Prepared Exclusively for Bolour Associates
March 2026
The LAAA Team has built its reputation on one principle: relentless client advocacy. With over $1.6 billion in closed transactions spanning more than 500 deals, we bring institutional-grade process and local market intelligence to every engagement -- from initial pricing strategy through final close.
Our North Hollywood track record is not theoretical. The LAAA Team has sold some of the most significant newer-vintage multifamily assets in the NoHo corridor, including 11616 Burbank Blvd, 5630 Fair Ave, 4725 Radford Ave, and 11700 Magnolia Blvd -- every one a 2018-or-newer asset comparable to Urban Hartsook. We know this buyer pool and these valuations intimately.
That direct comparable-sale experience means we negotiate from a position of knowledge, not speculation. When a buyer challenges your pricing, our response is precise and data-backed: we sold the comps. That credibility closes deals at the number that matters most -- yours.
• Chairman's Club — Marcus & Millichap's top-tier annual recognition
• National Achievement Award — Glen: 2017–2022 • Filip: 2015–2022
• Sales Recognition Award — Consecutive years: Glen 2016–2025 • Filip 2013–2025
• SIA Induction — Glen 2020 • Filip 2018
• Rookie of the Year — San Fernando Valley Business Journal (Glen Scher, 2016)
The LAAA Team is proud to present Urban Hartsook, a 48-unit, four-story Class A multifamily community at 11050 Hartsook Street in the heart of North Hollywood's NoHo Arts District. Developed in 2019 and branded by Bolour Associates, the property represents one of the most institutionally executed newer-vintage apartment assets in the submarket -- designed with a professional identity, modern amenities, and institutional-grade construction that defines the product type in this corridor.
Urban Hartsook features a diversified unit mix of 18 studios (541 SF avg), 24 one-bedroom/one-bath units (734 SF avg), and 6 two-bedroom/two-bath units (1,050 SF avg). Units are outfitted with in-unit washers and dryers, central air conditioning, open-plan layouts, and modern finishes throughout. The asset's 2019 vintage means minimal deferred maintenance and long reserve runway, a meaningful structural advantage over 2008-era or earlier comparable assets in the same submarket.
Building amenities include a TRX fitness center/training zone, business center, sun deck, BBQ and fire pit lounge areas, designer lobby lounge with stone fireplace, Amazon Locker, gated covered parking, keyless entry, intercom system, and courtyard. The property is pet-friendly and fully elevator-served across all four stories. It operates under the brand "Urban Hartsook," which carries positive recognition among NoHo renters and distinguishes it from commodity product in the area.
11050 Hartsook Street sits at the center of North Hollywood's NoHo Arts District, one of the San Fernando Valley's most dynamic and rapidly evolving urban neighborhoods. Originally established as a cultural corridor anchored by performing arts theaters and gallery spaces, NoHo has emerged as a premier destination for young professionals, entertainment industry workers, and urban renters drawn by walkable amenities, authentic neighborhood character, and direct access to both the Valley and central Los Angeles. The area's evolution mirrors the broader urban-to-transit shift that has defined high-performing LA submarkets over the past decade.
The property benefits from exceptional transit connectivity. The Hollywood/Highland and North Hollywood Red Line Metro station is within walking distance, providing a direct link to Hollywood, Westside employment centers, and Downtown LA. Immediate access to the 170 and 101 freeways further connects residents to the broader Los Angeles metro. A Walk Score of 96 places Urban Hartsook in "Walker's Paradise" territory -- a designation achieved by fewer than 5% of LA multifamily properties -- reflecting the density of retail, dining, entertainment, and services within walking distance. The NoHo Commons, Regal Cinemas, and a vibrant independent restaurant and bar scene are all within blocks of the property.
From an environmental and regulatory standpoint, the ZIMAS parcel profile confirms the property is zoned R4-1VL (High Medium Residential) with a TOC Tier 3 designation reflecting its transit proximity. The subject is not subject to the Los Angeles Rent Stabilization Ordinance (RSO) due to its 2019 construction date, and it is subject to the City's Just Cause Ordinance (JCO). Liquefaction potential is noted as a standard LA hazard; no special flood zone designation applies. The Hollywood Fault is approximately 3.3 km from the site, and the property was engineered to current seismic code for a 2019 build.
| Location Details | |
|---|---|
| Walk Score | 96 — Walker's Paradise |
| Bike Score | 67 — Bikeable |
| Submarket | NoHo Arts District / North Hollywood |
| Zip Code | 91601 |
| Council District | District 2 |
| Community Plan Area | North Hollywood — Valley Village |
| TOC Designation | Tier 3 (High Transit Proximity) |
| Metro Access | Red Line (North Hollywood Station) |
| Freeway Access | SR-170 / US-101 |
| Nearest School | Lankershim Elementary (0.4 mi, 6/10) |
| Property Overview | |
|---|---|
| Property Name | Urban Hartsook |
| Address | 11050 Hartsook St, North Hollywood, CA 91601 |
| APN | 2350-003-008 |
| Total Units | 48 Units (45 Occupied, 3 Vacant) |
| Total Building SF | 41,434 SF |
| Average SF / Unit | 863 SF |
| Year Built | 2019 |
| Stories | 4 |
| Site & Zoning | |
|---|---|
| Lot Size | 0.52 Acres (22,651 SF) |
| Zoning | R4-1VL (Very Low FAR) |
| General Plan | High Medium Residential |
| TOC Tier | Tier 3 |
| RSO Status | Exempt (Post-2005 construction) |
| JCO Status | Subject to Just Cause Ordinance |
| Type of Ownership | Fee Simple |
| Building Systems & Amenities | |
|---|---|
| Parking | Gated Covered Parking (Ground Floor) |
| Laundry | In-Unit W/D (All Units) |
| Cooling | Central Air Conditioning |
| Access / Security | Keyless Entry, Intercom, Controlled Access |
| Elevator | Yes (Full Building) |
| Fitness | TRX Training Zone / Fitness Center |
| Outdoor Amenities | Sun Deck, BBQ Area, Fire Pit, Courtyard |
| Business Center | Yes |
| Regulatory & Compliance | |
|---|---|
| RSO / AB 1482 | Exempt (Built 2019) |
| Just Cause Ordinance | Subject (City-Wide JCO) |
| Restricted Units | 2 deed-restricted + 1 manager unit |
| Liquefaction Zone | Yes (Standard LA designation) |
| Flood Zone | Not in flood zone |
Institutional Private Capital
Family offices and private equity groups seeking stabilized Class A product with a proven brand, no RSO exposure, and institutional-quality operations in a supply-constrained urban LA submarket.
1031 Exchange Buyers
Investors selling larger or out-of-state assets who need a clean, newer-vintage NoHo asset. The in-place income, RSO exemption, and Walk Score 96 address all common exchange-buyer checklists.
Value-Add Operators
Buyers targeting the gap between in-place rents (avg $2,337/unit) and market rents (avg $2,635/unit) -- a 13% upside. Three vacant units and two below-market restricted units accelerate the income story.
Long-Term Wealth Builders
High-net-worth investors attracted by the combination of current 5.05% cap rate, 2019 construction, zero deferred maintenance, and a TOC Tier 3 location that will appreciate with the NoHo corridor's ongoing evolution.
Urban Hartsook's combination of location, vintage, brand, and financial profile generates broad buyer appeal across virtually every active multifamily investor archetype in today's market.
"The $/SF seems high vs. older comps in the area."
The correct metric for institutional multifamily is $/unit, not $/SF. Urban Hartsook's studio-heavy mix (38% of units) compresses $/SF but does not reduce income or value. At $354,167/unit, the asset is priced below 11616 Burbank ($458K/unit), 4725 Radford ($488K/unit), and 5630 Fair ($508K/unit) -- all LAAA-sold 2018-built comps.
"The two restricted units reduce NOI."
The two deed-restricted units (at $709/mo) and one manager unit are already reflected in our current underwriting. The model underwrites 3 vacant units at full market rent and normalizes expenses, which is standard broker underwriting practice. Pro forma NOI is $1,019,075 -- a 5.99% cap at list price.
"What's the cap rate trajectory if rates stay elevated?"
At $16M (trade range floor), the current cap is 5.37% and pro forma is 6.45% -- both compelling for 2019-built product. The 3% vacancy assumption is conservative; the building is currently 94% occupied with healthy in-place rents well below market.
"Are there other newer-vintage assets trading in this range?"
Yes -- and the LAAA Team sold three of the four most relevant ones. 11700 Magnolia Blvd (19 units, 2021) traded at $448,684/unit in December 2025 at a 6.19% cap. Urban Hartsook, with more units and a superior amenity package, is priced at a meaningful discount.
| # | Address | Bldg SF | Units | Built | Closed | Sale Price | $/Unit | $/SF | Cap Rate | GRM |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 11700 W Magnolia Blvd, Valley Village, CALAAA TEAM | 21,522 | 19 | 2021 | Dec 2025 | $8,525,000 | $448,684 | $396 | 6.19% | 10.42x |
| 2 | 11616 Burbank Blvd, North Hollywood, CALAAA TEAM | 30,817 | 21 | 2018 | Oct 2024 | $9,627,750 | $458,464 | $312 | 5.36% | 12.45x |
| 3 | 4725 Radford Ave, Valley Village, CALAAA TEAM | 28,037 | 21 | 2018 | Sep 2024 | $10,237,500 | $487,500 | $365 | 5.12% | - |
| 4 | 5630 Fair Ave, North Hollywood, CALAAA TEAM | 28,381 | 15 | 2018 | Nov 2024 | $7,625,000 | $508,333 | $269 | 5.03% | 13.24x |
| 5 | 11011 Huston St, North Hollywood, CA | 91,746 | 65 | 2008 | Jan 2026 | $29,350,000 | $451,538 | $320 | - | - |
| Subject: Urban Hartsook (11050 Hartsook St) | 41,434 | 48 | 2019 | - | $17,000,000 | $354,166 | $410 | 5.05% | 12.63x | |
1. 11700 W Magnolia Blvd, Valley Village (LAAA Team Sale — Dec 2025) — A 19-unit, 2021-built asset just blocks from Urban Hartsook, this LAAA Team sale closed at $448,684/unit and a 6.19% cap rate in December 2025 -- the most recent data point in the submarket. Urban Hartsook's larger unit count (48 vs. 19), broader amenity package, and superior brand position justify a pricing premium over this comp.
2. 11616 Burbank Blvd, North Hollywood (LAAA Team Sale — Oct 2024) — This 21-unit, 2018-built asset in the NoHo corridor sold for $458,464/unit -- 29% above Urban Hartsook's suggested price per unit. The condo-spec construction and strong amenities are comparable to Urban Hartsook, making this the clearest directional indicator for pricing newer-vintage product in this submarket.
3. 4725 Radford Ave, Valley Village (LAAA Team Sale — Sep 2024) — This 21-unit, 2018-built asset transacted at $487,500/unit at a 5.12% cap rate. Urban Hartsook, at $354,167/unit, reflects a conservative discount to this sale despite its comparable vintage and superior unit count -- providing meaningful upside for buyers acquiring at current pricing.
4. 5630 Fair Ave, North Hollywood (LAAA Team Sale — Nov 2024) — A 15-unit, 2018-built NoHo asset sold at $508,333/unit and a 5.03% cap rate. Urban Hartsook, trading at a 43% discount per unit, reflects the scale premium inherent in larger assets. The comparable location, vintage, and RSO exemption confirm Urban Hartsook's pricing is well within the established range for this product type.
5. 11011 Huston St, North Hollywood (Jan 2026) — A 65-unit, 2008-built asset traded at $451,538/unit. This larger, older asset establishes the floor for $/unit metrics in the submarket. Urban Hartsook, despite being smaller, benefits from its 2019 vintage, superior amenities, and RSO exemption -- attributes that typically command a premium over 2008-era construction in today's institutional buyer market.
| # | Address | Bldg SF | Units | Built | List Price | $/Unit | $/SF | Cap Rate | GRM | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 7203 Rubio Ave, Van Nuys, CA | 32,777 | 29 | 2013 | $10,500,000 | $362,069 | $320 | 5.40% | 12.24x | Active |
| 2 | 14631 Erwin St, Van Nuys, CA | 24,115 | 22 | 2025 | $11,500,000 | $522,727 | $477 | 5.14% | 13.38x | Active |
The two active listings in the comparable peer set reinforce Urban Hartsook's pricing. 7203 Rubio Ave (29 units, 2013 vintage, Lake Balboa) is asking $362,069/unit at a 5.40% cap -- slightly below Urban Hartsook's $/unit despite being six years older and lacking comparable amenity depth. 14631 Erwin St (22 units, 2025, Van Nuys) is asking $522,727/unit for brand-new construction, establishing the upper bound for newly delivered product in the broader Valley market. Urban Hartsook at $354,167/unit is priced attractively between these two active comparables -- newer than the Rubio Ave asset by six years and at a significant discount to replacement cost implied by the Erwin St ask -- reflecting a well-calibrated entry point for buyers in today's market.
| # | Address | Type | Size SF | Monthly Rent | Rent/SF |
|---|---|---|---|---|---|
| 1 | 11525 Chandler Blvd, North Hollywood | Studio | 525 | $2,145 | $4.09 |
| 2 | 5500 Klump Ave, North Hollywood | Studio | 565 | $2,200 | $3.89 |
| 3 | 5416 Fair Ave, North Hollywood | 1 BD/1 BA | 630 | $2,447 | $3.88 |
| 4 | 11201 Otsego St, North Hollywood | 1 BD/1 BA | 715 | $2,704 | $3.78 |
| 5 | 11445 Riverside Dr, North Hollywood | 2 BD/2 BA | 1,000 | $3,495 | $3.50 |
| 6 | 11110 Hartsook St, North Hollywood | 2 BD/2 BA | 1,043 | $3,595 | $3.45 |
| 7 | 5031 Fair Ave, North Hollywood | 2 BD/2 BA | 1,105 | $3,504 | $3.17 |
| 8 | 11058 Chandler Blvd, North Hollywood | 2 BD/2 BA | 1,049 | $3,575 | $3.41 |
| Subject: Urban Hartsook (Market Rents) | Studio | 541 | $2,195 | $4.06 | |
| 1 BD/1 BA | 734 | $2,750 | $3.75 | ||
| 2 BD/2 BA | 1,050 | $3,495 | $3.33 | ||
The rent comp survey confirms that Urban Hartsook's underwritten market rents are well-supported by current NoHo market conditions. Comparable studios are achieving $2,145–$2,200/month in the immediate area, validating the $2,195 market rent used in the pro forma. One-bedroom units in the submarket are leasing at $2,447–$2,704/month, supporting the $2,750 market rent assumption for Urban Hartsook's larger, amenitized units. Two-bedroom comps cluster at $3,495–$3,595/month, directly confirming the $3,495 market rent underwritten for Urban Hartsook's 2BD/2BA units. Urban Hartsook's strong amenity package, 2019 vintage, and Walk Score 96 location support pricing at the upper end of the rent comp range.
As of March 2026. Vacant units underwritten at market rent per standard broker underwriting. Restricted units reflect deed-restricted affordable requirements.
| Unit | Type | SF | Current Rent | Rent/SF | Market Rent | Market/SF |
|---|---|---|---|---|---|---|
| 201 | 1 BD/1 BA | 800 | $2,400 | $3.00 | $2,750 | $3.44 |
| 202 | Studio | 550 | $1,995 | $3.63 | $2,195 | $3.99 |
| 203 | 1 BD/1 BA | 775 | $2,400 | $3.10 | $2,750 | $3.55 |
| 204 | 2 BD/2 BA | 1,000 | $2,895 | $2.90 | $3,495 | $3.50 |
| 205 | 1 BD/1 BA | 680 | $2,276 | $3.35 | $2,750 | $4.04 |
| 206 | 1 BD/1 BA - Mgr (Restricted) | 725 | $2,750 | $3.79 | $2,750 | $3.79 |
| 207 | Studio | 510 | $1,950 | $3.82 | $2,195 | $4.30 |
| 208 | Studio | 550 | $2,136 | $3.88 | $2,195 | $3.99 |
| 209 | Studio | 550 | $1,995 | $3.63 | $2,195 | $3.99 |
| 210 | 1 BD/1 BA | 800 | $2,350 | $2.94 | $2,750 | $3.44 |
| 211 | 1 BD/1 BA (Vacant) | 650 | $2,750 | $4.23 | $2,750 | $4.23 |
| 212 | 2 BD/2 BA | 1,100 | $3,200 | $2.91 | $3,495 | $3.18 |
| 213 | 1 BD/1 BA (Restricted) | 675 | $709 | $1.05 | $2,750 | $4.07 |
| 214 | Studio | 550 | $1,995 | $3.63 | $2,195 | $3.99 |
| 215 | 1 BD/1 BA | 790 | $2,395 | $3.03 | $2,750 | $3.48 |
| 216 | Studio | 510 | $2,100 | $4.12 | $2,195 | $4.30 |
| 301 | 1 BD/1 BA | 760 | $2,654 | $3.49 | $2,750 | $3.62 |
| 302 | Studio | 550 | $2,050 | $3.73 | $2,195 | $3.99 |
| 303 | 1 BD/1 BA | 775 | $2,317 | $2.99 | $2,750 | $3.55 |
| 304 | 2 BD/2 BA | 1,000 | $3,244 | $3.24 | $3,495 | $3.50 |
| 305 | 1 BD/1 BA | 680 | $2,195 | $3.23 | $2,750 | $4.04 |
| 306 | 1 BD/1 BA (Vacant) | 725 | $2,750 | $3.79 | $2,750 | $3.79 |
| 307 | Studio | 550 | $1,895 | $3.45 | $2,195 | $3.99 |
| 308 | Studio | 550 | $1,995 | $3.63 | $2,195 | $3.99 |
| 309 | Studio | 550 | $1,895 | $3.45 | $2,195 | $3.99 |
| 310 | 1 BD/1 BA | 800 | $2,400 | $3.00 | $2,750 | $3.44 |
| 311 | 1 BD/1 BA (Restricted) | 650 | $709 | $1.09 | $2,750 | $4.23 |
| 312 | 2 BD/2 BA | 1,100 | $3,350 | $3.05 | $3,495 | $3.18 |
| 313 | 1 BD/1 BA | 675 | $2,100 | $3.11 | $2,750 | $4.07 |
| 314 | Studio | 550 | $2,116 | $3.85 | $2,195 | $3.99 |
| 315 | 1 BD/1 BA | 790 | $2,636 | $3.34 | $2,750 | $3.48 |
| 316 | Studio | 510 | $2,100 | $4.12 | $2,195 | $4.30 |
| 401 | 1 BD/1 BA | 760 | $2,700 | $3.55 | $2,750 | $3.62 |
| 402 | Studio | 550 | $1,995 | $3.63 | $2,195 | $3.99 |
| 403 | 1 BD/1 BA | 775 | $2,450 | $3.16 | $2,750 | $3.55 |
| 404 | 2 BD/2 BA | 1,000 | $3,433 | $3.43 | $3,495 | $3.50 |
| 405 | 1 BD/1 BA (Vacant) | 680 | $2,750 | $4.04 | $2,750 | $4.04 |
| 406 | 1 BD/1 BA | 725 | $2,450 | $3.38 | $2,750 | $3.79 |
| 407 | Studio | 550 | $2,200 | $4.00 | $2,195 | $3.99 |
| 408 | Studio | 550 | $2,195 | $3.99 | $2,195 | $3.99 |
| 409 | Studio | 550 | $2,152 | $3.91 | $2,195 | $3.99 |
| 410 | 1 BD/1 BA | 800 | $2,495 | $3.12 | $2,750 | $3.44 |
| 411 | 1 BD/1 BA | 650 | $2,495 | $3.84 | $2,750 | $4.23 |
| 412 | 2 BD/2 BA | 1,100 | $3,350 | $3.05 | $3,495 | $3.18 |
| 413 | 1 BD/1 BA | 675 | $2,295 | $3.40 | $2,750 | $4.07 |
| 414 | Studio | 550 | $2,095 | $3.81 | $2,195 | $3.99 |
| 415 | 1 BD/1 BA | 790 | $2,475 | $3.13 | $2,750 | $3.48 |
| 416 | Studio | 510 | $1,950 | $3.82 | $2,195 | $4.30 |
| TOTAL (48 Units) | 33,645 | $112,182 | $3.33 | $126,480 | $3.76 |
| Income | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Gross Scheduled Rent | $1,346,184 | $28,046 | $32.49 | - |
| Less: Physical Vacancy (3.0%) | ($40,386) | $841 | $0.97 | 3.0% |
| Effective Rental Income | $1,305,798 | $27,204 | $31.52 | - |
| Other Income (Utility Bill-Back / Misc) | $57,388 | $1,196 | $1.39 | - |
| Effective Gross Income | $1,363,186 | $28,400 | $32.90 | 100.0% |
| Expenses | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Real Estate Taxes [1] | $208,250 | $4,339 | $5.03 | 15.3% |
| Insurance [2] | $31,076 | $647 | $0.75 | 2.3% |
| Utilities - Electric [3] | $22,305 | $465 | $0.54 | 1.6% |
| Utilities - Water & Sewer [4] | $28,559 | $595 | $0.69 | 2.1% |
| Utilities - Gas [5] | $17,028 | $355 | $0.41 | 1.2% |
| Trash Removal [6] | $13,961 | $291 | $0.34 | 1.0% |
| Service Contracts [7] | $28,800 | $600 | $0.70 | 2.1% |
| Repairs & Maintenance [8] | $36,000 | $750 | $0.87 | 2.6% |
| Personnel & On-Site Manager [9] | $28,655 | $597 | $0.69 | 2.1% |
| General & Administrative [10] | $27,522 | $573 | $0.66 | 2.0% |
| Operating Reserves [11] | $7,200 | $150 | $0.17 | 0.5% |
| Management Fee (4.0% EGI) [12] | $54,527 | $1,136 | $1.32 | 4.0% |
| Total Expenses | $503,883 | $10,498 | $12.16 | 37.0% |
| Net Operating Income | $859,303 | $17,902 | $20.74 | 63.0% |
[1] Real Estate Taxes: Estimated at 1.225% of the purchase price per county assessor methodology, including direct assessments for a 2019-built asset.
[2] Insurance: Based on seller-provided actuals; reflects property and general liability coverage appropriate for a 48-unit Class A building.
[3] Utilities - Electric: Seller-provided actuals; building common area electric including parking, corridors, and amenities. Tenant units separately metered.
[4] Utilities - Water & Sewer: Seller-provided actuals; master-metered water and sewer for the building. Bill-back program partially offsets owner cost.
[5] Utilities - Gas: Seller-provided actuals; common area and boiler gas. Individual unit gas is tenant-paid via separate meters.
[6] Trash Removal: Seller-provided actuals; commercial solid waste contract for 48 units with standard commercial pickup frequency.
[7] Service Contracts: HVAC, elevator, fire/life safety, pest control, and landscaping annual service agreements per seller-provided actuals.
[8] Repairs & Maintenance: Normalized at $750/unit/year for a well-maintained 2019 asset; reflects minimal deferred maintenance for newer construction.
[9] Personnel & On-Site Manager: Includes part-time on-site manager stipend and general labor costs. Seller-provided actuals normalized for broker underwriting.
[10] General & Administrative: Includes G&A, marketing, advertising, and leasing costs. Normalized to market rate for a professionally managed asset.
[11] Operating Reserves: Normalized at $150/unit/year for capital reserves; appropriate for a 2019-built asset with minimal near-term capital needs.
[12] Management Fee (4.0% EGI): Market-rate third-party management fee of 4.0% of Effective Gross Income; standard for a 48-unit institutional-quality asset.
| OPERATING DATA | |
|---|---|
| Price | $17,000,000 |
| Down Payment (40%) | $6,800,000 |
| Number of Units | 48 |
| Price Per Unit | $354,166 |
| Price Per SF | $410.29 |
| Gross SF | 41,434 |
| Lot Size | 0.52 Acres |
| Year Built | 2019 |
| Returns | Current | Pro Forma |
|---|---|---|
| Cap Rate | 5.05% | 5.99% |
| GRM | 12.63x | 11.20x |
| Cash-on-Cash | 2.42% | 4.77% |
| Debt Coverage Ratio | 1.24x | 1.47x |
| FINANCING (1st Loan) | |
|---|---|
| Loan Amount | $10,200,000 |
| Loan Type | New / Conventional |
| LTV | 60% |
| Interest Rate | 5.50% |
| Amortization | 30 Years |
| Loan Term | 5 Years |
| Annual Loan Constant | 6.81% |
| Unit Type | # Units | Avg SF | Sched Rent | Mkt Rent |
|---|---|---|---|---|
| Studio | 18 | 541 | $2,045 | $2,195 |
| 1 BD/1 BA | 24 | 734 | $2,329 | $2,750 |
| 2 BD/2 BA | 6 | 1,050 | $3,245 | $3,495 |
| Total / Wtd Avg | 48 | 863 | $2,337 | $2,635 |
| Income | Current | Pro Forma |
|---|---|---|
| Gross Scheduled Rent | $1,346,184 | $1,517,760 |
| Less: Vacancy (3.0%) | ($40,386) | ($45,533) |
| Effective Rental Income | $1,305,798 | $1,472,227 |
| Other Income | $57,388 | $57,388 |
| Eff. Gross Income | $1,363,186 | $1,529,615 |
| Cash Flow | Current | Pro Forma |
|---|---|---|
| Net Operating Income | $859,303 | $1,019,075 |
| Debt Service | ($694,974) | ($694,974) |
| Net Cash Flow | $164,329 | $324,101 |
| Cash-on-Cash | 2.42% | 4.77% |
| Principal Reduction | $137,403 | — |
| Total Return | 4.44% | 6.79% |
| Expenses | Current | Pro Forma |
|---|---|---|
| Real Estate Taxes | $208,250 | $208,250 |
| Insurance | $31,076 | $31,076 |
| Utilities - Electric | $22,305 | $22,305 |
| Utilities - Water & Sewer | $28,559 | $28,559 |
| Utilities - Gas | $17,028 | $17,028 |
| Trash Removal | $13,961 | $13,961 |
| Service Contracts | $28,800 | $28,800 |
| Repairs & Maintenance | $36,000 | $36,000 |
| Personnel & On-Site Manager | $28,655 | $28,655 |
| General & Administrative | $27,522 | $27,522 |
| Operating Reserves | $7,200 | $7,200 |
| Management Fee (4.0% EGI) | $54,527 | $61,185 |
| Total Expenses | $503,883 | $510,540 |
| Net Operating Income | $859,303 | $1,019,075 |
| Purchase Price | Current Cap | Pro Forma Cap | Cash-on-Cash | $/SF | $/Unit | PF GRM |
|---|---|---|---|---|---|---|
| $18,000,000 | 4.77% | 5.66% | 1.71% | $434 | $375,000 | 11.86x |
| $17,800,000 | 4.83% | 5.73% | 1.85% | $430 | $370,833 | 11.73x |
| $17,600,000 | 4.88% | 5.79% | 1.99% | $425 | $366,667 | 11.60x |
| $17,400,000 | 4.94% | 5.86% | 2.13% | $420 | $362,500 | 11.46x |
| $17,200,000 | 5.00% | 5.92% | 2.27% | $415 | $358,333 | 11.33x |
| $17,000,000 | 5.05% | 5.99% | 2.42% | $410 | $354,167 | 11.20x |
| $16,800,000 | 5.11% | 6.07% | 2.57% | $405 | $350,000 | 11.07x |
| $16,600,000 | 5.18% | 6.14% | 2.72% | $401 | $345,833 | 10.94x |
| $16,400,000 | 5.24% | 6.21% | 2.88% | $396 | $341,667 | 10.81x |
| $16,200,000 | 5.30% | 6.29% | 3.04% | $391 | $337,500 | 10.67x |
| $16,000,000 | 5.37% | 6.37% | 3.21% | $386 | $333,333 | 10.54x |
The LAAA Team's suggested list price of $17,000,000 ($354,167/unit) is derived from a rigorous analysis of the four most relevant closed sales in the submarket, all of which were sold directly by the LAAA Team. The three 2018-vintage NoHo comps -- 11616 Burbank Blvd ($458,464/unit), 4725 Radford Ave ($487,500/unit), and 5630 Fair Ave ($508,333/unit) -- all transacted above $450,000/unit, establishing a clear pricing floor for newer-vintage RSO-exempt product. Urban Hartsook at $354,167/unit represents a deliberate and defensible discount to those comps, accounting for scale, unit mix, and current market conditions in 2025-2026.
The most recent data point -- 11700 W Magnolia Blvd (19 units, 2021, LAAA Team sale, December 2025 at $448,684/unit and a 6.19% cap rate) -- confirms that the NoHo/Valley Village market continues to price newer-vintage assets above $400K/unit even in a higher interest rate environment. Urban Hartsook's suggested price implies a current 5.05% cap, which is consistent with where well-located, institutional-quality NoHo assets are trading. The trade range of $16,000,000–$18,000,000 reflects the realistic bid distribution based on LAAA's active buyer pipeline for this product type.