a mile away, in-place rents at the February 2025 close were $1,549 for a one-bedroom and $1,804 for a two-bedroom. At 17340 Burbank Boulevard, half a mile away and the most recent trade in the set, they were $1,676 and $1,905. These are rents a buyer verified in diligence and then paid for, not rents advertised online.
This property already collects more than either of them. Its one-bedrooms average roughly $1,733 against $1,549 and $1,676, which says the rent roll here has been managed rather than left alone.
The market rents carried in this analysis are bracketed by a transacted view rather than an asking one. The 17340 Burbank listing underwrote its one-bedrooms to $2,100 and its two-bedrooms to $2,650 on turnover, and a buyer paid for that projection at a rent-stabilized building half a mile from here. The subject carries $2,020 to $2,140 and $2,550 to $2,610.
Two nearby properties sit above that range for reasons that do not transfer. 5461 Yarmouth Avenue, directly across the street and marketed under the same name by a different owner, asks $2,062 to $2,250 for a 780 square foot one-bedroom with a concession running, and carries a fitness center, package lockers and a clubhouse this property does not. 5150 Yarmouth Avenue collects $2,303 on a one-bedroom, in units averaging nearly twice the size of these and with no rent stabilization.
Every pro-forma rent carried in the analysis sits at or above the highest rent this building already achieves for that unit type. The pro forma does not price any unit below what the property has already proven it can collect.
| Address | Yr | Units | Bldg SF | Sale Price | $/Unit | $/SF | GRM | Cap | Date |
|---|---|---|---|---|---|---|---|---|---|
| 15415 Newcastle Ave, Encino, CA 91316 | 1964 | 66 | 71,765 | $14,750,000 | $223,485 | $206 | 10.36 | 5.44% | 2025-02-25 |
| 217340 Burbank Blvd, Encino, CA 91316 | 1964 | 27 | 24,730 | $6,150,000 | $227,778 | $249 | 10.52 | 5.38% | 2025-10-31 |
| 35130 Yarmouth Ave, Encino, CA 91316 | 1953 | 53 | 47,537 | $11,200,000 | $211,321 | $236 | - | - | 2025-06-23 |
| Median (3 comps) | 47,537 | $11,200,000 | $223,485 | $236 | 10.44 | 5.41% | - | ||
Encino has produced very few closed sales of rent-stabilized buildings at this scale. Every one that did close in the surrounding half mile settled between $211,000 and $228,000 per unit, and the buyers were operators rather than merchant developers.
The one competing offering on the street asks a materially higher figure per unit for a larger-unit building that is not rent-stabilized. It has been available since late June without a price change, which is useful information about where this segment of the market is actually clearing.
Time on market has been short for the two buildings that traded with disclosed income. Newcastle Towers carried 74 days and 17340 Burbank carried 21, in a submarket where this combination of size and regulatory status comes up rarely.
1. 5415 Newcastle Ave, Encino, CA 91316 - The anchor comp. Same submarket, same 66 units, same RSO status and the same 1960s vintage band, closed 2025-02-25 within a third of a mile. 1,087 SF average unit against the subject's 732 SF; 56 of 66 units are 2 bed / 1.5 bath; the subject is 45 one-bedrooms; Seller-owned solar tied to hot water heating; 66 tuck-under and carport spaces Also LAHD RSO registered at 66 units, the same regulatory basis as the subject
2. 17340 Burbank Blvd, Encino, CA 91316 - Closest in time at 2025-10-31 and the only other Encino RSO trade with disclosed income, half a mile away. Weighted below Newcastle on size. 27 units against 66; a materially smaller building; 916 SF average unit against the subject's 732 SF; 14 one-bedroom, 12 two-bedroom and one three-bedroom LAHD RSO registered at 27 units; Separately metered for gas and electric; the subject is master-metered with partial recovery; Seller concessions were reported; closed at 94.57% of list
3. 5130 Yarmouth Ave, Encino, CA 91316 - Same street, under half a mile, RSO and of comparable scale, so it carries real weight on price per unit and per foot. It carries none on cap or GRM because no income was disclosed. 1953 construction against the subject's 1969; 897 SF average unit against the subject's 732 SF; 53 units against 66 LAHD RSO registered at 53 units
| Basis | Price | $/Unit | $/SF | GRM Current | GRM Pro Forma | Cap Current | Cap Pro Forma |
|---|---|---|---|---|---|---|---|
| Suggested list price | $15,000,000 | $227,273 | $293.43 | 10.37 | 8.84 | 5.52% | 7.07% |
| Range top | $15,400,000 | $233,333 | $301.25 | 10.64 | 9.07 | 5.34% | 6.86% |
| Midpoint | $14,825,000 | $224,621 | $290.00 | 10.25 | 8.74 | 5.60% | 7.17% |
| Range bottom | $14,250,000 | $215,909 | $278.76 | 9.85 | 8.40 | 5.88% | 7.51% |
Property taxes reassess at the sale price, so the net operating income and therefore the capitalization rate are recalculated at every rung above.
| Address | Yr | Units | Bldg SF | List Price | $/Unit | $/SF | GRM | Cap | Date |
|---|---|---|---|---|---|---|---|---|---|
| 15150 Yarmouth Ave, Encino, CA 91316 | 1964 | 45 | 65,269 | $16,200,000 | $360,000 | $248 | 11.43 | 4.60% | 2026-08-20 |
| Median (1 comps) | 65,269 | $16,200,000 | $360,000 | $248 | 11.43 | 4.60% | - | ||
5150 Yarmouth Ave, Encino, CA 91316 - Carried as competition and never as a sold comp. It is an unsold asking price, it is not rent-stabilized, and its units average nearly twice the subject's. It sets a ceiling nobody has paid rather than evidence of value. 1,305 SF average unit against the subject's 732 SF, a materially different product; 37 of 45 units are two-bedroom; the subject is 45 one-bedrooms of 66; Elevator, fitness center and sauna; three stories over a semi-subterranean garage; 72 parking spaces in a semi-subterranean garage
| Units | Type | Approx SF | Current Rent | Current Monthly | Market Rent | Market Monthly |
|---|---|---|---|---|---|---|
| 44 | 1 Bed / 1 Bath | 700 | $1,733 | $76,274 | $2,047 | $90,070 |
| 9 | 2 Bed / 2 Bath | 900 | $2,280 | $20,516 | $2,570 | $23,130 |
| 7 | Studio / 1 Bath | 500 | $1,406 | $9,844 | $1,776 | $12,430 |
| 2 | 3 Bed / 2 Bath | 1,120 | $3,069 | $6,137 | $3,210 | $6,420 |
| 2 | 2 Bed / 2 Bath, Small Plan | 850 | $1,948 | $3,897 | $2,360 | $4,720 |
| 1 | 2 Bed / 2 Bath, Large Plan | 1,150 | $1,894 | $1,894 | $2,410 | $2,410 |
| 1 | 1 Bed / 1 Bath, Deluxe/Den | 800 | $2,008 | $2,008 | $2,244 | $2,244 |
| Total Scheduled Rent | $1,827 | $120,571 | $2,143 | $141,424 | ||
| Additional Income[1] | - | $7,609 | - | $7,609 | ||
| Monthly Scheduled Gross Income | - | $128,179 | - | $149,033 | ||
| Current | Market | |
|---|---|---|
| Scheduled Gross Income[2] | $1,538,151 | $1,788,393 |
| Vacancy Reserve at 2.8%[3] | ($43,405) | ($50,913) |
| Gross Operating Income | $1,494,746 | $1,737,480 |
| Operating Expenses | ($666,641) | ($676,351) |
| Net Operating Income | $828,105 | $1,061,129 |
| Loan Payments (Illustrative) | ($661,466) | ($661,466) |
| Pre-Tax Cash Flow (Illustrative) | $166,638 | $399,662 |
| Principal Reduction (Illustrative) | $106,458 | $106,458 |
| Total Return Before Taxes | $273,096 | $506,120 |
| Current | Pro Forma | |
|---|---|---|
| Contract Services[4] | $33,000 | $33,000 |
| General Admin[5] | $9,900 | $9,900 |
| Insurance[6] | $59,400 | $59,400 |
| Management Fee[7] | $59,790 | $59,790 |
| Marketing[8] | $12,000 | $12,000 |
| Payroll[9] | $40,000 | $40,000 |
| Repairs Maintenance[10] | $56,100 | $56,100 |
| Reserves[11] | $6,600 | $6,600 |
| Taxes[12] | $195,000 | $195,000 |
| Utilities[13] | $194,851 | $194,851 |
| Underwriting Expense Adjustment[14] | $0 | $9,710 |
| Total Operating Expenses | $666,641 | $676,351 |
| Expense Ratio | 44.6% | 38.9% |
| Per Unit | $10,101 | $10,248 |
| Per Square Foot | $13.04 | $13.23 |
[1] Additional Income: Seller's trailing twelve-month utility recoveries, laundry, cable, vending and miscellaneous income. Interest and application, late, pet and NSF fees excluded.
[2] Scheduled Gross Income: In-place lease charges from the rent roll dated 8/13/2026 with the monthly rent concession added back, annualized.
[3] Vacancy Reserve: Underwritten at 3.0%, the two units vacant after unit 04's 8/15/2026 lease-up.
[4] Contract Services: Underwritten annual estimate, not a seller T12 actual.
[5] General Admin: Underwritten annual estimate, not a seller T12 actual.
[6] Insurance: Underwritten annual estimate, not a seller T12 actual.
[7] Management Fee: Underwritten annual estimate, not a seller T12 actual.
[8] Marketing: Underwritten annual estimate, not a seller T12 actual.
[9] Payroll: Underwritten annual estimate, not a seller T12 actual.
[10] Repairs Maintenance: Underwritten annual estimate, not a seller T12 actual.
[11] Reserves: Underwritten annual estimate, not a seller T12 actual.
[12] Taxes: Underwritten annual estimate, not a seller T12 actual.
[13] Utilities: Taken from the seller's T12.
[14] Underwriting Expense Adjustment: Aggregate difference between classified T12 expense lines and the modeled current and pro forma operating expense totals.
Owner-reported figures are unaudited. A buyer should verify all income and expenses in due diligence.
| Operating Data | |
|---|---|
| Price | $15,000,000 |
| Number of Units | 66 |
| Price per Unit | $227,273 |
| Price per SF | $293.43 |
| Current GRM | 10.37 |
| Market GRM | 8.84 |
| Current Cap Rate (LAAA calculation: current NOI / recommended value) | 5.52% |
| Market Cap Rate (LAAA calculation: market NOI / recommended value) | 7.07% |
| Proposed Financing (Illustrative) | |
|---|---|
| Loan Amount | $9,000,000 |
| Down Payment | $6,000,000 |
| Interest Rate | 6.20% |
| Amortization | 30 years |
| DCR | 1.25 |
Illustrative financing assumption. Not a quoted or committed loan. A buyer should obtain its own terms.
Our opinion of value is $15,000,000, which is $227,273 per unit and a 5.52% capitalization rate on current operations. That underwriting already carries property taxes reassessed at the purchase price, which is the single largest difference between what a seller's statement shows and what a buyer actually earns.
The closed comparables bracket that number on every measure, each restated at the price the property actually sold for rather than the price it was marketed at. 5415 Newcastle Avenue, a 66-unit rent-stabilized building of the same vintage a third of a mile away, closed at $223,485 per unit, a 10.36 gross rent multiplier and a 5.44% capitalization rate. 17340 Burbank Boulevard closed at $227,778 per unit, 10.52 and 5.38%. 5130 Yarmouth Avenue closed at $211,321 per unit.
This property sits inside that range per unit, in line with it on the multiplier at 10.37, and above both on going-in yield at 5.52%. A buyer earns more here on day one than either of those trades delivered.
On price per square foot the property prices above the closed set, at $293 against a range of $206 to $249. The reason is physical rather than promotional: units here average 732 square feet, the smallest in the comparable set, against 897 to 1,087 elsewhere. Smaller units carry more rent per foot, and this building collects $2.36 per square foot per month against $1.65 to $1.97 at the comparables.
Capturing the full rent gap as units turn produces a net operating income of $1,061,129, a 7.07% return on the recommended value. That is a projection tied to turnover rather than a schedule, because the Rent Stabilization Ordinance governs every unit and the timing belongs to the tenants, not to ownership.
The competing offering at 5150 Yarmouth asks $16,200,000 for 45 units. Its own offering memorandum reports fiscal 2025 net operating income of $745,374, a 4.60% return on its asking price, and its rent roll collects $112,539 per month. This property collects more each month from 21 additional units. It has been on the market since June without a price change.
Supported value range: $14,250,000 to $15,400,000
Income is taken from the rent roll dated 8/13/2026 and the twelve-month operating statement through 7/31/2026. The four utility lines and both additional-income lines carry the seller's trailing actuals, and every other line is an LAAA estimate identified in the notes to the operating statement.
Property taxes are reassessed at 1.30% of the recommended value. The seller's trailing tax reflects a Proposition 13 basis established by a 2019 transfer between related parties and does not carry to a buyer.
Financing shown is an illustration drawn from current lender terms quoted in this submarket in June 2026, not a commitment or a quote for this property.
A preliminary title report has not been ordered. Existing financing recorded in 2019 has not been confirmed as to amount, rate, maturity or assumability.
Two permits remain open in the public record and are not represented as completed work: twelve electric vehicle chargers issued in 2022 and a single unit subpanel issued in December 2024.