Every Apartment Owner Should Know This Number: $238/SF
Rick Raymundo sold this 33-unit Valley Village apartment building at a 10.82 GRM.
At a glance
closed May 21, 2026
initial ask
24×1+1 · 8×2+1 · 1×3+?
per door
34,713 gross SF
verified at close
verified at close
RSO applies
LAR3 · 0.44 ac
Measure ULA, above threshold
JP Morgan Chase · 1st Mortgage
seller: Premier Apartments LLC
What matters
- $8.275M sale, 2.07% below ask.33 units in Valley Village. $250,758/door. $238/SF. 5.9% cap at close. Seller Stephen Samuel held the asset for roughly 14.8 years under Premier Apartments LLC.
- Who is the Buyer: A private investor with $36M + LA acquisitions, taking title through an LLC. Name withheld at the buyer's request. Still a good signal that there is strong private capital paying $238/SF for Valley product.
- $238/SF is the real story. You can't replace apartments anywhere near that basis today. This is much better than building a new building. There is a lot of upside still left on the rents.
- My Bid: I wanted to buy this around $200/SF. Rick told me that wasn't realistic. The property closed at $238/SF, giving me another data point for where buyers are actually writing checks.
The Math the Broker Is Pitching
The verified close numbers are a 5.9% cap and a 10.82 GRM on $488,139 NOI. Implied gross annual revenue is $764,787, which at 33 units works out to $1,931/month average in-place rent. I think the buyer can slowly get these rents up by 20% and if rates go down, this will be worth over 10M.
| Scenario | Avg Rent/Mo | Gross Annual | NOI (est. 36% exp.) | Value at 5.9% cap |
|---|---|---|---|---|
| In-Place (current) | $1,931 | $764,787 | $488,139 | $8,273,543 |
| Submarket Market Rent | $2,084 | $825,264 | $527,169 | $8,935,915 |
| Subject Market Rent | $2,286 | $905,292 | $579,387 | $9,820,119 |
What an Operator Sees
I like this deal. The buyer paid $238/SF, got close to a 6% cap, has meaningful rent upside, and owns a quality apartment building in one of my favorite Valley submarkets.
Send OMs to David@AtlasBrief.La
Write to David Safai at David@AtlasBrief.La
Appeared in the June 28, 2026 edition of The Tape.