Prepared Exclusively for 7305 Variel Avenue LLC
September 2026
| Address | Units | Sale Price | $/Unit | Distance | Closed |
|---|---|---|---|---|---|
| 6902 Milwood Ave | 8 | $1,510,000 | $188,750 | 0.51 mi | 2024 |
| 7240 Jordan Avenue | 17 | $3,000,000 | $176,471 | 0.55 mi | 2016 |
| 7337 Independence Avenue | 30 | $4,075,000 | $135,833 | 0.15 mi | 2014 |
Published team performance, laaa.com/track-record, as of September 17, 2026.
7305 Variel is the gold marker. Navy markers are the 6 apartment buildings the LAAA Team has closed in Canoga Park; lighter markers are 4 other LAAA closings in the same area. Source: laaa.com/track-record, as of September 17, 2026.
A ten-unit rent-stabilized building in Canoga Park is bought by a specific kind of owner: one who already holds 1950s and 1960s product in the West Valley, prices on the rent multiplier, and knows what a seven-year-old tenancy at $1,050 is worth when it turns. That buyer is on a list rather than on a portal, and the list is what 495 closings and $1.56B in volume across 21 states and Washington, D.C. have built.
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.
The campaign opens with calls. We start with the owners of every 1950s to 1970s apartment building in Canoga Park, Winnetka and Reseda, the buyers who bid on 7028 Alabama, 7049 Vassar, 7356 Eton and 6527 De Soto in the last fifteen months and did not win them, and the 1031 exchange buyers who need a small, fully occupied replacement property inside a 45-day window. The first two weeks are spent finding the buyer rather than waiting for one.
Every LAAA listing is advertised across the same ten platforms: TheMLS, CoStar and LoopNet, Crexi, Brevitas, Zillow, Redfin, ApartmentBuildings.com, DuxRE, MarcusMillichap.com and laaa.com. Syndication is source-stamped so we can tell you which platform produced each inquiry rather than reporting undifferentiated view counts.
The property goes out to 23500 active email subscribers across an owner and investor database of 23500 contacts, then to targeted re-sends built from who opened and who did not. Campaign statistics are reported to you in full, including the misses.
Marcus & Millichap's national agent network puts the listing in front of brokers whose own clients are looking for Los Angeles County multifamily, which reaches capital that never searches a listing portal at all.
Our team built the 16-database research system that develops a property-specific buyer list from ownership, acquisition, financing, and portfolio signals.
We call the owners and investors most likely to act instead of relying on digital distribution alone.
Calls, tours, buyer feedback, and offer activity are organized into a clear weekly campaign update.
We are proactive marketers rather than reactive ones. The offering is built, priced and staged before it is released, the outreach runs on a schedule you can see, and you get a written report on what happened rather than a summary of what we hoped would happen.
| 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 |
| 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 |
| 635 N Harvard Blvd | Los Angeles | 7 | $3,300,000 | $471,429 | 5.41% | Available |
| 12314 & 12320 Washington Pl | Culver City | 8 | $2,996,000 | $374,500 | 5.21% | Available |
| 7061 Whitsett Ave | North Hollywood | 13 | $2,975,000 | $228,846 | 5.38% | 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 |
| 300 N Screenland Dr | Burbank | 5 | $1,750,000 | $350,000 | 5.08% | Available |
| 12231 Pacific Ave | Los Angeles | 7 | $1,700,000 | $242,857 | 5.62% | Available |
| 24513-24519 Walnut St | Santa Clarita | 3 | $1,095,000 | $365,000 | 4.31% | Available |
| 13724 Victory Blvd | Van Nuys | 68 | $22,900,000 | $336,765 | 5.50% | In Escrow |
| 2727 3rd Street | Santa Monica | 22 | $7,650,000 | $347,727 | 5.16% | In Escrow |
| 20234 Roscoe Blvd | Winnetka | 25 | $4,750,000 | $190,000 | 5.51% | 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) | 334 | $113,966,000 | $341,216 | 5.28% | ||
The LAAA Team is currently marketing 17 multifamily listings with 5 more in escrow, together representing 334 units and $114M of asking value. Every assignment runs on the same marketing platform proposed for 7305 Variel.
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.
Five closed sales of 1957 to 1977 rent-stabilized apartment buildings within a mile of the subject recorded between July 2025 and February 2026, all with published income. They closed at $935,000 to $3,400,000, $155,833 to $220,000 per unit and $194 to $288 per SF, at 5.4% to 6.2% on the income published at listing and at 8.7 to 11.7 times scheduled rent. The closest match, 7028 Alabama Ave, ten one bedrooms of 1977 vintage over a garage half a mile southwest, recorded at $1,685,000 in February 2026 after listing at $1,745,000: $168,500 per unit, $235 per SF, 6.2% and 8.7 times rent. 7049 Vassar Ave, seventeen studio and one-bedroom units of 1964 vintage, recorded at $2,850,000 in September 2025 at 11.0 times rent.
The pattern across the set is consistent: every listed building closed below its ask, by 3.4% to 11.1%, after 47 to 205 days, and the multiplier rose as in-place rents fell further below market. The subject at $1.725M is $172,500 per unit and $248 per SF, 2.4% above the Alabama per-unit print, mid-set per square foot, and 10.15 times rent, between Alabama's 8.7 on rents averaging $1,606 and the 11.0 to 11.7 paid for Vassar and Eton on rents averaging $1,272 and $1,573. No comparable 1950s to 1970s listing was active in Canoga Park on September 17, 2026.
The right buyer values what this building offers in plain sight: full occupancy, three 2026 leases that prove the market rent, and seven legacy tenancies that reset to $1,395 and $1,695 as they turn, starting with unit 8. That buyer should be qualified early on two questions, whether they will underwrite to the rent roll and benchmark expenses or wait for a statement, and whether they will re-trade after inspecting the original interiors, because both decide whether an offer survives to closing.
Owners who already hold 1950s and 1960s buildings in Canoga Park, Winnetka, Reseda and Woodland Hills, including the buyers on the Alabama, Vassar, Eton, De Soto and Hartland sales. They know the tenant base, the allowable RSO increase and the water bill, and they buy on the multiplier rather than on a pro forma.
Sellers of a house, a duplex or a small building trading into a fully occupied replacement property below $2,000,000 with conventional financing. A ten-unit building with three fresh leases and no vacancy is exactly what that pool can close inside a 45-day identification window, and the clock makes them decisive.
Operators who will pay for a going-in yield near 6% and renovate the legacy units as they turn, lifting the one bedrooms to $1,695 and the studios to $1,395 with the neighbouring buildings on the same block already asking those figures.
Every rent-stabilized building that closed within a mile of the subject since mid-2025 sold below its asking price, by 3.4% to 11.1%, and the buyers paid 8.7 to 11.7 times scheduled rent depending on how far the rents sat below market. Pricing at $1.725M, 10.15 times rent and $172,500 per unit against the $168,500 that 7028 Alabama fetched in February, gives the campaign a number a buyer can underwrite on day one rather than a number they will trade down from.
Ownership leased three units in 2026: a studio at $1,395 in July, a one bedroom at $1,695 in January and another at $1,595 in August. Those leases are the proof of market rent that most RSO offerings can only claim from a comp sheet, and they should lead the offering. Seven other tenancies date from 2015 to 2018 at $1,049 to $1,564, and unit 8 is already on notice; that is the upside, stated in the seller's own numbers.
This opinion is built on the rent roll and LAAA benchmark expenses because no operating statement was provided. A buyer will underwrite the same way and then discount what they cannot verify. Ownership's 2025 statement, the water and trash bills and the insurance declaration in the package let the buyer underwrite once and hold their number through escrow.
7305 Variel Avenue is a ten-unit apartment building in Canoga Park, built in 1958 on an 8,552 SF corner lot at Variel Avenue and Hart Street, six blocks north of Warner Center. The county carries the two-story wood-frame building at 6,942 SF. The plan is eight 1 bed / 1 bath units and two studios, individually metered for gas and electricity, with ten surface parking spaces behind a controlled-access fence and a stone-faced entry facing the street.
Scheduled rent is $14,167 per month on ownership's rent roll dated August 19, 2026, $170,004 per year, with all ten units occupied. Three leases were signed in 2026: unit 2 (studio) at $1,395, unit 9 (one bedroom) at $1,695 and unit 6 (one bedroom) at $1,595; unit 3 leased at $1,795 in March 2025. The other six tenancies began between November 2015 and February 2018 at $1,049 to $1,564, and unit 8, at $1,564 since December 2015, is on notice.
At the recommended $1.725M the property prices at $172,500 per unit and $248 per SF, a 5.84% return on current scheduled rent after benchmark expenses and 7.31% at pro forma rents. Five rent-stabilized sales within a mile since July 2025 frame that number at $155,833 to $220,000 per unit and $194 to $288 per SF; the subject sits 2.4% above the per-unit print of the closest match, 7028 Alabama, and in the middle of the set per square foot.
The right buyer values what this building offers in plain sight: full occupancy, three 2026 leases that prove the market rent, and seven legacy tenancies that reset to $1,395 and $1,695 as they turn, starting with unit 8. That buyer should be qualified early on two questions, whether they will underwrite to the rent roll and benchmark expenses or wait for a statement, and whether they will re-trade after inspecting the original interiors, because both decide whether an offer survives to closing.
The property sits on the northwest corner of Variel Avenue and Hart Street, in the Canoga Park - Winnetka - Woodland Hills - West Hills community plan area and Council District 3. The block is a grid of 1950s and 1960s walk-up apartments between the Sherman Way commercial corridor two blocks north and Vanowen Street to the south, with Warner Center, the Westfield Topanga and The Village retail, and the Metro G Line busway all within a mile to the south. The 101 Freeway is two miles south; Pierce College is two miles east.
The 91303 ZIP code reports 29,805 residents with a median age of 33.5 and a median household income of $74,474, and 78% of its 10,702 occupied households rent. Median gross rent is $2,057 and vacancy runs at 6.2%. Of the ZIP's housing stock, 1,862 units were built in the 1950s and 1,324 in the 1960s against 1,683 built between 2010 and 2019 and 496 since 2020, so the post-2000 Warner Center towers sit beside a large base of rent-stabilized walk-ups like the subject. The parcel scores 87 on Walk Score, 52 on Transit Score and 75 on Bike Score.
Canoga Park's small-building market is liquid: five rent-stabilized buildings of five to twenty-one units traded within a mile of the subject in the last fifteen months, all with published income, and the adjoining buildings on the same block are asking $1,695 for a one bedroom today. A buyer here is choosing among a steady supply of 1950s and 1960s product and prices it on the multiplier, which is why the subject's three 2026 leases matter more than any comp sheet.
| Property & Location Details | |
|---|---|
| Address | 7305 Variel Avenue, Canoga Park, CA 91303 |
| City | Canoga Park, CA 91303 |
| APN | 2112-021-007 |
| Year Built | 1958 |
| Building SF | 6,942 |
| Lot Size | 8,552 SF (0.196 ac) |
| Units | 10 |
| Parking | Ten one-car surface spaces per the 2014 sale listing; Apartments.com describes a surface lot behind controlled-access gates. Verify the space count and assignment during inspection. |
| Property Overview | |
|---|---|
| Units | 10 |
| Year Built | 1958 |
| Building SF | 6,942 |
| Lot SF | 8,552 |
| APN | 2112-021-007 |
| Unit Mix | |
|---|---|
| 2x Studio / 1 Bath | - |
| 8x 1 Bed / 1 Bath | - |
The building is two stories of wood frame, 6,942 SF per the county on an 8,552 SF corner lot, with a 5,446 SF footprint at about 25 feet of height per the county's building layer. It is not in the City's soft-story retrofit program. The permit record shows wall furnaces replaced in units 1, 2, 4, 6, 7, 8 and 9 under permits finaled in 2008 and eleven earthquake gas shut-off valves installed in 2006, and no building permits on the parcel since 2010.
The renovated interiors shown in ownership's 2026 rental advertising carry white shaker cabinetry with quartz counters, a gas range, plank flooring, ceiling fans, recessed lighting and a wall furnace. The 2014 sale listing describes the building as individually metered for electricity and gas with ten one-car parking spaces; current advertising describes controlled-access gates and a surface lot. Unit sizes are not on the county record and are not carried; price per square foot on this analysis uses the 6,942 SF county total.
A 1958 walk-up carries the systems of its era, and nothing in the permit record suggests a plumbing, electrical or roof replacement since 2010. This analysis carries repairs at $800 per unit and reserves at $250 per unit, with water, sewer and trash at LAAA benchmarks because no bills were provided, and a buyer should verify condition, systems, the water-heater configuration and the remaining original interiors through inspection.
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 |
|---|---|---|---|---|
| 1Variel Apartments, 7307-7311 Variel Ave, Canoga Park | Studio / 1 Bath | 400 (est.) | $1,295 | 0.01 mi |
| 47305 Variel Ave, Canoga Park (subject, unit 2) | Studio / 1 Bath | - | $1,395 | 0.00 mi |
| 7Glade Apartments, 6644-6670 Glade Ave, Woodland Hills | Studio / 1 Bath | - | $1,395 | 1.13 mi |
| 8Variel Villas, 6835 Variel Ave, Canoga Park | Studio / 1 Bath | - | $1,550 | 0.56 mi |
| 97236 Remmet Ave, Canoga Park | Studio / 1 Bath | - | $1,440 | 0.39 mi |
| 107102-7104 Jordan Ave, Canoga Park | Studio / 1 Bath | - | $1,550 | 0.59 mi |
| Average (6 comps) | 400 (incl. est.) | $1,438 | 0.45 mi | |
| Address | Unit Type | SF | Asking Rent | Distance |
|---|---|---|---|---|
| 1Variel Apartments, 7307-7311 Variel Ave, Canoga Park | 1 Bed / 1 Bath | 800 (est.) | $1,695 | 0.01 mi |
| 27028 Alabama Ave, Canoga Park | 1 Bed / 1 Bath | - | $1,606 | 0.45 mi |
| 36527 De Soto Ave, Canoga Park | 1 Bed / 1 Bath | - | $1,345 | 0.98 mi |
| 47305 Variel Ave, Canoga Park (subject, unit 3) | 1 Bed / 1 Bath | - | $1,795 | 0.00 mi |
| 47305 Variel Ave, Canoga Park (subject, unit 9) | 1 Bed / 1 Bath | - | $1,695 | 0.00 mi |
| 5Jordan Apartments, 7240 Jordan Ave, Canoga Park | 1 Bed / 1 Bath | - | $1,900 | 0.53 mi |
| 6Warner Court Villas, 6535-6635 De Soto Ave, Canoga Park | 1 Bed / 1 Bath | - | $1,950 | 0.97 mi |
| 7Glade Apartments, 6644-6670 Glade Ave, Woodland Hills | 1 Bed / 1 Bath | - | $1,750 | 1.13 mi |
| Average (8 comps) | 800 (incl. est.) | $1,717 | 0.51 mi | |
Rent evidence is read plan by plan. One bedrooms: the adjoining 1957 buildings at 7307-7311 Variel ask $1,695, small same-vintage buildings nearby ask $1,750 to $1,950, the ten one bedrooms at 7028 Alabama averaged $1,606 in place when that building sold, and the subject leased unit 9 at $1,695 in January 2026, unit 6 at $1,595 in August 2026 and unit 3 at $1,795 in March 2025. Studios: the neighbour asks $1,295, small 1950s and 1960s rent-stabilized buildings within six tenths of a mile ask $1,440 to $1,550, and the subject leased unit 2 at $1,395 in July 2026.
The pro forma therefore carries $1,695 for the one bedrooms and $1,395 for the studios, the subject's own 2026 leases and the neighbour's asking rents, with unit 3 held at $1,795: $197,400 per year, a 16.1% lift. That is deliberately below the $1,750 to $1,950 asked at larger communities with pools and gated parking, and well below HUD's $2,630 fair market rent for a 91303 one bedroom, because the evidence that matters is what this building and its neighbours actually lease for. Under the RSO the lift applies only as the seven legacy tenancies turn, and a buyer will price it that way.
| Address | Yr | Units | Bldg SF | Sale Price | $/Unit | $/SF | GRM | Cap | Date |
|---|---|---|---|---|---|---|---|---|---|
| 17028 Alabama Ave, Canoga Park | 1977 | 10 | 7,167 | $1,685,000 | $168,500 | $235 | 8.74 | 6.18% | 2026-02-25 |
| 27049 Vassar Ave, Canoga Park | 1964 | 17 | 9,883 | $2,850,000 | $167,647 | $288 | 10.98 | 4.84% | 2025-09-03 |
| 37356 Eton Ave, Canoga Park | 1965 | 5 | 3,989 | $1,100,000 | $220,000 | $276 | 11.66 | 5.43% | 2026-02-03 |
| 46527 De Soto Ave, Canoga Park | 1964 | 21 | 17,487 | $3,400,000 | $161,905 | $194 | 9.42 | 5.77% | 2025-07-09 |
| 520618 Hartland St, Winnetka | 1957 | 6 | 4,216 | $935,000 | $155,833 | $222 | 10.61 | 5.41% | 2025-12-23 |
| Median (5 comps) | 7,167 | $1,685,000 | $167,647 | $235 | 10.61 | 5.43% | - | ||
Five closed sales of 1957 to 1977 rent-stabilized apartment buildings within a mile of the subject recorded between July 2025 and February 2026, all with published income. They closed at $935,000 to $3,400,000, $155,833 to $220,000 per unit and $194 to $288 per SF, at 5.4% to 6.2% on the income published at listing and at 8.7 to 11.7 times scheduled rent. The closest match, 7028 Alabama Ave, ten one bedrooms of 1977 vintage over a garage half a mile southwest, recorded at $1,685,000 in February 2026 after listing at $1,745,000: $168,500 per unit, $235 per SF, 6.2% and 8.7 times rent. 7049 Vassar Ave, seventeen studio and one-bedroom units of 1964 vintage, recorded at $2,850,000 in September 2025 at 11.0 times rent.
The pattern across the set is consistent: every listed building closed below its ask, by 3.4% to 11.1%, after 47 to 205 days, and the multiplier rose as in-place rents fell further below market. The subject at $1.725M is $172,500 per unit and $248 per SF, 2.4% above the Alabama per-unit print, mid-set per square foot, and 10.15 times rent, between Alabama's 8.7 on rents averaging $1,606 and the 11.0 to 11.7 paid for Vassar and Eton on rents averaging $1,272 and $1,573. No comparable 1950s to 1970s listing was active in Canoga Park on September 17, 2026.
1. 7028 Alabama Ave, Canoga Park - Same unit count, same one-bedroom plan, same RSO status and the same Warner Center-adjacent pocket; the most recent and most comparable print in the set. Ten 1 bed / 1 bath units of about 695 SF, 1977 vintage, over a gated subterranean garage with 12 spaces; 7,167 SF on a 7,503 SF R3 lot half a mile southwest of the subject, adjacent to Warner Center. Listed 2025-08-04 at $1,745,000 by Hanes Investment Realty, reduced to $1,700,000 in December and closed 3.4% below the original ask in February 2026 on $192,768 of gross scheduled income (rents averaging about $1,606) and $104,133 of net operating income; individually metered, about 10.5% rent upside claimed.
2. 7049 Vassar Ave, Canoga Park - Same vintage and RSO status, a studio and one-bedroom mix like the subject's, seven tenths of a mile away; the best read on the multiplier for small under-rented units. Seventeen units of 1964 vintage: eight studios, five 1 bed / 1 bath, one 2 bed / 1 bath and three 2 bed / 2 bath, 9,883 SF on a 14,065 SF lot with on-site parking and laundry; copper plumbing, seismic retrofit complete, individually metered gas and electric. Listed 2025-06-03 at $2,950,000 by Keller Williams Realty Studio City and closed 3.4% below the ask in 93 days on $259,536 of gross scheduled income and $137,867 of net operating income; rents averaging about $1,272 across a studio-heavy mix.
3. 7356 Eton Ave, Canoga Park - Nearest closed sale, same block pattern and RSO status; half the subject's unit count and an all two-bedroom plan, so it anchors the multiplier and price per square foot rather than price per unit. Five 2 bed / 1 bath units of 1965 vintage, 3,989 SF on a 5,003 SF lot with five carports, two blocks northwest of the subject. Listed at $1,150,000 by Top Properties and closed 4.3% below the ask in 102 days on $94,380 of gross scheduled income (rents of $929 to $1,976) and $59,758 of net operating income; three of five rents deeply below market.
4. 6527 De Soto Ave, Canoga Park - Same vintage and RSO status with one bedrooms rented near the subject's level; twice the size and in the Warner Center zone, so weighted for the yield and multiplier rather than price per unit. Twenty-one units of 1964 vintage: nine 1 bed / 1 bath, seven 2 bed / 1 bath, one 2 bed / 2 bath and four 3 bed / 2 bath, 17,487 SF on a 20,202 SF Warner Center (LAWC) lot with 21 gated spaces and a pool, a mile south of the subject. Listed 2025-05-23 at $3,825,000 by Marcus & Millichap and closed 11.1% below the ask in July 2025 on $366,694 of gross income ($360,768 of scheduled rent plus $5,926 other) and $196,348 of net operating income as presented; one bedrooms at $1,315 to $1,345.
5. 20618 Hartland St, Winnetka - Same vintage and RSO status with one-bedroom rents below the subject's; the smallest print in the set and a paired transaction, so weighted lightly for the per-unit floor and multiplier. Six units of 1957 vintage: four 1 bed / 1 bath averaging $1,042 and two 2 bed / 1 bath averaging $1,588, 4,216 SF on a 6,820 SF lot, a mile southeast of the subject in Winnetka. 20633 Vanowen St, a 1957 six-unit building on the same block, recorded the same day at $955,000 ($199 per SF) with no published income. Marketed by KW Commercial at $1,050,000 on $88,128 of scheduled rent plus $6,000 of laundry and $50,609 of net operating income as presented (management not shown), and closed 11.0% below the ask.
| Basis | Price | $/Unit | $/SF | GRM Current | GRM Pro Forma | Cap Current | Cap Pro Forma |
|---|---|---|---|---|---|---|---|
| Suggested list price | $1,725,000 | $172,500 | $248.49 | 10.15 | 8.74 | 5.84% | 7.31% |
| Range top | $1,725,000 | $172,500 | $248.49 | 10.15 | 8.74 | 5.84% | 7.31% |
| Midpoint | $1,675,000 | $167,500 | $241.28 | 9.85 | 8.49 | 6.05% | 7.57% |
| Range bottom | $1,625,000 | $162,500 | $234.08 | 9.56 | 8.23 | 6.27% | 7.84% |
Property taxes reassess at the sale price, so the net operating income and therefore the capitalization rate are recalculated at every rung above.
| Unit | Type | Approx SF | Status | Current Rent | Market Rent |
|---|---|---|---|---|---|
| 1 | Studio / 1 Bath | - | Occupied | $1,086 | $1,395 |
| 2 | Studio / 1 Bath | - | Occupied | $1,395 | $1,395 |
| 3 | 1 Bed / 1 Bath | - | Occupied | $1,795 | $1,795 |
| 4 | 1 Bed / 1 Bath | - | Occupied | $1,351 | $1,695 |
| 5 | 1 Bed / 1 Bath | - | Occupied | $1,049 | $1,695 |
| 6 | 1 Bed / 1 Bath | - | Occupied | $1,595 | $1,695 |
| 7 | 1 Bed / 1 Bath | - | Occupied | $1,085 | $1,695 |
| 8 | 1 Bed / 1 Bath | - | Occupied | $1,564 | $1,695 |
| 9 | 1 Bed / 1 Bath | - | Occupied | $1,695 | $1,695 |
| 10 | 1 Bed / 1 Bath | - | Occupied | $1,551 | $1,695 |
| Total Scheduled Rent | $14,167 | $16,450 | |||
| Additional Income[1] | $0 | $0 | |||
| Monthly Scheduled Gross Income | $14,167 | $16,450 | |||
| Current | Market | |
|---|---|---|
| Scheduled Gross Income[2] | $170,004 | $197,400 |
| Vacancy Reserve at 3.0%[3] | ($5,100) | ($5,922) |
| Gross Operating Income | $164,904 | $191,478 |
| Operating Expenses | ($64,242) | ($65,305) |
| Net Operating Income | $100,662 | $126,173 |
| Loan Payments (Illustrative) | ($82,845) | ($82,845) |
| Pre-Tax Cash Flow (Illustrative) | $17,817 | $43,328 |
| Principal Reduction (Illustrative) | $13,139 | $13,984 |
| Total Return Before Taxes | $30,956 | $57,312 |
| Current | Pro Forma | |
|---|---|---|
| Real Estate Taxes[4] | $22,144 | $22,144 |
| Insurance[5] | $8,942 | $8,942 |
| Utilities - Electric[6] | $1,200 | $1,200 |
| Utilities - Water & Sewer[7] | $6,600 | $6,600 |
| Trash Removal[8] | $4,360 | $4,360 |
| Repairs & Maintenance[9] | $8,000 | $8,000 |
| Landscaping[10] | $1,800 | $1,800 |
| Pest Control[11] | $600 | $600 |
| General & Administrative[12] | $1,500 | $1,500 |
| Replacement Reserves[13] | $2,500 | $2,500 |
| Management Fee (4.0% of EGI)[14] | $6,596 | $7,659 |
| Total Operating Expenses | $64,242 | $65,305 |
| Expense Ratio | 39.0% | 34.1% |
| Per Unit | $6,424 | $6,530 |
| Per Square Foot | $9.25 | $9.41 |
[1] Additional Income: None. The roll carries no laundry, parking or storage income, and the $31.08 per month of SCEP and RSO fee pass-throughs reimburses a City fee rather than adding income.
[2] Scheduled Gross Income: Ten units at the rents on ownership's rent roll dated August 19, 2026, $14,167.01 per month, all occupied. The market column carries $1,395 for the studios and $1,695 for the one bedrooms, the rents ownership achieved on units 2, 6 and 9 in 2026, with unit 3 held at its $1,795 lease; market rents apply only on turnover under the RSO.
[3] Vacancy Reserve: 3.0% of scheduled gross rent, the LAAA standard for a fully occupied whole-unit building. Unit 8 is on notice; its turnover is covered by the reserve and its re-lease at market is the first step of the upside case.
[4] Real Estate Taxes: Reassessed at the recommended list price of $1,725,000 at the 1.2837% effective rate derived from the subject's own 2025 bill of $19,480 on $1,517,550 of assessed value, tax rate area 8-852, or $22,144 per year.
[5] Insurance: $200 per unit plus $1.00 per gross SF, $8,942, the allowance LAAA carries for a building of this size and age. No premium was provided.
[6] Utilities - Electric: House electric at a $1,200 allowance ($100 per month) for common-area lighting and exterior circuits; tenants pay their own electricity and gas per the 2014 sale listing, so no unit electric or gas is carried. No bills were provided.
[7] Utilities - Water & Sewer: LADWP water and sewer at $55 per unit per month, the allowance LAAA carries for a master-metered building, $6,600, for a master-metered ten-unit building. No bills were provided.
[8] Trash Removal: City of Los Angeles multifamily solid resources fee at about $36 per unit per month, $4,360. No bills were provided.
[9] Repairs & Maintenance: $800 per unit per year, $8,000, the allowance LAAA carries for a 1958 building. No repairs history was provided.
[10] Landscaping: $150 per month, $1,800, for the corner-lot frontage lawns shown in the listing photographs.
[11] Pest Control: $50 per month, $600, LAAA allowance.
[12] General & Administrative: $1,500 allowance covering RSO registration and SCEP fees of about $1,067 per year, licenses and bank charges.
[13] Replacement Reserves: $250 per unit per year, $2,500.
[14] Management Fee (4.0% of EGI): 4.0% of effective gross income, $6,596 on current income and $7,659 pro forma. No management contract was provided.
Owner-reported figures are unaudited. A buyer should verify all income and expenses in due diligence.
| Operating Data | |
|---|---|
| Price | $1,725,000 |
| Number of Units | 10 |
| Price per Unit | $172,500 |
| Price per SF | $248.49 |
| Current GRM | 10.15 |
| Market GRM | 8.74 |
| Current Cap Rate | 5.84% |
| Market Cap Rate | 7.31% |
| Cash-on-Cash Return (Current) | 2.95% |
| Cash-on-Cash Return (Market) | 7.18% |
| Proposed Financing (Illustrative) | |
|---|---|
| Loan Amount | $1,121,250 |
| Down Payment | $603,750 |
| Interest Rate | 6.25% |
| Amortization | 30 years |
| DCR | 1.22 |
Illustrative financing assumption. Not a quoted or committed loan. A buyer should obtain its own terms.
The recommended list price is $1.725M, at the top of an opinion-of-value range of $1.625M to $1.725M. Current scheduled rent of $170,004 less a 3% vacancy reserve gives $164,904 of effective gross income; operating expenses of $64,242, built from LAAA benchmark allowances with taxes reassessed at the list price, produce net operating income of $100,662, a 5.84% cap rate and a 10.15 gross rent multiplier. At pro forma rents of $197,400 the net operating income is $126,173 and the cap rate 7.31%. The price is $172,500 per unit and $248 per SF.
Against the evidence, the price is disciplined rather than aggressive. It sits 2.4% above the per-unit print of the closest comparable, in the middle of the set per square foot, and asks a multiplier between the fully rented Alabama sale and the deeper under-rented Vassar and Eton sales, which is where a building with seven legacy tenancies and three 2026 leases belongs. The reasons it is not higher are the same reasons it is defensible: no operating statement, a 1958 building with no recorded system work since 2010, and a buyer pool that has paid below ask on every comparable since mid-2025. A buyer who accepts the benchmark expenses will pay the top of the range; a buyer who carries a heavier water bill and repairs line will pay the bottom.
Supported value range: $1,625,000 to $1,725,000
Scheduled income is ownership's rent roll dated August 19, 2026, with all ten units occupied and unit 8 on notice carried at its current rent. No other income is carried. Taxes are reassessed at the list price at the subject's own 1.2837% effective rate. Insurance ($8,942), house electric ($1,200), water and sewer ($6,600), trash ($4,360), repairs ($8,000), landscaping ($1,800), pest control ($600), general and administrative ($1,500), reserves ($2,500) and management (4% of effective gross income) are LAAA allowances because no operating statement was provided. Debt figures are illustrative: a new loan at 65% loan to value, $1,121,250 at 6.25% on a 30-year amortization, not a lender quote.
Unit square footages are not on the county record and are not carried. Comparable cap rates and multipliers are as published by the listing brokerages and were not independently audited; 20618 Hartland's net operating income as presented carries no management line. The property last sold on January 21, 2015 for $1,260,000 and has not been listed for sale since.