For SaleBroker Activity · Entry № 23

What Will This Pico-Robertson Trade For?

16 large two-bedroom units offered at 10.5 GRM. I'm watching this one closely to see where it actually trades.

PublishedJune 2026
StatusFor Sale · Active
Read time~6 min
DatelinePico-Robertson, Los Angeles
1476 S Shenandoah St hero photo
FIG. 01, 1476 S SHENANDOAH ST, PICO-ROBERTSON, LOS ANGELES. LISTING PHOTO VIA MARCUS & MILLICHAP.
Four takeaways
  1. The final GRM will tell us more than any broker marketing package ever could.  Every listing starts with a broker opinion usually to get listings. Every closing creates a market comp. I'll be watching this one closely because the final trade price will go into my comps.  
  2. Limited supply. Strong demand. Long-term ownership.  Pico-Robertson remains one of Los Angeles' most supply-constrained apartment markets. Most owners hold for decades, RSO rents remain below market, and very little new inventory is being built.  This creates rent growth.
  3.  That's why every new comp deserves a deep dive.   I care about executed transactions because that's where real market data begins. Every closing teaches me something about buyer demand and market value.   
  4. The best operators build their own comp database.This is exactly the kind of listing worth tracking from launch to closing. Whether it trades above or below 10 GRM, the result will become another important data point for anyone who owns and wants to add to their Pico-Robertson portfolio.
Deal Stats · 1476 S Shenandoah St
List Price
$5,650,000
asking
Units
16
all 2-bed · avg 987 SF
Price / Unit
$353,125
per door
Price / SF
$320
17,653 gross SF
CAP Rate
5.85%
broker stated · current
GRM
10.57
broker stated · current
NOI (Current)
$330,277
implied from stated CAP
Gross Income
$534,532
implied annual · current
Year Built
1966
RSO · LARSO applies
Lot SF
12,998 SF
0.30 acres · LAR3
ULA Tax Est.
$226,000
seller-side · above threshold
Parking
15 stalls
6 surface · 9 covered tandem

Operator take

The best apartment opportunities are often found in neighborhoods where almost nobody sells.

Pico-Robertson continues to stand out because demand remains consistently strong, long-term ownership limits available inventory, most RSO rents are still below market, and very little new construction is being added. Those fundamentals create long-term pricing power.

I'm watching this listing closely because I want to see where it actually trades. The final sale price not the asking price will become another important data point for owners, buyers and sellers.  

Credit to Sam Liberow for bringing another quality Pico-Robertson asset to market. Whether it trades at asking, below or above, this will be an important comp for the neighborhood.

I track every multifamily sale in Los Angeles so you don't have to.

If you found this useful, share it.

OMs: David@AtlasBrief.LA

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Brokers
Listing Broker
Sam Liberow
Marcus & Millichap
Written from the field

David Safai, operator, developer, GC.

Atlas Home Builders, Inc. is a Los Angeles owner-operator and general contractor. If you are a broker with a listing you want an honest read on, send the OM and the T-12 to David@AtlasBrief.La.

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