$408/SF. Mar Vista. 1989
42 two-beds. Why I Like It.
At a glance
closed May 12, 2026
all 2-bed · avg 995 SF
per door
gross building SF
verified at close · $887,504 NOI
$994,903 projected NOI
wood frame · 3 stories
lot: 33,334 SF · 0.77 acres
EverBank · conventional
Measure ULA · above threshold
at time of sale
covered · 2:1 ratio
What matters
- $17.1 million on May 12. 42 units. All two-beds. $407,143 a door. $408 a foot. 41,944 SF.
- Built 1989. Three stories. Mar Vista.That is not RSO. AB 1482 still applies. 84 parking stalls. Two parking spaces per unit is Excellent!
- The buyer is MDNI Group. Velocity J Partners / Waterforce Capital.Mdni 3775 Beethoven LLC. The seller is Unison Investment, Torrance. They held it more than 20 years. Hiu Chan at KW listed it. No buyer broker. EverBank financed $10,952,500.
- CoStar shows a 5.19% cap on $887,504 of NOI.Pro forma cap 5.82% on $994,903. No GRM on the file.
The Location
Beethoven Street sits in the interior of Mar Vista, one zip code east of Venice and two miles from the ocean. The 90066 pocket is deep westside: median household income within one mile is $116,902, and the three-mile trade area pulls $117,783.
The Setup
One three-story building on a 33,334 SF lot .
All 42 units are two-bedroom layouts averaging 995 SF..
Parking comes in at 84 stalls, a clean 2:1 ratio.
The Math the Broker Is Pitching
The verified close data shows in-place NOI of $887,504 on a $17.1M sale price, which is a 5.19% cap. The pro forma NOI is reported at $994,903, yielding a 5.54% cap. The gap is $107,399 a year.
| Scenario | NOI | CAP | Implied Rent / Unit |
|---|---|---|---|
| In-Place (verified at close) | $887,504 | 5.19% | ~$2,283 / mo |
| Pro Forma (reported) | $994,903 | 5.54% | ~$2,559 / mo |
| Market Rent (CoStar subject) | n/a | n/a | $2,905 / mo |
What an Operator Sees
MDNI again.
Mar Vista.
1989. No RSO. AB1482!
84 parking spaces for 42 units.
I don't have a rent roll. The Rents look Low for being 2 Bedrooms with 2 Parking Spaces.
I'm keeping the year and the parking.
From what I see with AB1482 allowing increases and what the current rents are that this will very soon be a 6 Cap.
I research these transactions to sharpen my own investment strategy and share what I find so Los Angeles owners, brokers and investors can debate the market with better information.
Know one other LA owner who'd want this deal? Forward this — reply with their email and I'll add them.
Property and transaction data: CoStar Research.
Write to David Safai at David@AtlasBrief.La
Appeared in the Sept. 6, 2026 edition of The Tape.