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.