Prepared Exclusively for Berkus Trust
March 2026
The LAAA Team at Marcus & Millichap has closed 456 transactions totaling $1.45 billion in sales volume, including 93 closings and $335 million in the San Fernando Valley and 32 closings totaling $107.7 million in Van Nuys specifically. This concentrated transaction history provides deep market intelligence on pricing trends, buyer demand, and achievable rent levels in the Van Nuys submarket.
Directly relevant to this offering, the LAAA Team sold 6551 Woodley Avenue - a 7-unit building on the same street with the same unit count as the subject - twice: first in 2017 at $1.3M and again in 2018 at $1.66M. The team also closed 7303 Woodley Avenue, providing additional corridor-specific pricing data. Among the sale comparables used in this analysis, 6716 Sylmar Avenue (12 units, $3.5M, May 2025) is an LAAA Team closing, giving us firsthand knowledge of buyer motivations, negotiation dynamics, and the final cap rate achieved in the Van Nuys multifamily market.
This depth of local transaction experience means the LAAA Team can position 6860 Woodley Avenue with precise market awareness, identify the right buyer pool from our proprietary database, and negotiate from a foundation of verified comparable data rather than estimates. For Woodley Avenue specifically, our repeat transaction history on the same corridor gives prospective buyers confidence in our pricing analysis.
• 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 6860 Woodley Avenue, a 7-unit multifamily property in the Lake Balboa neighborhood of Van Nuys. Built in 1988, the two-story building encompasses 7,830 square feet of rentable space on a 6,999-square-foot lot zoned [Q]R3-1. All seven units are 2-bedroom/2-bathroom flats averaging 1,119 square feet, offering a clean and uniform product type. The property is situated on a quiet residential stretch of Woodley Avenue, approximately one mile south of Van Nuys Airport and within walking distance of Lake Balboa Park.
The building's consistent unit mix makes it operationally straightforward, with individually metered gas and electric, no on-site manager requirement, and no pool or common laundry to maintain. As a post-1978 property, 6860 Woodley is exempt from the City of Los Angeles Rent Stabilization Ordinance, subject only to the statewide AB 1482 Tenant Protection Act. This regulatory status gives owners greater flexibility to adjust rents to market levels. Current rents range from $2,067 to $2,150 per month, well below the achievable market range of $2,400 to $2,600 for comparable 2-bedroom units on the Woodley Avenue corridor.
Lake Balboa offers stable renter demand driven by relative affordability compared to more central Valley submarkets. The subject's 18.5% rent upside from current to pro forma income presents a clear value-add opportunity for buyers seeking immediate cash flow improvement without capital renovation. The all-2BR/2BA format attracts a reliable tenant base of working professionals and families, and the 1,119-square-foot unit size is larger than most competing inventory on the corridor. At 100% occupancy with month-to-month leases on six of seven units, a new owner can begin implementing rent adjustments immediately upon close.
Lake Balboa is a residential neighborhood in the western San Fernando Valley, bordered by Van Nuys to the east and Encino to the south. The area is characterized by a mix of single-family homes and smaller multifamily buildings along its commercial corridors. Lake Balboa Regional Park, a 70-acre public park anchored by the Anthony C. Beilenson Park lake, serves as the neighborhood's primary amenity and distinguishes it from surrounding communities. The renter population skews toward working-class families and service-industry professionals who value the area's relative affordability compared to Sherman Oaks, Encino, and Valley Village.
The property is car-dependent, with a Walk Score of approximately 71. The Metro G Line (Orange Line BRT) Woodley Station is located roughly 1 to 2 miles south, providing bus rapid transit access to North Hollywood and the Red Line subway connection. Local bus routes 164 and 237 serve the Victory Boulevard and Woodley Avenue intersection. The Van Nuys FlyAway terminal at 7610 Woodley Avenue, approximately one mile north, offers direct bus service to LAX. The 405 Freeway is approximately one mile west, connecting residents to employment centers in West LA, the Westside, and the South Bay.
The Lake Balboa submarket benefits from limited new multifamily supply, as most development activity in Van Nuys concentrates along the Victory Boulevard and Van Nuys Boulevard corridors where TOC eligibility supports higher-density projects. Woodley Avenue's [Q]R3-1 zoning and airport hazard overlay (940-foot height limit) constrain new construction, which supports rent stability for existing product. Rentometer data shows a 2-bedroom median rent of $2,411 within a half-mile radius of the subject. The Van Nuys Airport Vision Study, a 20-year LAWA land use plan, is exploring noise mitigation and land-swap proposals that could improve the airport-adjacent corridor over time.
| Location Details | |
|---|---|
| Walk Score | ~71 |
| Transit Score | Moderate (G Line BRT 1-2 mi south) |
| Nearest Metro Station | G Line Woodley Station (~1-2 mi) |
| Nearest Freeway | 405 Freeway (~1 mi west) |
| FlyAway / LAX Access | Van Nuys FlyAway (~1 mi north) |
| Nearest Park | Lake Balboa Park (70 acres, <1 mi) |
| Nearest Grocery | Available on Victory Blvd corridor |
| Council District | 6 |
| Median 2BR Rent (0.5 mi) | $2,411 (Rentometer, 20 samples) |
| Renter Demand Driver | Affordability vs. central SFV submarkets |
| Property Overview | |
|---|---|
| Address | 6860 Woodley Ave, Van Nuys, CA 91406 |
| APN | 2224-027-021 |
| Year Built | 1988 |
| Units | 7 |
| Building SF | 7,830 |
| Avg Unit SF | ~1,119 |
| Stories | 2 |
| Construction | Wood Frame / Stucco |
| Site & Zoning | |
|---|---|
| Lot Size (SF) | 6,999 |
| Lot Size (Acres) | 0.16 |
| Zoning | [Q]R3-1 |
| TOC Tier | Not Eligible |
| Community Plan | Van Nuys - North Sherman Oaks |
| Council District | 6 |
| Parking | Standard surface (est. 14 spaces) |
| Building Systems & Capital Improvements | ||
|---|---|---|
| Roof | Standard (age not verified) | |
| Plumbing | Standard (1988 original) | |
| Electrical | Standard (1988 original) | |
| HVAC | Individual wall units (est.) | |
| Water Heaters | Central boiler (owner-paid hot water) | |
| Laundry | None on-site | |
| Windows | Standard (1988 original) | |
| Recent CapEx | None reported - recommend DD verification | |
| Regulatory & Compliance | |
|---|---|
| Rent Control | Non-RSO (AB 1482 applies) |
| Just Cause Eviction | Yes (AB 1482) |
| Soft-Story Retrofit | Not flagged |
| Airport Hazard Zone | Yes - 940' height limit (Van Nuys Airport TSA) |
| ED1 Eligible | Yes |
Value-Add Investors
Buyers targeting the 18.5% rent upside from current to market rents. Six month-to-month leases allow immediate implementation. Non-RSO status provides the flexibility to move rents without CPI-based limitations.
1031 Exchange Buyers
Investors completing tax-deferred exchanges who need a stabilized asset with reliable cash flow. The 100% occupancy and $109,189 tax-adjusted NOI provide immediate income while the rent upside offers long-term growth.
Private / First-Time Investors
Individual buyers seeking a manageable 7-unit property that does not require an on-site manager. The simple all-2BR product type and individually metered utilities minimize operational complexity.
Long-Term Hold Investors
Buyers focused on basis and basis growth. The Prop 13 reassessment from the current $470K assessed value to the purchase price creates a known tax basis, and the clean product type requires minimal ongoing capital investment.
6860 Woodley Avenue offers a rare combination of clean product, non-RSO flexibility, and meaningful rent upside in a stable renter market, positioned at $285,714 per unit with direct LAAA Team comparable sales on the same street.
"Q: The location is rated C- and sits in an airport hazard zone. How does this affect value?"
A: The airport hazard zone imposes a 940-foot height limit, which has no practical impact on a 2-story residential building. The C- location grade reflects car dependency and limited transit, not safety or structural concerns. Lake Balboa Park is a genuine amenity within walking distance, and the neighborhood's affordability drives consistent renter demand. The -2% airport adjustment has been applied to all comp-derived pricing.
"Q: Why are there only 2 Tier 1 comps for this property?"
A: The 7-unit size creates a naturally thinner comp pool, as most Van Nuys multifamily transactions involve 9-15 unit buildings. The two Tier 1 comps - 14121 Friar St (7 units, sold 12/2025 at $293K/unit) and 6234 Woodman Ave (9 units, sold 10/2025 at $294K/unit) - bracket the subject closely on size, vintage, and regulatory status. Four additional Tier 2 comps provide supporting validation.
"Q: The current cap rate is 5.46%. Is that competitive for a C- location?"
A: The 5.46% cap reflects current in-place rents that are 16-19% below market. The pro forma cap rate of 6.99% reflects the achievable income after rent adjustments. Buyers should evaluate on a stabilized basis. At $2M, the property offers immediate cash flow with clear upside, which is why 7-unit non-RSO buildings in Van Nuys trade at tighter going-in caps than larger stabilized assets.
"Q: How reliable is the $2,500/month pro forma rent?"
A: The $2,500 pro forma rent is supported by multiple data points. MLS leased comps show 7035 Woodley Ave (2/2, 906 SF, 1989) achieving $2,400/month for a smaller unit. Rentometer shows a $2,411 median for 2-bedrooms within 0.5 miles. Nearby 7025 Woodley Ave has achieved $2,427 to $2,530. The subject's 1,119-square-foot units are 15-24% larger than these comps, supporting the $2,500 target.
| # | Address | Units | Year | SF | Price | $/Unit | $/SF | Cap | GRM | Date | DOM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 14121 Friar St, Van Nuys | 7 | 1998 | 6,526 | $2,050,000 | $292,857 | $314 | 6.33% | 11.1x | 12/2025 | 120 |
| 2 | 6234 Woodman Ave, Van Nuys | 9 | 1987 | 9,265 | $2,648,250 | $294,250 | $286 | 5.12% | 11.7x | 10/2025 | 65 |
| 3 | 6716 Sylmar Ave, Van Nuys LAAA TEAM | 12 | 1984 | 9,996 | $3,500,000 | $291,667 | $350 | 6.34% | 10.2x | 5/2025 | 26 |
| 4 | 14239 Gilmore St, Van Nuys | 8 | 1986 | 6,224 | $1,737,500 | $217,188 | $279 | 5.30% | 11.7x | 1/2026 | 11 |
| 5 | 14112 Delano St, Van Nuys | 5 | 1991 | 4,270 | $1,600,000 | $320,000 | $375 | 6.61% | 12.8x | 3/2025 | 62 |
| 6 | 16731 Sherman Way, Van Nuys | 13 | 1986 | 11,326 | $3,250,000 | $250,000 | $287 | 6.63% | 10.1x | 9/2025 | 26 |
| Average | $2,464,292 | $277,660 | $315 | 6.05% | 11.3x | 52 | |||||
| Median | $2,349,125 | $292,262 | $300 | 6.33% | 11.4x | 44 | |||||
| Tier 1 Average | $293,554 | $300 | 5.72% | 11.4x |
6716 Sylmar Ave, Van Nuys (12 units, 1984) - LAAA Team Sale - Sold May 2025 for $3,500,000 ($291,667/unit, $350/SF). This all-2BR/2BA building is an LAAA Team closing, providing direct market intelligence. At 12 units, the building is 71% larger than the subject, warranting a +5% small-property premium adjustment. After applying the airport hazard discount (-2%), the adjusted value implies $300,417/unit. Classified as Tier 2 for Woodley due to the size differential, but the identical unit type and non-RSO status make it a strong supporting reference. The 94.6% SP/LP ratio reflects meaningful buyer negotiation leverage on larger assets.
14121 Friar St, Van Nuys (7 units, 1998) - Tier 1 - Sold December 2025 for $2,050,000 ($292,857/unit, $314/SF) at a 6.33% cap rate (verified). This is the strongest comp for the subject: identical unit count, identical all-2BR unit mix, and AB 1482-only regulatory status. The 10-year newer vintage warrants a -3% age adjustment, and the airport hazard zone adds a -2% discount, producing an adjusted $278,214/unit. At 2.8 months old with complete financial data, Friar establishes the floor of the Tier 1 range for 6860 Woodley.
6234 Woodman Ave, Van Nuys (9 units, 1987) - Tier 1 - Sold October 2025 for $2,648,250 ($294,250/unit, $286/SF) at a 5.12% cap rate (verified). Nearly identical vintage to the subject (1987 vs 1988), non-RSO, and predominantly 2BR. The slightly larger size (+2 units) and the airport hazard adjustment offset each other, producing a net 0% adjustment and an implied $294,250/unit for the subject. Woodman provides the ceiling of the Tier 1 range and validates the $286K/unit weighted average.
14239 Gilmore St, Van Nuys (8 units, 1986) - Tier 2 - Sold January 2026 for $1,737,500 ($217,188/unit) at a 5.30% cap rate (verified). Near-identical size and era, but the 1BA units and lower rent profile place this as a floor reference. Adjusted to $225,876/unit after accounting for the unit-quality differential.
14112 Delano St, Van Nuys (5 units, 1991) - Tier 2 - Sold March 2025 for $1,600,000 ($320,000/unit). A trust sale with unreliable expense data but useful $/unit reference. Adjusted to $297,600/unit after discounts for the smaller unit count premium offset and airport hazard zone. Provides an upper boundary reference.
16731 Sherman Way, Van Nuys (13 units, 1986) - Tier 2 - Sold September 2025 for $3,250,000 ($250,000/unit, $287/SF) at a 6.63% cap rate (verified). Lake Balboa location with complete financial data. The +86% size differential requires a +5% small-property premium, offset by the -2% airport hazard discount, yielding an adjusted $257,500/unit.
| # | 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 | -- | Active |
| 2 | 13430 Victory Blvd, Van Nuys | 10 | 2003 | 11,730 | $2,950,000 | $295,000 | $251 | -- | Active |
| 3 | 14218 Victory Blvd, Van Nuys | 8 | 1988 | 7,960 | $3,579,000 | $447,375 | $450 | -- | Active |
Three active listings provide current market context. 7437 Haskell Ave (10 units, 1987) is listed at $2,895,000 ($289,500/unit) - a similar vintage all-1BR building asking comparable $/unit to the subject. 13430 Victory Blvd (10 units, 2003) at $2,950,000 ($295,000/unit) is a heavy value-add with 57% rent upside. 14218 Victory Blvd (8 units, 1988) at $3,579,000 ($447,375/unit) represents the fully renovated ceiling for this vintage and product type, featuring in-unit laundry and tenant-paid utilities.
| # | Address | Type | SF | Rent | $/SF | Source |
|---|---|---|---|---|---|---|
| 1 | 7035 Woodley Ave #105, Van Nuys | 2/2 | 906 | $2,400 | $2.65 | MLS Leased 10/2025 |
| 2 | 7025 Woodley Ave, Van Nuys | 2/2 | 890 | $2,476 | $2.78 | Rentometer |
| 3 | 7025 Woodley Ave, Van Nuys | 2/2 | 824 | $2,427 | $2.95 | Rentometer |
| 4 | 7025 Woodley Ave, Van Nuys | 2/2 | 1,110 | $2,530 | $2.28 | Rentometer |
| 5 | 5821 Sylmar Ave #2, Van Nuys | 2/2 | 1,100 | $2,400 | $2.18 | MLS Leased 3/2026 |
| 6 | 6716 Sylmar Ave #204, Van Nuys | 2/2 | 833 | $2,150 | $2.58 | MLS Leased 10/2025 |
| 7 | 7442 Hazeltine Ave #204, Van Nuys | 2/2 | 1,216 | $2,500 | $2.06 | MLS Leased 10/2025 |
| 8 | 6928 Woodley Ave #202, Van Nuys | 2/1 | 800 | $2,300 | $2.88 | Rentometer |
| Unit | Type | SF | Current Rent | Rent/SF | Market Rent | Market/SF |
|---|---|---|---|---|---|---|
| 101 | 2BD/2BA | 1,119 | $2,109 | $1.88 | $2,500 | $2.23 |
| 102 | 2BD/2BA | 1,119 | $2,109 | $1.88 | $2,500 | $2.23 |
| 103 | 2BD/2BA | 1,119 | $2,150 | $1.92 | $2,500 | $2.23 |
| 104 | 2BD/2BA | 1,119 | $2,109 | $1.88 | $2,500 | $2.23 |
| 201 | 2BD/2BA | 1,119 | $2,109 | $1.88 | $2,500 | $2.23 |
| 202 | 2BD/2BA | 1,119 | $2,067 | $1.85 | $2,500 | $2.23 |
| 203 | 2BD/2BA | 1,119 | $2,109 | $1.88 | $2,500 | $2.23 |
| Total | 7 Units | 7,833 | $14,762 | $1.88 | $17,500 | $2.23 |
| Income | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Gross Scheduled Rent | $177,144 | $25,306 | $22.62 | - |
| Less: Vacancy (3%) | $(5,314) | $(759) | $(0.68) | - |
| Effective Gross Income | $171,830 | $24,547 | $21.95 | 100.0% |
| Expenses | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Real Estate Taxes [1] | $23,400 | $3,343 | $2.99 | 13.6% |
| Insurance [2] | $9,230 | $1,319 | $1.18 | 5.4% |
| Water / Sewer [3] | $5,600 | $800 | $0.72 | 3.3% |
| Trash [4] | $2,450 | $350 | $0.31 | 1.4% |
| Gas (Central Boiler) [5] | $700 | $100 | $0.09 | 0.4% |
| Common Area Electric [6] | $1,275 | $182 | $0.16 | 0.7% |
| Repairs & Maintenance [7] | $8,400 | $1,200 | $1.07 | 4.9% |
| Contract Services [8] | $1,500 | $214 | $0.19 | 0.9% |
| Administrative [9] | $1,000 | $143 | $0.13 | 0.6% |
| Management Fee (4%) [10] | $7,086 | $1,012 | $0.90 | 4.1% |
| Reserves [11] | $1,750 | $250 | $0.22 | 1.0% |
| Other / Misc [12] | $250 | $36 | $0.03 | 0.1% |
| Total Expenses | $62,641 | $8,949 | $8.00 | 36.5% |
| Net Operating Income | $109,189 | $15,598 | $13.94 | 63.5% |
[1] Real Estate Taxes: Placeholder at current assessed value ($470,290). Buyer Year 1 tax at $2M = $23,400 (1.17%).
[2] Insurance: (7 units x $200) + (7,830 SF x $1.00/SF) = $9,230.
[3] Water/Sewer: 14 bedrooms x $400/BD. Owner pays all water. No pool or laundry add-ons.
[4] Trash: 7 units x $350/unit (Tier 1 benchmark).
[5] Gas: Owner pays hot water via central boiler. Units individually metered for gas.
[6] Common Area Electric: 85% x $1,500 Tier 1 flat. No elevator or pool add-ons.
[7] Repairs & Maintenance: $1,200/unit x 7 units (Tier 1 benchmark). 1988 vintage, no pool.
[8] Contract Services: $1,500 flat (landscaping + cleaning).
[9] Administrative: $1,000 flat (Tier 1 benchmark).
[10] Management Fee: 4% of GSR. Current: 4% x $177,144 = $7,086. Pro Forma: 4% x $210,000 = $8,400.
[11] Reserves: $250/unit x 7 units (benchmark for 1980-1999 vintage).
[12] Other/Misc: $250 flat (Tier 1 benchmark).
| OPERATING DATA | |
|---|---|
| Price | $2,000,000 |
| Down Payment (40%) | $800,000 |
| Number of Units | 7 |
| Price / Unit | $285,714 |
| Price / SF | $255 |
| Gross SF | 7,830 |
| Lot Size | 6,999 SF (0.16 ac) |
| Year Built | 1988 |
| Returns | Current | Pro Forma |
|---|---|---|
| Cap Rate | 5.46% | 6.99% |
| GRM | 11.29x | 9.52x |
| Cash-on-Cash | 2.86% | 6.68% |
| DSCR | 1.26x | 1.62x |
| FINANCING | |
|---|---|
| Loan Amount | $1,200,000 |
| Loan Type | Fixed |
| Interest Rate | 6.00% |
| Amortization | 30 Years |
| Loan Constant | 7.19% |
| LTV (LTV) | 60.0% |
| DSCR | 1.26x |
| Income | Current | Pro Forma |
|---|---|---|
| GSR | $177,144 | $210,000 |
| Vacancy (3%) | $(5,314) | $(6,300) |
| Other Income | $0 | $0 |
| EGI | $171,830 | $203,700 |
| Cash Flow | Current | Pro Forma |
|---|---|---|
| NOI | $109,189 | $139,745 |
| Debt Service | $(86,335) | $(86,335) |
| Net Cash Flow | $22,853 | $53,410 |
| CoC Return | 2.86% | 6.68% |
| Principal Reduction | $14,736 | $14,736 |
| Total Return | 4.70% | 8.52% |
| EXPENSES | |
|---|---|
| Real Estate Taxes | $23,400 |
| Insurance | $9,230 |
| Water / Sewer | $5,600 |
| Trash | $2,450 |
| Gas (Central Boiler) | $700 |
| Common Area Electric | $1,275 |
| Repairs & Maintenance | $8,400 |
| Contract Services | $1,500 |
| Administrative | $1,000 |
| Management Fee (4%) | $7,086 |
| Reserves | $1,750 |
| Other / Misc | $250 |
| Total Expenses | $62,641 |
| Purchase Price | Current Cap | Pro Forma Cap | Cash-on-Cash | $/SF | $/Unit | PF GRM |
|---|---|---|---|---|---|---|
| $2,125,000 | 5.07% | 6.51% | 2.32% | $271 | $303,571 | 10.12x |
| $2,100,000 | 5.14% | 6.60% | 2.40% | $268 | $300,000 | 10.00x |
| $2,075,000 | 5.22% | 6.69% | 2.49% | $265 | $296,429 | 9.88x |
| $2,050,000 | 5.30% | 6.79% | 2.58% | $262 | $292,857 | 9.76x |
| $2,025,000 | 5.38% | 6.89% | 2.68% | $259 | $289,286 | 9.64x |
| $2,000,000 | 5.46% | 6.99% | 2.86% | $255 | $285,714 | 9.52x |
| $1,975,000 | 5.54% | 7.09% | 3.07% | $252 | $282,143 | 9.40x |
| $1,950,000 | 5.63% | 7.20% | 3.28% | $249 | $278,571 | 9.29x |
| $1,925,000 | 5.72% | 7.31% | 3.50% | $246 | $275,000 | 9.17x |
| $1,900,000 | 5.81% | 7.42% | 3.73% | $243 | $271,429 | 9.05x |
| $1,875,000 | 5.90% | 7.53% | 3.96% | $239 | $267,857 | 8.93x |
Our suggested list price of $2,000,000 ($285,714/unit) is anchored by two primary comparable sales. 14121 Friar Street (7 units, December 2025) and 6234 Woodman Avenue (9 units, October 2025) produce a Tier 1 weighted average of $286,232/unit after adjustments for vintage, size, and the airport hazard zone. The Friar comp is particularly instructive: identical unit count, identical unit mix, and AB 1482 regulatory status, trading at $293K/unit just 2.8 months ago. Woodman confirms the range at $294K/unit with nearly identical vintage. Four Tier 2 comps spanning $226K to $300K/unit provide additional validation. The trade range of $1,900,000 to $2,075,000 ($271K to $296K/unit) reflects the spread between the income-derived floor ($1.875M at a tax-adjusted 5.90% cap) and the upper end of Tier 1 comp support. The GRM method independently produces $1.99M at an 11.25x multiple, converging tightly with the $/unit result. At the recommended price, the property delivers a 5.46% current cap rate (tax-adjusted) and a 6.99% pro forma cap on the achievable $210,000 GSR. Based on two primary comparable sales within a 5-month window, both with complete financial data and requiring minimal adjustments, we have support for this value range. The limited Tier 1 comp count (2 vs the ideal 3+) is offset by the quality of the matches: Friar is identical in size and product type, and Woodman is identical in vintage. The LAAA Team's direct transaction history on Woodley Avenue - including two closings at 6551 Woodley (same street, same unit count) and 6716 Sylmar Ave - provides corridor-specific intelligence that reinforces the pricing basis.