Prepared Exclusively for Wyman Dunford
March 2026
The LAAA Team - Glen Scher, Filip Niculete, and Morgan Wetmore - brings over a decade of focused expertise in Los Angeles multifamily investment sales. With more than 500 transactions and $1.6 billion in closed sales volume, the team has established itself as one of the leading apartment brokerage teams in the San Fernando Valley and greater Los Angeles market.
The LAAA Team has been active in the Van Nuys submarket since 2013, providing direct insight into the pricing dynamics and buyer pool for both newer-construction and value-add multifamily assets. Our experience with density bonus properties, OZ-designated assets, and premium new construction is directly applicable to this asset, where the combination of 2020 vintage, in-unit amenities, and AB 1482 exemption creates a distinct investment profile.
Our commitment extends beyond the transaction. We guide our clients through every phase - from market positioning and pricing strategy through buyer qualification, due diligence, and closing execution - delivering results that reflect the full market potential of each asset.
• 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
• 500+ Transactions - Over $1.6 billion in career sales volume
• 34-Day Median DOM - Properties sell faster than market average
The LAAA Team is proud to present 6718 Sylmar Ave - an 11-unit multifamily property built in 2020 in Van Nuys, one of the San Fernando Valley's most active apartment submarkets. The two-story-over-basement building totals 13,842 square feet on a 10,381 square foot lot, featuring nine two-bedroom and two three-bedroom units, all equipped with in-unit laundry. The Type V-A construction includes a subterranean parking garage, fire sprinklers, and institutional-quality finishes consistent with 2020 new construction standards.
The property is 100% free of rent control - exempt from both RSO and AB 1482 (exempt until approximately 2036 under the 15-year new construction exemption). In-unit laundry in every unit is a differentiator that commands top-of-market rents in the Van Nuys submarket. One unit (105) carries a Very Low Income deed restriction at $1,066 per month as part of the original density bonus entitlement, with the remaining ten units generating market-rate income. The building also sits within a designated Opportunity Zone.
Positioned within half a mile of the Metro G Line at the Van Nuys Station on Sherman Way, the property offers residents car-optional commuting and direct transit access across the Valley. The 2020 construction date places the asset in a distinct tier above the predominantly 1960s-1980s competitive set, supporting premium rents and minimal deferred maintenance. Van Nuys has been the subject of renewed municipal attention through its Community Plan update targeting increased density near transit corridors.
Van Nuys is one of the San Fernando Valley's most active multifamily submarkets, positioned as a primary workforce housing destination with a median household income of $62,900 and the highest renter percentage in the portfolio at 73%. The neighborhood's demographic profile - younger median age (36.3), significant immigrant population (48% foreign-born), and family-oriented household composition - drives consistent demand for two-bedroom and three-bedroom apartments.
The property sits within half a mile of the Metro G Line at the Van Nuys Station along Sherman Way, providing residents direct bus rapid transit access to the broader Valley corridor and connections to the Red Line subway at North Hollywood. Metro Rapid Line 761 stops within 0.2 miles, and the DASH Panorama City/Van Nuys route operates within 0.1 miles. Sherman Way serves as a functional commercial spine with grocery, banking, dining, and neighborhood services within walking distance.
Van Nuys has attracted renewed municipal attention through the Van Nuys Community Plan update, which targets increased residential density near transit corridors. The planned East San Fernando Valley Light Rail project along Van Nuys Boulevard (targeted for the 2030s) will further enhance transit connectivity and support long-term property values. Multifamily investor demand remains resilient, driven by the submarket's affordability relative to more westerly neighborhoods and strong rent growth - Van Nuys two-bedroom median rents tracking at $2,495 with 4% year-over-year growth.
| Location Details | |
|---|---|
| Walk Score | 77 - Very Walkable |
| Transit Score | 54 - Good Transit |
| Bike Score | 52 - Bikeable |
| Nearest Metro | G Line Van Nuys Station (~0.5 mi) |
| Metro Rapid | Line 761 (0.2 mi) |
| DASH | Panorama City/Van Nuys (0.1 mi) |
| Future Transit | East SFV Light Rail (Van Nuys Blvd, ~2030s) |
| Median HH Income | $62,900 |
| Renter Percentage | 72.72% |
| ZIP Population | 56,033 |
| Property Overview | |
|---|---|
| Address | 6718 Sylmar Ave, Van Nuys, CA 91405 |
| APN | Per title report |
| Year Built | 2020 |
| Units | 11 |
| Building SF | 13,842 |
| Avg Unit SF | 1,258 |
| Stories | 2 over basement garage |
| Construction | Type V-A |
| Site & Zoning | |
|---|---|
| Lot Size (SF) | 10,381 |
| Lot Size (Acres) | 0.24 |
| Zoning | [Q]R3-1 (Qualified Conditions) |
| TOC Tier | 4 (80% Density Bonus - Highest) |
| Opportunity Zone | Yes |
| ED 1 Eligible | Yes |
| Council District | CD6 |
| Parking | Subterranean Garage |
| Building Systems & Capital Improvements | ||
|---|---|---|
| Roof | Flat/built-up (2020) | |
| Plumbing | Copper/PEX (2020) | |
| Electrical | New (2020) | |
| HVAC | Central/split systems | |
| Water Heaters | Individual tankless | |
| Laundry | In-unit W/D connections (all units) | |
| Windows | Dual-pane vinyl | |
| Fire Safety | Sprinklered, fire alarm system | |
| Regulatory & Compliance | |
|---|---|
| Rent Control | Not RSO, AB 1482 Exempt until ~2035 |
| VLI Covenant | Unit 105 deed-restricted (~$1,066/mo until ~2076) |
| Soft-Story | Not Applicable (2020) |
| Code Enforcement | 3 cases on file (details pending investigation) |
| Certificate of Occupancy | Yes (March 2021) |
| Liquefaction Zone | Yes (standard for Van Nuys) |
Long-Term Hold Investors
Investors seeking institutional-quality 2020 construction with minimal maintenance, premium amenities, and AB 1482 exemption through 2035 - ideal for a low-management, yield-focused hold strategy
QOZ Fund Buyers
Opportunity Zone designation provides capital gains deferral and potential elimination, complementing the property's strong cash-on-cash returns from day one
1031 Exchange Buyers
Tax-deferred exchange buyers seeking a fully stabilized, new-construction asset with 100% occupancy and no rent control constraints - the cleanest exchange execution in the portfolio
Institutional-Quality Small Property Buyers
Investors who target sub-20 unit assets with institutional finishes, parking, and amenity standards that support premium tenant quality and retention
6718 Sylmar Ave is the portfolio's flagship asset - 2020 new construction, AB 1482 exempt until 2035, in-unit laundry throughout, subterranean parking, and Opportunity Zone designation - institutional quality at $373K/unit, well below comparable new-construction pricing in the submarket.
"How does the VLI unit affect value?"
Unit 105 is deed-restricted at approximately $1,066/mo under a Very Low Income covenant tied to the original density bonus entitlement, lasting until approximately 2076. This represents one of 11 units (9.1%), reducing annual income by approximately $21K versus market. The restriction is permanent and factored into our pricing - the -5% VLI discount is applied to all comparable adjustments.
"What are the 3 code enforcement cases?"
The case details have not been fully expanded in available LADBS records. Buyers should request a formal LADBS code enforcement report during due diligence to confirm the nature and resolution status of each case.
"Why is this priced at $372K/unit when older comps trade at $290-$340K?"
The correct comparison is to other 2020s-vintage non-RSO assets. 14243 Victory Blvd (2022, 5 units) sold at $533K/unit and 12807 Barbara Ann St (2024, 6 units) sold at $633K/unit. At $372K/unit, the subject is priced 30-41% below these new-construction comps, reflecting the VLI covenant drag and the larger 11-unit size. The primary anchor, 14622 Gilmore St (2009), adjusts to $352K/unit after accounting for the subject's newer construction premium.
"What about the property tax reassessment?"
The current property tax of approximately $12K reflects the original Prop 13 basis from the pre-construction land purchase. At the list price of $4.1M, the buyer should expect reassessment to approximately $48K annually (1.17% of purchase price). Our underwriting already reflects this reassessed tax in the current NOI figure of $217K.
| # | Address | Units | Year | SF | Price | $/Unit | $/SF | Cap | GRM | Date | DOM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 14622 Gilmore St, Van Nuys | 6 | 2009 | 7,770 | $2,050,000 | $341,667 | $264 | 5.39% | 12.1x | 05/2025 | 8 |
| 2 | 12807 Barbara Ann St, Valley Glen | 6 | 2024 | 9,570 | $3,795,000 | $632,500 | $397 | 6.01% | 13.4x | 10/2024 | 13 |
| 3 | 14243 Victory Blvd, Van Nuys | 5 | 2022 | 5,888 | $2,665,000 | $533,000 | $453 | 5.16% | 13.8x | 10/2024 | 17 |
| 4 | 14121 Friar St, Van Nuys | 7 | 1998 | 6,526 | $2,050,000 | $292,857 | $314 | 6.33% | 11.3x | 12/2025 | 120 |
| 5 | 13015 Vanowen St, N Hollywood | 10 | 1984 | 4,811 | $2,175,000 | $217,500 | $452 | 5.59% | -- | 01/2026 | 14 |
| Average | $2,547,000 | $403,505 | $376 | 5.70% | 12.6x | 34 | |||||
| Median | $2,175,000 | $341,667 | $397 | 5.59% | 12.7x | 14 | |||||
| Tier 1 Average | $341,667 | $264 | 5.39% | 12.1x |
14622 Gilmore St, Van Nuys - 6 units, 2009, non-RSO, sold May 2025 at $2,050,000 ($341,667/unit) at a 5.39% verified cap rate and 12.10 GRM. The primary pricing anchor despite the 11-year vintage gap, Gilmore provides the most complete financial data among accepted comps. Adjusting upward 8% for the subject's 2020 new construction premium, downward 3% for larger building size, downward 5% for the VLI covenant drag, and upward 3% for Opportunity Zone, the implied value is $352K/unit. The subject at $372K/unit reflects a 6% premium, supported by institutional-quality construction, in-unit laundry, basement parking, and AB 1482 exemption until 2035.
12807 Barbara Ann St, Valley Glen - 6 units, 2024 new construction, sold October 2024 at $3,795,000 ($632,500/unit). Caution: this sale reflects projected rents on a vacant building, not actual operating income. After adjusting for VLI and larger size, the implied $569K/unit sets a theoretical ceiling for new-construction pricing in this market.
14243 Victory Blvd, Van Nuys - 5 units, 2022, non-RSO, sold October 2024 at $2,665,000 ($533,000/unit). After adjusting for VLI, size, and OZ, the implied value is $496K/unit. Like Barbara Ann, this newer-vintage comp confirms premium pricing for 2020s construction assets.
14121 Friar St, Van Nuys - 7 units, 1998, sold December 2025 at $2,050,000 ($292,857/unit) at a 6.33% verified cap rate. With a 10% upward new construction premium and 5% VLI discount, adjusted to $308K/unit. This comp anchors the value floor, demonstrating the premium the subject commands over older-vintage inventory.
| # | Address | Type | SF | Rent | $/SF | Source |
|---|---|---|---|---|---|---|
| 1 | 14639-14645 Vanowen St | 2/2 | 1,185 | $2,833 | $2.39 | Active listing ($2,770-$2,895) |
| 2 | 14655 Vanowen St | 2/2 | 0 | $2,860 | $0.00 | Active listing |
| 3 | 6941 Hazeltine Ave | 3/2 | 1,200 | $3,245 | $2.70 | Active listing |
| 4 | 6941 Hazeltine Ave (MC) | 3/2 | 900 | $3,095 | $3.44 | Active listing |
| 5 | Rentometer 2/2 Median | 2/2 | 0 | $2,645 | $0.00 | Rentometer Mar 2026 |
| 6 | Rentometer 3/2 Median | 3/2 | 0 | $3,342 | $0.00 | Rentometer Mar 2026 |
| Unit | Type | SF | Rent/Mo | Rent/SF | Status | Notes |
|---|---|---|---|---|---|---|
| 101 | 2BD/2BA | 1,258 | $2,500 | $1.99 | Occupied | |
| 102 | 2BD/2BA | 1,258 | $2,400 | $1.91 | Occupied | |
| 103 | 2BD/2BA | 1,258 | $2,700 | $2.15 | Occupied | |
| 104 | 2BD/2BA | 1,258 | $2,295 | $1.82 | Occupied | |
| 105 | 2BD/2BA | 1,258 | $1,066 | $0.85 | Occupied | VLI Deed Restricted |
| 106 | 2BD/2BA | 1,258 | $2,600 | $2.07 | Occupied | |
| 201 | 2BD/2BA | 1,258 | $2,592 | $2.06 | Occupied | |
| 202 | 2BD/2BA | 1,258 | $2,600 | $2.07 | Occupied | |
| 203 | 2BD/2BA | 1,258 | $2,500 | $1.99 | Occupied | |
| 204 | 3BD/2BA | 1,258 | $2,995 | $2.38 | Occupied | |
| 205 | 3BD/2BA | 1,258 | $3,000 | $2.38 | Occupied | |
| Total | 11 Units | 13,838 | $27,248 | $1.97 | $326,976/yr |
| Income | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Gross Scheduled Rent | $326,976 | $29,725 | $23.62 | - |
| Less: Vacancy (5%) | $(16,349) | $(1,486) | $(1.18) | - |
| Other Income [1] | $16,891 | $1,536 | $1.22 | - |
| Effective Gross Income | $327,518 | $29,774 | $23.66 | 100.0% |
| Expenses | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Real Estate Taxes [1] | $0 | $0 | $0.00 | 0.0% |
| Insurance [2] | $7,700 | $700 | $0.56 | 2.4% |
| Water / Sewer [3] | $9,600 | $873 | $0.69 | 2.9% |
| Trash | $3,300 | $300 | $0.24 | 1.0% |
| Gas (Master Metered) [4] | $5,376 | $489 | $0.39 | 1.6% |
| Common Area Electric | $2,125 | $193 | $0.15 | 0.6% |
| Repairs & Maintenance [5] | $9,900 | $900 | $0.72 | 3.0% |
| Contract Services | $3,000 | $273 | $0.22 | 0.9% |
| Admin / Legal | $1,500 | $136 | $0.11 | 0.5% |
| Management (3.5%) [6] | $18,000 | $1,636 | $1.30 | 5.5% |
| Reserves | $1,650 | $150 | $0.12 | 0.5% |
| Other / Misc | $500 | $45 | $0.04 | 0.2% |
| Total Expenses | $62,651 | $5,696 | $4.53 | 19.1% |
| Net Operating Income | $264,867 | $24,079 | $19.14 | 80.9% |
[1] Real Estate Taxes: Reassessed at list price x 1.17%. Current seller basis $12K reflects pre-construction land purchase.
[2] Insurance: Broker-optimistic benchmark at $700/unit for Tier 2 (9-15 units).
[3] Water/Sewer: $400/bedroom x 24 bedrooms. Master metered.
[4] Gas: 85% x $575/unit x 11 units. Master metered.
[5] R&M: $900/unit (2020+ bracket with $100 age adjustment). Seller $44,984 inflated by one-time turnover costs.
[6] Management: MAX(3.5% x EGI, $18,000). Professional management. Seller pays $18,005.
| OPERATING DATA | |
|---|---|
| Price | $4,100,000 |
| Down Payment (44%) | $1,812,301 |
| Number of Units | 11 |
| Price / Unit | $372,727 |
| Price / SF | $296 |
| Gross SF | 13,842 |
| Lot Size | 10,381 SF (0.24 ac) |
| Year Built | 2020 |
| Returns | Reassessed |
|---|---|
| Cap Rate | 5.29% |
| GRM | 12.54x |
| Cash-on-Cash | 2.39% |
| DSCR | 1.25x |
| FINANCING | |
|---|---|
| Loan Amount | $2,287,699 |
| Loan Type | Fixed |
| Interest Rate | 6.50% |
| Amortization | 30 Years |
| Loan Constant | 7.58% |
| LTV (DCR) | 55.8% |
| DSCR | 1.25x |
| Income | Reassessed |
|---|---|
| GSR | $326,976 |
| Vacancy (5%) | $(16,349) |
| Other Income | $16,891 |
| EGI | $327,518 |
| Cash Flow | Reassessed |
|---|---|
| NOI | $216,897 |
| Debt Service | $(173,518) |
| Net Cash Flow | $43,379 |
| CoC Return | 2.39% |
| Principal Reduction | $25,570 |
| Total Return | 3.80% |
| EXPENSES | |
|---|---|
| Real Estate Taxes | $0 |
| Insurance | $7,700 |
| Water / Sewer | $9,600 |
| Trash | $3,300 |
| Gas (Master Metered) | $5,376 |
| Common Area Electric | $2,125 |
| Repairs & Maintenance | $9,900 |
| Contract Services | $3,000 |
| Admin / Legal | $1,500 |
| Management (3.5%) | $18,000 |
| Reserves | $1,650 |
| Other / Misc | $500 |
| Total Expenses | $62,651 |
| Purchase Price | Cap Rate | Cash-on-Cash | $/Unit | $/SF | GRM | DSCR |
|---|---|---|---|---|---|---|
| $4,475,000 | 4.75% | 1.90% | $406,818 | $323 | 13.69x | 1.25x |
| $4,400,000 | 4.85% | 1.99% | $400,000 | $318 | 13.46x | 1.25x |
| $4,325,000 | 4.95% | 2.08% | $393,182 | $312 | 13.23x | 1.25x |
| $4,250,000 | 5.06% | 2.17% | $386,364 | $307 | 13.00x | 1.25x |
| $4,175,000 | 5.17% | 2.28% | $379,545 | $302 | 12.77x | 1.25x |
| $4,100,000 | 5.29% | 2.39% | $372,727 | $296 | 12.54x | 1.25x |
| $4,025,000 | 5.41% | 2.52% | $365,909 | $291 | 12.31x | 1.25x |
| $3,950,000 | 5.54% | 2.66% | $359,091 | $285 | 12.08x | 1.25x |
| $3,875,000 | 5.67% | 2.82% | $352,273 | $280 | 11.85x | 1.25x |
| $3,800,000 | 5.80% | 2.99% | $345,455 | $275 | 11.62x | 1.25x |
| $3,725,000 | 5.94% | 3.18% | $338,636 | $269 | 11.39x | 1.25x |
Our suggested list price of $4.1M ($373K/unit) is anchored by the primary comparable - 14622 Gilmore St ($342K/unit, 2009, closest complete-data non-RSO match) - which, after adjustments for new construction premium, size, VLI covenant, and Opportunity Zone, implies a value of $352K/unit. The subject at $372K/unit reflects a 6% premium to this anchor, supported by 2020 institutional-quality construction, in-unit laundry in all 11 units, subterranean parking, and AB 1482 exemption until 2035. Two additional new-construction comps (Victory at $533K/unit and Barbara Ann at $633K/unit) confirm that $372K/unit is priced conservatively within the 2020s-vintage value band.
The GRM of 12.53 at the list price aligns with the comp range of 11.30-13.80. The most recent transaction, 14121 Friar St (December 2025, $293K/unit), represents older 1998 inventory and establishes a clear value floor that the subject's 2020 construction quality significantly exceeds. Based on 5 comparable sales spanning October 2024 to January 2026, with 1 primary comp and 3 supporting Tier 2 comps, we have MODERATE confidence in this value range. The dominant source of pricing uncertainty is the massive property tax reassessment ($12K to ~$47K), which required 4 iteration passes to stabilize.