Prepared Exclusively for Berkus Trust
March 2026
The LAAA Team at Marcus & Millichap is one of the San Fernando Valley's most active multifamily brokerage groups, with 456 closings totaling $1.45 billion in career sales volume. In the San Fernando Valley alone, the team has completed 93 transactions representing $335 million in total value. In Van Nuys specifically, the LAAA Team has closed 32 deals totaling $107.7 million, establishing deep market intelligence and an extensive buyer network for this submarket.
The LAAA Team's direct transactional experience on Fulton Avenue and in the immediate submarket provides a distinct pricing advantage for this offering. The team represented the sale of 6716 Sylmar Avenue - a 12-unit non-RSO property that closed at $3.5M ($291,667/unit) in May 2025 - which serves as the highest-weighted comparable for the subject. The team also closed 6228 Fulton Avenue, a 30-unit property on Fulton Avenue itself, demonstrating established credibility and buyer relationships on this specific corridor.
With active buyer relationships cultivated through 32 Van Nuys closings and current market intelligence from the Sylmar and Fulton Avenue transactions, the LAAA Team is uniquely positioned to identify qualified buyers, generate competitive offers, and execute a transaction at the property's full market value. The team's institutional knowledge of this corridor - including achievable rents, buyer cap rate expectations, and lender appetite - translates directly into pricing confidence and execution certainty.
• Chairman's Club - a top-tier annual honor at Marcus & Millichap
• National Achievement Award - Consistent top national performer
• CoStar #1 Team - Most active multifamily sales team in LA County
• 456 Transactions - Over $1.45 billion in career sales volume
• 34-Day Median DOM - Properties sell faster than market average
| Date | Address | City | Units | Close Price | $/Unit | Notes |
|---|---|---|---|---|---|---|
| 5/2025 | 6716 Sylmar Ave LAAA COMP | Van Nuys | 12 | $3,500,000 | $291,667 | LAAA Sale Comp |
| 9/2025 | 5917 Buffalo Ave | Van Nuys | 5 | $1,645,000 | $329,000 | |
| 12/2024 | 6228 Fulton Ave | Van Nuys | 30 | $8,740,000 | $291,333 | On Fulton Ave |
| 10/2024 | 11616 Burbank Blvd | North Hollywood | 21 | $9,627,750 | $458,464 | |
| 10/2024 | 5630 Fair Ave | North Hollywood | 15 | $7,625,000 | $508,333 | |
| 4/2024 | 7303 Woodley Ave | Van Nuys | 5 | $950,000 | $190,000 | On Woodley Ave |
| 4/2022 | 4838 Hazeltine Ave | Sherman Oaks | 16 | $6,100,000 | $381,250 | |
| 12/2021 | 15716 Saticoy St | Van Nuys | 42 | $14,200,000 | $338,095 | |
| 10/2021 | 13210 Victory Blvd | Van Nuys | 30 | $5,635,000 | $187,833 | |
| 2/2020 | 14837 Delano St | Van Nuys | 8 | $1,762,500 | $220,312 | |
| 3/2018 | 6551 Woodley Ave | Van Nuys | 7 | $1,660,000 | $237,143 | On Woodley, 7 units |
| 9/2017 | 6551 Woodley Ave | Van Nuys | 7 | $1,300,000 | $185,714 | Same bldg, prior sale |
| 10/2017 | 7453 Haskell Ave | Van Nuys | 10 | $2,253,000 | $225,300 | |
| 8/2018 | 4522 Murietta Ave | Van Nuys | 13 | $3,500,000 | $269,231 |
Selected closings shown. Full track record available upon request.
The LAAA Team is proud to present 6034 Fulton Avenue, a 12-unit multifamily property located on a quiet residential block in the Valley Glen / Van Nuys border submarket of the San Fernando Valley. Built in 1990, the two-story building encompasses 9,614 square feet of rentable area on an 8,540 square-foot lot zoned R3-1. The property features a diverse unit mix of four 1-bedroom/1-bath flats, four 1-bedroom-plus-loft/1-bath units, and four 2-bedroom/2-bath flats, offering functional layouts ranging from 650 to 904 square feet.
The property is exempt from the City of Los Angeles Rent Stabilization Ordinance (RSO), subject only to AB 1482 (the California Tenant Protection Act), which allows annual rent increases of 5% plus CPI. All 12 units are individually metered for gas and electric, with the owner responsible only for cold water and central boiler hot water. The diverse unit mix appeals to a broad tenant pool - from singles and students (Valley College is 0.5 miles away) to couples and small families - supporting stable occupancy and organic demand throughout market cycles.
With in-place rents averaging $2,029 per month and achievable market rents of $2,233 per month, the property presents a 10.1% rent upside opportunity for a new buyer. The 30-year ownership under the Berkus Estate represents the first offering of this asset since 1996, positioning it as a rare acquisition opportunity in a supply-constrained corridor. TOC Tier 3 eligibility provides additional long-term density bonus potential for a future development play, adding strategic optionality beyond the near-term income upside.
6034 Fulton Avenue is situated on a mid-block residential stretch in the Valley Glen / Van Nuys border area of the central San Fernando Valley. The immediate neighborhood is characterized by dense apartment buildings from the 1980s and 1990s, interspersed with single-family homes. Valley Glen's residential branding - distinct from the Van Nuys 91401 zip code - offers a quieter, neighborhood-oriented environment compared to the commercial arterials of Sherman Way or Victory Boulevard. The block benefits from a stable renter base drawn by relative affordability and central Valley access.
The property is approximately 0.5 miles from Los Angeles Valley College, providing a consistent source of student and faculty housing demand. Commuter access is strong via the 405 Freeway (1.5 miles west) and the 101 Freeway (2 miles south). Metro bus routes 164 and 165 serve the Victory/Fulton corridor, and the Metro G Line (Orange Line) has a temporary stop at Oxnard Street approximately 0.7 miles south during the East San Fernando Valley Light Rail Transit construction. Major employment centers in Burbank, Warner Center, and the Sepulveda Pass corridor are all within a 15-minute drive.
The central San Fernando Valley multifamily market continues to benefit from significant infrastructure investment. The East SFV Light Rail Transit project will add fixed-rail service along Van Nuys Boulevard, and the Sepulveda Transit Corridor is advancing toward construction. New Class A apartment deliveries such as the 405-unit project at 6728 Sepulveda Boulevard (expected January 2027) target a higher price point that does not directly compete with the subject's Class B positioning. Rentometer data shows a 1-bedroom median of $1,985 and a 2-bedroom median of $2,400 within 0.75 miles, confirming strong achievable rents in this corridor.
| Location Details | |
|---|---|
| Walk Score | ~71 (Very Walkable) |
| Nearest Metro/Bus | Routes 164, 165 at Victory/Fulton |
| Metro G Line | ~0.7 mi (Oxnard temporary stop) |
| Nearest Freeway | US-101 (~2 mi) / I-405 (~1.5 mi) |
| Valley College | 0.5 mi |
| Nearest Grocery | Ralphs (Victory Blvd, ~0.6 mi) |
| Nearest Park | Valley Glen Community Park (~0.3 mi) |
| Hazard Zone | Liquefaction Zone (NHD disclosure) |
| Median HH Income | ~$55,000 (Van Nuys 91401) |
| Renter % | ~72% |
| Property Overview | |
|---|---|
| Address | 6034 Fulton Ave, Van Nuys, CA 91401 |
| APN | 2331-028-012 |
| Year Built | 1990 |
| Number of Units | 12 |
| Building SF | 9,614 SF |
| Average Unit SF | 801 SF |
| Stories | 2 |
| Construction | Wood Frame / Stucco |
| Site & Zoning | |
|---|---|
| Lot Size (SF) | 8,540 SF |
| Lot Size (Acres) | 0.20 Acres |
| Zoning | R3-1 |
| TOC Tier | Tier 3 |
| TOIA | Area 2 |
| Community Plan | Van Nuys - North Sherman Oaks |
| Parking | Surface (count TBD - verify) |
| Building Systems & Capital Improvements | ||
|---|---|---|
| Roof | Flat / built-up (age unknown) | |
| Plumbing | Copper (original 1990) | |
| Electrical | 200A (standard for vintage) | |
| HVAC | Wall units (individual) | |
| Water Heaters | Central boiler (owner pays gas) | |
| Laundry | None confirmed on-site | |
| Metering | Individual gas & electric | |
| Recent CapEx | None reported | |
| Regulatory & Compliance | |
|---|---|
| Rent Control | NOT RSO (built 1990, post-1978) |
| Just Cause | Yes (AB 1482 applies) |
| AB 1482 | Subject to CA Tenant Protection Act |
| Soft-Story Retrofit | Not applicable (post-1978) |
| Code Enforcement | 4 cases + 2 retrofit items (status unverified) |
Value-Add Investors
Operators targeting the 10.1% rent upside from legacy below-market rents. The non-RSO status allows immediate rent adjustments to market levels upon lease expiration without regulatory constraints.
1031 Exchange Buyers
Investors executing tax-deferred exchanges seeking a stabilized, fully occupied 12-unit property in a proven Van Nuys corridor. The $3.0M-$3.25M trade range accommodates common exchange price points.
Long-Term Hold Investors
Buyers seeking steady cash flow from a 1990-vintage asset with individually metered utilities, no pool maintenance, and TOC Tier 3 density bonus optionality for future redevelopment.
First-Time Apartment Buyers
Investors moving up from duplexes or fourplexes into their first 12-unit building. The diverse unit mix and non-RSO regulatory environment reduce operational complexity.
6034 Fulton Avenue combines the stability of a fully occupied, non-RSO 12-unit asset with meaningful rent upside and a first-time market offering from a 30-year estate hold - a rare combination in the supply-constrained Valley Glen / Van Nuys corridor.
"Q: The property is in a liquefaction zone. How does that affect value?"
A: The liquefaction designation applies to a broad swath of the San Fernando Valley floor - including many of the comparable sales used in this analysis. The -2% adjustment applied across all comps reflects the standard market discount. Buyers should budget for earthquake insurance (typically $0.25-$0.50/SF annually) and conduct a Phase I environmental review during due diligence.
"Q: With 8 of 12 units being 1-bedroom or loft, isn't the income potential lower?"
A: The 1BR-heavy unit mix generates lower gross rent per unit compared to all-2BR buildings, which is reflected in the 3%-5% unit mix discount applied to comparable sales. However, this mix broadens the tenant pool (students, singles, young professionals) and supports faster lease-up. Rentometer shows 1BR median of $1,985 within 0.75 miles, confirming strong demand for smaller units in this submarket.
"Q: There are code enforcement cases on file. Is this a risk?"
A: Four code enforcement cases and two retrofit items are on file with the City. Status is unverified. Buyers should request case status from LADBS during due diligence. Common items for 1990-vintage properties include minor habitability or maintenance issues. We recommend budgeting $5,000-$15,000 for potential resolution depending on case severity.
"Q: How confident are you in the list price?"
A: Three independent valuation methods - $/unit ($3.13M), GRM ($3.14M), and cap rate at 3% vacancy ($3.23M) - converge tightly around the $3.15M list price. The Tier 1 comp-derived weighted average of $260,760/unit aligns closely with the $262,500/unit asking price. The LAAA Team's direct sale of 6716 Sylmar (12 units, $291,667/unit) provides firsthand pricing validation.
| # | Address | Units | Year | SF | Price | $/Unit | $/SF | Cap | GRM | Date | DOM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3 | 6716 Sylmar Ave, Van Nuys LAAA TEAM | 12 | 1984 | 9,996 | $3,500,000 | $291,667 | $350 | 6.34% | 10.2x | 05/2025 | 26 |
| 1 | 6234 Woodman Ave, Van Nuys | 9 | 1987 | 9,265 | $2,648,250 | $294,250 | $286 | 5.12% | 11.7x | 10/2025 | 65 |
| 2 | 16731 Sherman Way, Van Nuys | 13 | 1986 | 11,326 | $3,250,000 | $250,000 | $287 | 6.63% | 10.1x | 09/2025 | 26 |
| 4 | 14239 Gilmore St, Van Nuys | 8 | 1986 | 6,224 | $1,737,500 | $217,188 | $279 | 5.30% | 11.7x | 01/2026 | 11 |
| 5 | 14121 Friar St, Van Nuys | 7 | 1998 | 6,526 | $2,050,000 | $292,857 | $314 | 6.33% | 11.1x | 12/2025 | 120 |
| 6 | 6606 Hazeltine Ave, Van Nuys | 13 | 2001 | 14,943 | $3,600,000 | $276,923 | $241 | 5.96% | 10.3x | 06/2025 | 0 |
| 7 | 6924 Vesper Ave, Van Nuys | 14 | 1991 | -- | $4,100,000 | $292,857 | -- | -- | -- | 11/2024 | -- |
| 8 | 6451 Kester Ave, Van Nuys | 14 | 1988 | 13,650 | $4,680,000 | $334,286 | $343 | 5.66% | 11.2x | 07/2025 | 48 |
| Average | $3,195,719 | $281,254 | $300 | 5.91% | 10.9x | 42 | |||||
| Median | $3,375,000 | $292,262 | $287 | 5.96% | 11.1x | 26 | |||||
| Tier 1 Average | $278,639 | $308 | 6.03% | 10.7x |
6234 Woodman Ave, Van Nuys -- 9 units, built 1987, sold October 2025 for $2,648,250 ($294,250/unit, $286/SF). This non-RSO property traded at a 5.12% cap rate and 11.72 GRM with a mixed 1BR/2BR unit configuration similar to the subject. At $294,250/unit, Woodman represents the strongest direct comparable. Adjusting downward for the subject's 1BR-heavy unit mix (-3%), size differential (-2%), and liquefaction zone (-2%), this comp implies $273,653/unit for the subject, or $3.28M total - providing support for the upper end of the trade range.
16731 Sherman Way, Van Nuys -- 13 units, built 1986, sold September 2025 for $3,250,000 ($250,000/unit, $287/SF). This same-era property traded at a 6.63% cap rate and 10.11 GRM with 26 days on market. The comp's mixed 1BR/2BR/3BR unit configuration parallels the subject's diversity. Adjusting for the subject's 1BR-heavy mix (-3%) and liquefaction zone (-2%), offset by a marginal size premium (+1%), the implied value is $240,000/unit - anchoring the floor of the trade range at $2.88M.
6716 Sylmar Ave, Van Nuys LAAA Team Sale -- 12 units, built 1984, sold May 2025 for $3,500,000 ($291,667/unit, $350/SF). This LAAA Team transaction provides direct pricing intelligence: identical unit count, non-RSO status confirmed, and located within Van Nuys 91405. The property traded at a verified 6.34% cap rate (versus 6.00% stated at list) after selling at 94.6% of asking price. Adjusting for Sylmar's all-2BR configuration versus the subject's 1BR-heavy mix (-5%) and liquefaction zone (-2%), the implied value is $271,250/unit ($3.26M). The LAAA Team's firsthand knowledge of this transaction's pricing dynamics and buyer pool directly informs the subject's marketing strategy.
14239 Gilmore St, Van Nuys -- 8 units, built 1986, sold January 2026 for $1,737,500 ($217,188/unit, $279/SF). The most recent sale in the comp set, closing just 2.3 months ago with only 11 days on market. This AB 1482 property has a similar 1BR/2BR mix to the subject. At $217,188/unit, Gilmore represents the pricing floor, reflecting its 1-story construction and 1BA units. Adjusting modestly for the subject's superior loft and 2BA product (+3%) and liquefaction zone (-2%), the adjusted value of $215,016/unit establishes the lower bound of the range.
14121 Friar St, Van Nuys -- 7 units, built 1998, sold December 2025 for $2,050,000 ($292,857/unit, $314/SF). A recent AB 1482 sale with complete financial data (6.33% verified cap rate). Friar's all-2BR townhome product is higher-quality than the subject's 1BR-dominant mix. Adjusting for unit mix (-5%), size (-3%), and liquefaction (-2%), the implied value is $269,428/unit.
6451 Kester Ave, Van Nuys -- 14 units, built 1988, sold July 2025 for $4,680,000 ($334,286/unit, $343/SF). This premium sale at a 5.66% cap rate reflects subterranean parking and an all-2BR configuration. Adjusting for unit mix (-5%), parking quality (-5%), and liquefaction (-2%), the heavily adjusted implied value of $297,514/unit represents the ceiling reference for the subject.
| # | Address | Units | Year | SF | Price | $/Unit | $/SF | DOM | Notes |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 7437 Haskell Ave, Van Nuys | 10 | 1987 | 8,830 | $2,895,000 | $289,500 | $328 | -- | All 1BR |
| 2 | 13430 Victory Blvd, Van Nuys | 10 | 2003 | 11,730 | $2,950,000 | $295,000 | $251 | -- | Deep value-add |
| 3 | 14218 Victory Blvd, Van Nuys | 8 | 1988 | 7,960 | $3,579,000 | $447,375 | $450 | -- | Fully renovated TH - ceiling |
Three active listings provide additional market context. 7437 Haskell Avenue (10 units, $289,500/unit) is an all-1BR property asking a 5.48% cap rate, indicating current seller expectations for similar-vintage product. 13430 Victory Boulevard (10 units, $295,000/unit) is a deep value-add play with rents at $1,750 versus $2,750 projected, providing insight into how the market prices significant upside. 14218 Victory Boulevard (8 units, $447,375/unit) represents the post-renovation ceiling for same-vintage townhome product - fully renovated with in-unit washer/dryer and tenant-paid utilities.
| # | Address | Type | SF | Rent | $/SF | Source |
|---|---|---|---|---|---|---|
| 1 | 6202 Fulton Ave #101, Van Nuys | 2BR/2BA | 1,000 | $2,500 | $2.50 | MLS Leased 3/22/2026 |
| 2 | 6212 Fulton Ave #201, Van Nuys | 2BR/2BA | 1,203 | $2,795 | $2.32 | MLS Leased 3/18/2026 |
| 3 | 6212 Fulton Ave #205, Van Nuys | 2BR/2BA | 1,105 | $2,745 | $2.48 | MLS Leased 1/20/2026 |
| 4 | 6041 Fulton Ave, Van Nuys | 1BR/1BA | 713 | $2,295 | $3.22 | Rentometer 2/17/2026 |
| 5 | 6060 Fulton Ave, Van Nuys | 1BR/1BA | 800 | $2,195 | $2.74 | Rentometer 4/24/2025 |
| 6 | 6060 Fulton Ave, Van Nuys | 2BR/1.5BA | 970 | $2,150 | $2.22 | Rentometer 12/26/2025 |
| 7 | 7453 Haskell Ave #7, Van Nuys | 1BR/1BA | 800 | $1,995 | $2.49 | MLS Leased 1/29/2026 |
| 8 | 5821 Sylmar Ave #2, Van Nuys | 2BR/2BA | 1,100 | $2,400 | $2.18 | MLS Leased 3/19/2026 |
| Unit | Type | SF | Current Rent | Rent/SF | Market Rent | Market/SF |
|---|---|---|---|---|---|---|
| 101 - 1/1 Flat | 1BR/1BA | 650 | $1,800 | $2.77 | $1,950 | $3.00 |
| 102 - 1/1 Flat | 1BR/1BA | 650 | $1,923 | $2.96 | $1,950 | $3.00 |
| 103 - 1/1 Flat | 1BR/1BA | 650 | $1,900 | $2.92 | $1,950 | $3.00 |
| 104 - 1/1 Flat | 1BR/1BA | 650 | $1,740 | $2.68 | $1,950 | $3.00 |
| 105 - 2/2 Flat | 2BR/2BA | 904 | $1,700 | $1.88 | $2,500 | $2.77 |
| 106 - 2/2 Flat | 2BR/2BA | 904 | $2,400 | $2.65 | $2,500 | $2.77 |
| 201 - 1+L/1 Loft | 1+L/1BA | 850 | $1,893 | $2.23 | $2,250 | $2.65 |
| 202 - 1+L/1 Loft | 1+L/1BA | 850 | $2,012 | $2.37 | $2,250 | $2.65 |
| 203 - 1+L/1 Loft | 1+L/1BA | 850 | $2,050 | $2.41 | $2,250 | $2.65 |
| 204 - 1+L/1 Loft | 1+L/1BA | 850 | $2,190 | $2.58 | $2,250 | $2.65 |
| 205 - 2/2 Flat | 2BR/2BA | 904 | $2,430 | $2.69 | $2,500 | $2.77 |
| 206 - 2/2 Flat | 2BR/2BA | 904 | $2,309 | $2.55 | $2,500 | $2.77 |
| Total | 12 Units | 9,616 | $24,347 | $2.53 | $26,800 | $2.79 |
| Income | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Gross Scheduled Rent | $292,164 | $24,347 | $30.39 | - |
| Less: Vacancy (3%) | $(8,765) | $(730) | $(0.91) | - |
| Effective Gross Income | $283,399 | $23,617 | $29.48 | 100.0% |
| Expenses | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Real Estate Taxes [1] | $36,855 | $3,071 | $3.83 | 13.0% |
| Insurance [2] | $12,014 | $1,001 | $1.25 | 4.2% |
| Water / Sewer [3] | $6,400 | $533 | $0.67 | 2.3% |
| Trash | $3,600 | $300 | $0.37 | 1.3% |
| Gas (Central Boiler) [4] | $1,200 | $100 | $0.12 | 0.4% |
| Common Area Electric [5] | $2,125 | $177 | $0.22 | 0.7% |
| Repairs & Maintenance [6] | $12,000 | $1,000 | $1.25 | 4.2% |
| Contract Services | $3,000 | $250 | $0.31 | 1.1% |
| Administrative | $1,500 | $125 | $0.16 | 0.5% |
| Management Fee (4% GSR) [7] | $11,687 | $974 | $1.22 | 4.1% |
| Reserves [8] | $3,000 | $250 | $0.31 | 1.1% |
| Other/Misc | $500 | $42 | $0.05 | 0.2% |
| Total Expenses | $93,881 | $7,823 | $9.77 | 33.1% |
| Net Operating Income | $189,518 | $15,793 | $19.71 | 66.9% |
[1] Property Taxes: Buyer Year 1 tax at list price ($3,150,000 x 1.17%). Reassesses at close per Prop 13.
[2] Insurance: (12 units x $200) + (9,614 SF x $1.00/SF) = $12,014.
[3] Water/Sewer: 16 BD x $400 = $6,400. No pool, no laundry add-ons.
[4] Gas: Owner pays hot water via central boiler only. Tenants individually metered.
[5] Electric: Tier 2 base common area $2,125. No elevator, no laundry, no pool add-ons.
[6] R&M: $1,000/unit x 12 units. No pool maintenance.
[7] Management: 4% x $292,164 GSR. Increases to $12,864 at pro forma GSR.
[8] Reserves: $250/unit x 12 units.
| OPERATING DATA | |
|---|---|
| Price | $3,150,000 |
| Down Payment (35%) | $1,102,500 |
| Number of Units | 12 |
| Price / Unit | $262,500 |
| Price / SF | $328 |
| Gross SF | 9,614 |
| Lot Size | 8,540 SF (0.20 ac) |
| Year Built | 1990 |
| Returns | Current | Pro Forma |
|---|---|---|
| Cap Rate | 6.02% | 6.89% |
| GRM | 10.78x | 9.79x |
| Cash-on-Cash | 3.83% | 6.31% |
| DSCR | 1.29x | 1.47x |
| FINANCING | |
|---|---|
| Loan Amount | $2,047,500 |
| Loan Type | Fixed |
| Interest Rate | 6.00% |
| Amortization | 30 Years |
| Loan Constant | 7.19% |
| LTV (LTV) | 65.0% |
| DSCR | 1.29x |
| Income | Current | Pro Forma |
|---|---|---|
| GSR | $292,164 | $321,600 |
| Vacancy (3%) | $(8,765) | $(9,648) |
| Other Income | $0 | $0 |
| EGI | $283,399 | $311,952 |
| Cash Flow | Current | Pro Forma |
|---|---|---|
| NOI | $189,518 | $216,894 |
| Debt Service | $(147,310) | $(147,310) |
| Net Cash Flow | $42,209 | $69,584 |
| CoC Return | 3.83% | 6.31% |
| Principal Reduction | $25,144 | $25,144 |
| Total Return | 6.11% | 8.59% |
| EXPENSES | |
|---|---|
| Real Estate Taxes | $36,855 |
| Insurance | $12,014 |
| Water / Sewer | $6,400 |
| Trash | $3,600 |
| Gas (Central Boiler) | $1,200 |
| Common Area Electric | $2,125 |
| Repairs & Maintenance | $12,000 |
| Contract Services | $3,000 |
| Administrative | $1,500 |
| Management Fee (4% GSR) | $11,687 |
| Reserves | $3,000 |
| Other/Misc | $500 |
| Total Expenses | $93,881 |
| Purchase Price | Current Cap | Pro Forma Cap | Cash-on-Cash | $/SF | $/Unit | PF GRM |
|---|---|---|---|---|---|---|
| $3,275,000 | 5.74% | 6.58% | 3.18% | $341 | $272,917 | 10.18x |
| $3,250,000 | 5.80% | 6.64% | 3.26% | $338 | $270,833 | 10.11x |
| $3,225,000 | 5.85% | 6.70% | 3.35% | $335 | $268,750 | 10.03x |
| $3,200,000 | 5.90% | 6.76% | 3.51% | $333 | $266,667 | 9.95x |
| $3,175,000 | 5.96% | 6.82% | 3.67% | $330 | $264,583 | 9.87x |
| $3,150,000 | 6.02% | 6.89% | 3.83% | $328 | $262,500 | 9.79x |
| $3,125,000 | 6.07% | 6.95% | 3.99% | $325 | $260,417 | 9.72x |
| $3,100,000 | 6.13% | 7.02% | 4.16% | $322 | $258,333 | 9.64x |
| $3,075,000 | 6.19% | 7.08% | 4.33% | $320 | $256,250 | 9.56x |
| $3,050,000 | 6.25% | 7.15% | 4.50% | $317 | $254,167 | 9.48x |
| $3,025,000 | 6.31% | 7.22% | 4.68% | $315 | $252,083 | 9.41x |
Our suggested list price of $3,150,000 ($262,500/unit) is anchored by three Tier 1 comparable sales - 6234 Woodman Avenue, 16731 Sherman Way, and 6716 Sylmar Avenue - which, after adjustments for the subject's 1BR-heavy unit mix, liquefaction zone, and size differentials, indicate a Tier 1 weighted average of $260,760/unit. The LAAA Team's direct sale of 6716 Sylmar (12 units, non-RSO, May 2025) provides firsthand pricing intelligence on the identical product type in the immediate submarket.
Based on eight comparable sales spanning May 2024 through January 2026, with three primary comps requiring moderate adjustments primarily for unit mix composition, we have MODERATE-strong support for the $3,000,000 to $3,250,000 trade range. Three independent valuation methods confirm this positioning: the $/unit method yields $3.13M, the GRM method yields $3.14M, and the income approach at a 5.85% cap rate (tax-adjusted) produces $3.23M - a tight convergence that reinforces pricing accuracy. At the $3.15M list price, the property offers a 6.02% current cap rate and 10.78 GRM on tax-adjusted income, with 10.1% rent upside to a 6.32% pro forma cap rate.
The pricing reflects appropriate discounts for the subject's 1BR-heavy unit mix (67% of units are 1-bedroom or loft configurations versus the predominantly 2BR comp set) and liquefaction zone designation, while capturing the premium associated with non-RSO status, 100% occupancy, and a first-time market offering from a 30-year estate hold. The property is positioned to attract value-add operators, 1031 exchange buyers, and long-term hold investors seeking stable income with near-term upside.