$201,000 a door in North Hollywood.
This is what 38 one-beds look like at $278 a foot.
At a glance
confirmed, Aug 21 2026
all 1-bed / 1-bath · ~700 SF avg
per door
on 27,498 gross SF
at close · broker stated
in-place per unit
2-story walk-up · Class C
0.60 acres · 2 buildings
Measure ULA · above threshold
$1,155/unit
What matters
- $7.65M, full ask, no bid-ask delta.38 one-bedroom units in a 1986-vintage, two-story walk-up on Lankershim cleared at $201,316 a door and $278/SF. The seller, MJM Visions LLC (James P. McKenna, private), got every dollar of the initial ask price. Sale confirmed August 21, 2026.
- 10.27 GRM at $1,634 average in-place rent.The implied monthly rent of $1,634 per unit is $734 below CoStar's market rent for the subject property ($2,368) and $184 below the submarket average ($1,818). That spread is the value-add story. Whether it survives AB 1482 scrutiny is the real question.
- Post-1978 vintage keeps RSO off the table, but AB 1482 caps annual rent increases.Built 1986, so LARSO rent stabilization does not apply. AB 1482 does. The new owner's ability to push rents toward market is limited to 5% plus CPI (or 10%, whichever is lower) annually, plus just-cause eviction requirements on all tenancies after 12 months.
- ULA exposure: $306,000 estimated transfer tax.At $7.65M, this sale clears the ULA threshold. The database flags an estimated $306,000 Measure ULA tax. The flyer is not quoted, but any buyer who missed this line item in their basis calculation had a bad closing day.
The Setup
Two two-story buildings on a 26,136 SF lot, 38 one-bedroom units averaging 700 SF, built in 1986.vvAt 38 units and $1,634 average in-place rent, gross scheduled income implied by the 10.27 GRM is approximately $744,888 annually.
The AB 1482 Math
Built in 1986, this property clears the 1978 RSO cutoff cleanly. LARSO does not apply. But AB 1482 does, and the database confirms it. That means the new owner inherits just-cause eviction requirements for all tenants past 12 months of occupancy, and annual rent increases capped at 5% plus local CPI, not to exceed 10%.
At current California CPI trends (roughly 3%), the effective annual increase ceiling is approximately 8%. Applied to the $1,634 in-place average:
| Year | Avg Rent / Unit (8% annual max) | Annual GSI (38 units) |
|---|---|---|
| Year 0 (now) | $1,634 | $744,888 |
| Year 1 | $1,765 | $804,840 |
| Year 2 | $1,906 | $869,136 |
| Year 3 | $2,058 | $938,544 |
| Year 4 | $2,223 | $1,012,968 |
That four-year ramp assumes no vacancy and that is if this market can get to $2200. Even if not by year 4, its possible to get there by year 5-7.
What an Operator Sees
I like the year on this one.
1986.
No RSO.
$278 a foot for 38 ones, full ask.
I don't have the buyer.
I don't have a rent roll.
I'm keeping the $201k door and the year.
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.