Broker Opinion of Value

Broker's Opinion of Value

11813 Iowa

Los Angeles, CA 90025

5Units

6,846Square Feet

1959Year Built

6,230SF Lot

Aida Memary Scher

Associate Director Investments

Glen Scher

Senior Managing Director Investments

Filip Niculete

Senior Managing Director Investments

Prepared Exclusively for Peter Rodgers

September 2026

Team Track Record

Current Results, Local Market Experience, and Senior-Level Execution

LAAA Team | Marcus & MillichapLocal market knowledge. National reach. Senior-level execution.

494Closed Transactions

342Apartment Sales

14Within 2 miles

$1.56BTotal Sales Volume

Representative Local Closings

Address	Units	Sale Price	$/Unit	Distance	Closed
1760 S Bentley Ave	5	$3,040,000	$608,000	0.94 mi	2021
3205 Ocean Park Blvd	6	$7,000,000	$1,166,667	1.34 mi	2025
1261 Stoner Ave	8	$8,990,000	$1,123,750	0.53 mi	2021

96.7%Apartment Pricing Accuracy

34Median Days on Market, Apartments

Published team performance, laaa.com/track-record, as of September 2, 2026.

11813 Iowa is the gold marker. Navy markers are the 14 apartment buildings the LAAA Team has closed within 2 miles; lighter markers are 13 other LAAA closings in the same area. Repeat sales at one building share a marker. Source: laaa.com/track-record, as of September 2, 2026.

A Track Record Built One Assignment at a Time

A five-unit rent-controlled building where three of the five units are four bedrooms does not sell to the average portal browser. It sells to an owner who already holds small Westside buildings, understands what a legacy tenancy is worth against a $4,000 four-bedroom lease, and can close without a lender re-underwriting a one-page expense schedule. That buyer is on a list, and the list is what 494 closings and $1.56B in volume across 21 states and Washington, D.C. have built.

The Team Behind the Assignment

Aida Memary Scher

Associate Director Investments

Aida Memary Scher advises apartment owners across the Westside and the San Fernando Valley with the LAAA Team, with a focus on rent-controlled small buildings and disciplined marketing.

(818) 212-2678
Aida.Memary@marcusmillichap.com
CA License: 01980240

Principal

Glen Scher

Senior Managing Director Investments

Glen Scher advises apartment owners and investors across Southern California with a focus on evidence-based pricing and transaction execution.

(818) 212-2808
Glen.Scher@marcusmillichap.com
CA License: 01962976

Principal

Filip Niculete

Senior Managing Director Investments

Filip Niculete advises multifamily owners and investors throughout Southern California with an emphasis on disciplined marketing and execution.

(818) 212-2748
Filip.Niculete@marcusmillichap.com
CA License: 01905352

Morgan Wetmore

Associate, Investments

Logan Ward

Associate, Investments

Luka Leader

Associate, Investments

Alexandro Tapia

Associate, Investments

Blake Lewitt

Associate, Investments

Mike Palade

Agent Assistant

Tony H. Dang

Business Operations Manager

Tirajeh Vossoughi-Horton

Investment Brokerage Intern

How We Market Your Property

Position the Story, Reach the Market, and Work the Buyer List

23,500+Active Email Subscribers

36,000+Owner & Investor Contacts

60,000+Buildings Tracked

100+Targeted Buyer Calls

Our public, continuously maintained reach combines active email subscribers, owner and investor contacts, a building-owner database, and targeted direct buyer calls for each listing.

The objective is not simply exposure. It is qualified competition for your property.

The Campaign Plan

Direct Owner and Investor Outreach

The campaign opens with calls. We start with the owners of every five- to twelve-unit building in the Sawtelle grid between Bundy and the 405, the buyers who bid on the 2026 Armacost, Ohio and Westgate sales and did not win them, and the 1031 exchange buyers on a deadline who need a Westside address. A building with four-bedroom units and two legacy tenancies rewards a buyer who has priced that mix before, so the first two weeks are spent finding those people rather than waiting for them.

Full Platform Syndication

Every LAAA listing is advertised across the same ten platforms: TheMLS, CoStar and LoopNet, Crexi, Brevitas, Zillow, Redfin, ApartmentBuildings.com, DuxRE, MarcusMillichap.com and laaa.com. Syndication is source-stamped so we can tell you which platform produced each inquiry rather than reporting undifferentiated view counts.

Email Campaign and Reach

The property goes out to 23500 active email subscribers across an owner and investor database of 23500 contacts, then to targeted re-sends built from who opened and who did not. Campaign statistics are reported to you in full, including the misses.

Marcus & Millichap Agent Network

Marcus & Millichap's national agent network puts the listing in front of brokers whose own clients are looking for Westside multifamily, which reaches capital that never searches a listing portal at all.

Built In-House Buyer Research

Our team built the 16-database research system that develops a property-specific buyer list from ownership, acquisition, financing, and portfolio signals.

Direct Calls, Not Passive Exposure

We call the owners and investors most likely to act instead of relying on digital distribution alone.

Weekly Seller Intelligence

Calls, tours, buyer feedback, and offer activity are organized into a clear weekly campaign update.

We are proactive marketers rather than reactive ones. The offering is built, priced and staged before it is released, the outreach runs on a schedule you can see, and you get a written report on what happened rather than a summary of what we hoped would happen.

Our Active Multifamily Listings

Current LAAA Team Multifamily Availabilities and Escrows

Address	City	Units	Asking Price	$/Unit	Cap	Status
13724 Victory Blvd	Van Nuys	68	$22,900,000	$336,765	5.50%	Available
10455 Magnolia Blvd	North Hollywood	26	$9,200,000	$353,846	5.03%	Available
180 Holly Avenue	Carpinteria	19	$8,950,000	$471,053	4.80%	Available
2727 3rd Street	Santa Monica	22	$7,650,000	$347,727	5.16%	Available
31701 Ridge Route Rd	Castaic	33	$7,500,000	$227,273	5.64%	Available
3607 Pacific Ave	Marina del Rey	6	$5,395,000	$899,167	4.75%	Available
2001-2005 Grismer Avenue	Burbank	14	$5,350,000	$382,143	4.56%	Available
755 E Pine Street	Altadena	19	$5,195,000	$273,421	6.68%	Available
7018 Alabama Ave	Canoga Park	9	$5,100,000	$566,667	5.27%	Available
4603 La Mirada Avenue & 1255 Lyman Place	Los Angeles	9	$4,450,000	$494,444	5.28%	Available
24846 Walnut St	Santa Clarita	16	$4,200,000	$262,500	5.13%	Available
12314 & 12320 Washington Pl	Culver City	8	$3,096,000	$387,000	5.00%	Available
11025 Blix St	Toluca Lake	4	$2,700,000	$675,000	5.27%	Available
1303-1305 Laveta Terrace	Los Angeles	10	$2,590,000	$259,000	4.24%	Available
1807 Montana Street	Los Angeles	4	$2,395,000	$598,750	5.84%	Available
12231 Pacific Ave	Los Angeles	7	$1,900,000	$271,429	5.02%	Available
5614 W Adams Blvd	Los Angeles	7	$1,795,000	$256,429	6.52%	Available
24513-24519 Walnut St	Santa Clarita	3	$1,095,000	$365,000	4.31%	Available
20234 Roscoe Blvd	Winnetka	25	$4,750,000	$190,000	5.51%	In Escrow
3361 Hamilton Way	Los Angeles	4	$2,800,000	$700,000	5.62%	In Escrow
24802 & 24806 Walnut St	Santa Clarita	7	$1,725,000	$246,429	5.31%	In Escrow
Total (21 listings)		320	$110,736,000	$346,050	5.27%

The LAAA Team is currently marketing 18 multifamily listings with 3 more in escrow, together representing 320 units and $110.7M of asking value. Every assignment runs on the same marketing platform proposed for 11813 Iowa.

Listings and statuses as published at www.laaa.com/listings; pricing and status are subject to change. The summary row shows total units and total asking value, the blended price per unit across all listings, and the median published cap rate.

Buyer Profile & Transaction Strategy

Who Is Most Likely to Buy, and How We Create Competition

Market Context

Thirteen closed sales of five- to eleven-unit buildings in ZIP 90025 between September 2025 and July 2026 frame the subject, ten of them in the Sawtelle grid within half a mile. Where income was reported they closed at cap rates of 4.73% to 6.07% and multipliers of 10.87 to 14.05. The most recent, 1519 Armacost Ave, closed July 27, 2026 at a 5.98% cap and $481 per SF on eleven small units; the closest five-unit match on unit size, 1861 Midvale Ave, closed at $403,000 per unit and a 5.63% cap.

The active listings show where buyers are being asked to stretch. 1256 S Westgate asks $269,500 per unit for ten units with roughly 45% rent upside and has sat 205 days; 1606 Barry asks $456,244 per unit for eight units delivered mostly vacant after more than one reduction. Neither publishes a cap rate. The subject at the recommended price offers a supported in-place yield those listings cannot, which is the argument for its per-unit premium.

Positioning Thesis

The right buyer values what is scarce here: three family-sized apartments already leased near market, two legacy units that reprice on turnover, and a building whose seismic and electrical work is behind it. That buyer should be qualified early on two questions, whether they will hold the two rent-controlled tenancies patiently or price a relocation, and whether they accept a one-month expense schedule in lieu of a trailing statement, because both decide whether an offer survives to closing.

Likely Buyer Profiles

Likely Buyer 01

Westside Small-Building Owner

Owners who already hold five- to twelve-unit buildings between Bundy and the 405, including the buyers on the 2026 Armacost, Ohio and Westgate sales. They know the rents, the tenant and the RSO, and they buy on yield and square footage rather than a per-unit headline.

Likely Buyer 02

1031 Exchange Buyer

Sellers trading out of larger or older buildings into a Westside replacement property with in-place income. A 5.21% return in this location with an identified path to 6.75% is exactly what that pool is looking for, and a 45-day identification clock makes them decisive.

Likely Buyer 03

Owner-User With a Large Household

A buyer who intends to occupy one of the four bedrooms on a future vacancy and hold the other four units. This is a smaller pool, but a two-story four bedroom near UCLA and Santa Monica is a rare thing to own inside a five-unit building, and that buyer pays the top of the range.

Transaction Strategy

Lead With the Four Bedrooms

Most five-unit buildings in West Los Angeles are one-bedroom walk-ups. This one has three four-bedroom apartments, one of them a two-story unit ownership describes at 2,370 SF, and they lease at $3,750 to $4,595 without renovation while renovated four-bedroom townhomes nearby ask $5,050 to $5,395. Family-sized units near UCLA, Santa Monica and the Expo Line are scarce in this size class, and the campaign should say so in its first line.

Price on Yield and Square Footage, Then Explain the Per-Unit Number

Closed five- to eleven-unit sales in 90025 ran $172,727 to $420,000 per unit because most of them are studios and one bedrooms. Quoting $440,000 per unit without context invites a discount. Leading with a 5.21% return on in-place income, $321 per square foot in the middle of a $198 to $567 band, and a 12.18 multiplier inside the 10.87 to 14.05 closed range frames the same price as market rather than aggressive.

Show the Two Legacy Units as the Upside They Are

Units 2 and 3 pay $1,348 and $1,066 against $3,000 and $2,450 for comparable apartments today. Under the Rent Stabilization Ordinance that gap closes only on voluntary turnover, so it should be presented as exactly that: $36,000 a year of income that arrives on the tenants' schedule, not the buyer's, and that lifts the return to 6.75% when it does. A buyer who is shown the number treats it as a choice; a buyer who finds it treats it as a problem.

Investment Overview

11813 Iowa Ave, Los Angeles, CA 90025

5Units

6,846Building SF

1959Year Built

6,230Lot SF

11813 Iowa Avenue is a two-story, five-unit apartment building completed in 1959 on a 6,230 SF corner lot at Iowa Avenue and Granville Avenue in the Sawtelle district of West Los Angeles, one block south of Santa Monica Boulevard. The county carries the building at 6,846 SF with 15 bedrooms and 10 baths. Ownership has held the property since before the 1975 Proposition 13 base year and operates it through a third-party manager.

The unit mix is three four-bedroom apartments (units 1, 4 and 5), one 2 bed / 1 bath and one 1 bed / 1 bath. Unit 5 is a two-story four bedroom that ownership describes at 2,370 SF with two upstairs bedroom suites, a study area and a balcony; it was renovated during a 60-day vacancy in early 2026 and re-leased June 1 at $4,595. Unit 4, advertised as a 4 bed / 2 bath, re-leased the same day at $3,750, and unit 1 pays $4,295. Units 2 and 3 are long-term rent-controlled tenancies at $1,348 and $1,066. Scheduled income is $15,054.67 per month, $180,656 per year, with laundry adding about $966.

At the recommended price the property prices at $440,000 per unit and $321 per SF, a 5.21% return on current income and a 12.18 gross rent multiplier; the price itself and the opinion-of-value range are set out in the Financial Analysis. Every closed comparable prices lower per unit because the comparables are predominantly studio and one-bedroom buildings; on yield, multiplier and price per square foot the subject sits inside the closed range, and the two legacy units carry a further 20% of scheduled income that arrives on turnover.

Investment Highlights

Five units, 15 bedrooms: three four-bedroom apartments, one two bedroom and one one bedroom in 6,846 SF
$15,055 per month scheduled, 100% occupied, with two four-bedroom leases signed June 1, 2026 at $3,750 and $4,595
5.21% cap rate and 12.18 GRM on current income at the recommended price; 6.75% if the two legacy units reach market on turnover
Soft-story retrofit complete with a Certificate of Compliance; electrical service upgraded in 2025 with new sub-panels, HVAC permits pulled August 2026
Sawtelle location one block south of Santa Monica Boulevard: Walk Score 71, Transit Score 64, a 76% renter ZIP with median household income of $103,894
Same family ownership on a 1975 tax base; 6,230 SF [Q]R3-1 corner lot with on-site parking and a laundry room

Location Overview

Sawtelle, One Block Off Santa Monica Boulevard, Between Bundy and the 405

The property sits on the northwest corner of Iowa Avenue and Granville Avenue in the West Los Angeles community plan area, one block south of Santa Monica Boulevard and roughly midway between Bundy Drive and the 405. Sawtelle Boulevard's restaurant corridor is a ten-minute walk east, the Expo Line's Bundy station is a mile south, and UCLA, Brentwood, Century City and Santa Monica are each a short drive. The block is a mix of 1950s and 1960s small apartment buildings with new three- and four-unit townhome construction appearing on Barry, Purdue and Carmelina.

The 90025 ZIP code reports 46,508 residents with a median age of 34.5 and a median household income of $103,894; 76% of its 23,529 occupied households rent, median gross rent is $2,488 and vacancy runs at 9.2%. The parcel scores 71 on Walk Score, 64 on Transit Score and 82 on Bike Score, and sits in FEMA Zone X, an area of minimal flood hazard. HUD's 2026 small-area fair market rents for the ZIP are $3,440 for a one bedroom, $4,290 for a two bedroom and $6,060 for a four bedroom.

West Los Angeles small-building sales have stayed liquid through 2026: thirteen five- to eleven-unit buildings closed in this ZIP in the twelve months to July, most within half a mile of the subject, at cap rates between 4.7% and 6.1%. The renter here pays for bedrooms, which is why renovated three- and four-bedroom units ask $4,595 to $5,395 while one bedrooms sit near $2,400, and it is why a five-unit building with three four bedrooms should be marketed on its mix rather than its unit count.

Property & Location Details
Address	11813 Iowa Ave, Los Angeles, CA 90025
City	Los Angeles, CA 90025
APN	4262-014-016
Year Built	1959
Building SF	6,846
Lot Size	6,230 SF (0.143 ac)
Units	5
Parking	On-site parking at the rear of the building, entered from Granville Avenue through a gated drive visible in the property photographs. The assessor records no space count; the number of spaces and any garage or carport structures should be verified during inspection.

Property Details

11813 Iowa

Property Overview
Units	5
Year Built	1959
Building SF	6,846
Lot SF	6,230
APN	4262-014-016

Unit Mix
1x 1 Bed / 1 Bath	-
1x 2 Bed / 1 Bath	-
2x 4 Bed / 3 Bath	-
1x 4 Bed / 2 Bath	-

The building is a two-story wood-frame walk-up of 6,846 SF per the county (LARIAC measures the footprint at 4,540 SF and the roof at about 30 feet), with a gabled street elevation, projecting balconies on the upper floor and a decorative block screen at grade. Parking is at the rear, entered from Granville Avenue behind a gate. LADBS records show the soft-story retrofit permit issued April 29, 2020 with a Certificate of Compliance, an electrical service upgrade in July 2025 with five sub-panels added in August 2025, and HVAC electrical and mechanical permits issued August 19, 2026. Fifteen bedrooms and ten baths are carried by the assessor across the five units.

Interiors are not uniformly documented. Ownership's note describes unit 5 as a two-story 2,370 SF four bedroom with two private upstairs bedrooms, each with a study area, bathroom and balcony, and two downstairs bedrooms with a shared bath and a large kitchen and dining area, renovated in early 2026. Unit 4 was advertised with new flooring, refrigerator, stove and dishwasher. Per-unit square footage is not published by the county and is omitted from this analysis; price per square foot uses the 6,846 SF county total.

The seismic work, the electrical upgrade and the 2026 HVAC permits are the capital items a buyer would otherwise price in, and they are done or under way. What the file lacks is a trailing operating statement: ownership's expenses are a one-month schedule, and its insurance line repeats its tax figure. This analysis underwrites the building with reassessed taxes, an insurance allowance, repairs and reserves ownership does not book, and a 4% management fee, and a buyer should still verify condition, systems and the two June 2026 leases through inspection.

Property Photos

11813 Iowa

1 / 1

Exterior

Click any image to enlarge. Images depict the property and representative interiors. Source: listing media and site photography.

Rent Comparables

Achieved and Asking Rents in the Immediate Submarket

One Bedroom Comparables

Address	Unit Type	SF	Asking Rent	Distance
11317 S Bundy Dr, Los Angeles	1 Bed / 1 Bath	-	$2,250	0.55 mi
2Lido Apartments, 1711 Corinth Ave, Los Angeles	1 Bed / 1 Bath	-	$2,275	0.55 mi
3Sawtelle Pearl, 1831 Sawtelle Blvd, Los Angeles	1 Bed / 1 Bath	-	$2,395	0.64 mi
4Chateau Barry Apartments, 1285 Barry Ave, Los Angeles	1 Bed / 1 Bath	-	$2,395	0.56 mi
5Federal Apartments, 1719 Federal Ave, Los Angeles	1 Bed / 1 Bath	-	$2,600	0.29 mi
6Colby West, 1671 Colby Ave, Los Angeles	1 Bed / 1 Bath	-	$2,650	0.35 mi
Average (6 comps)		-	$2,428	0.49 mi

Two Bedroom Comparables

Address	Unit Type	SF	Asking Rent	Distance
11317 S Bundy Dr, Los Angeles	2 Bed / 1 Bath	-	$2,750	0.55 mi
7Lido Apartments, 1640 Barry Ave, Los Angeles	2 Bed / 1 Bath	-	$2,795	0.23 mi
8Desora, 12425 Texas Ave, Los Angeles	2 Bed / 1 Bath	-	$2,895	0.72 mi
91532 Granville Ave, Los Angeles	2 Bed / 1 Bath	-	$2,975	0.17 mi
10Westgate Apts, 1437-1441 S Westgate Ave, Los Angeles	2 Bed / 1 Bath	-	$3,000	0.34 mi
4Chateau Barry Apartments, 1285 Barry Ave, Los Angeles	2 Bed / 1 Bath	-	$3,295	0.56 mi
5Federal Apartments, 1719 Federal Ave, Los Angeles	2 Bed / 1 Bath	-	$3,350	0.29 mi
Average (7 comps)		-	$3,009	0.41 mi

Three Bedroom Comparables

Address	Unit Type	SF	Asking Rent	Distance
11Brockton Townhomes, 1623 Brockton Ave, Los Angeles	3 Bed / 2 Bath	-	$4,595	0.20 mi
12Purdue Ohio, 1500 Purdue Ave, Los Angeles	3 Bed / 2 Bath	-	$4,995	0.55 mi
Average (2 comps)		-	$4,795	0.37 mi

Four Bedroom Comparables

Address	Unit Type	SF	Asking Rent	Distance
13Colby Townhomes, 1650 Colby Ave, Los Angeles	4 Bed / 3 Bath	-	$5,050	0.37 mi
14Beloit at Ohio, 1539 Beloit Ave, Los Angeles	4 Bed / 3 Bath	-	$5,395	0.71 mi
Average (2 comps)		-	$5,222	0.54 mi

Rent evidence is read plan by plan. Six Sawtelle one-bedroom asking rents run $2,250 to $2,650 and average $2,428, against $1,066 in place at unit 3 and $2,450 underwritten on turnover. Seven two-bedroom asking rents run $2,750 to $3,350 and average $3,009, against $1,348 in place at unit 2 and $3,000 underwritten on turnover. Renovated three bedrooms ask $4,595 to $4,995 and renovated four-bedroom townhomes $5,050 to $5,395.

The three four bedrooms lease at $3,750, $4,295 and $4,595 in their current condition, two of them on leases signed June 1, 2026, and one of those was advertised with a month free. They are carried at those rents in both columns with no further upside, because unit 4 re-let below its prior $4,050 and unit 5 below the $4,800 ownership reports historically. The renovated townhome asks show what a future renovation could reach; they are not used to underwrite the building.

Sale Comparables

13 Closed Sales in the Submarket

Address	Yr	Units	Bldg SF	Sale Price	$/Unit	$/SF	GRM	Cap	Date
11728 Granville Ave, Los Angeles	1937	5	2,784	$1,250,000	$250,000	$449	11.45	5.43%	2025-09-15
21703 Stoner Ave, Los Angeles	1973	9	9,056	$2,900,000	$322,222	$320	-	-	2025-11-18
311980 Nebraska Ave, Los Angeles	1963	11	8,332	$1,900,000	$172,727	$228	10.87	4.78%	2026-06-12
41519 Armacost Ave, Los Angeles	1959	11	5,503	$2,645,000	$240,455	$481	10.91	5.98%	2026-07-27
51453 S Westgate Ave, Los Angeles	1956	9	4,872	$2,395,000	$266,111	$492	10.89	5.97%	2026-03-31
611727 Ohio Ave, Los Angeles	1961	9	7,697	$2,597,000	$288,556	$337	10.90	5.70%	2026-02-19
71734 Barry Ave, Los Angeles	1961	8	5,514	$2,250,000	$281,250	$408	11.92	5.97%	2025-10-29
81511 Corinth Ave, Los Angeles	1959	8	6,277	$2,000,000	$250,000	$319	-	5.42%	2026-01-21
91403 Brockton Ave, Los Angeles	1953	6	3,692	$2,025,000	$337,500	$548	12.16	6.07%	2025-10-02
101246 S Saltair Ave, Los Angeles	1955	8	4,320	$2,450,000	$306,250	$567	14.05	5.08%	2026-02-13
111861 Midvale Ave, Los Angeles	1967	5	5,538	$2,015,000	$403,000	$364	11.99	5.63%	2025-12-30
121737 Camden Ave, Los Angeles	1963	5	8,524	$1,690,425	$338,085	$198	-	4.73%	2025-12-04
131834 Thayer Ave, Los Angeles	1966	5	8,934	$2,100,000	$420,000	$235	-	5.00%	2026-07-07
Median (13 comps)			5,538	$2,100,000	$288,556	$364	11.45	5.53%	-

1. 1728 Granville Ave, Los Angeles - The only other five-unit sale within a quarter mile; same unit count, far smaller units, so it anchors the cap rate and multiplier rather than price per unit. Five small units in 2,784 SF (557 SF average) built 1937 on a 6,101 SF lot; roughly 40% of the subject's building area. Reported NOI $67,875, 5.43% cap and 11.45 GRM at $250,000 per unit; the same unit count as the subject at a fraction of the rent.

2. 1703 Stoner Ave, Los Angeles - Closest sale to the subject in distance and vintage band; supports price per SF, no income metrics. Nine units in about 9,056 SF built 1973 on a 7,383 SF lot, five one bedrooms and four two bedrooms; one block east of the subject. No income reported to CoStar; $322,222 per unit and $320 per SF.

3. 11980 Nebraska Ave, Los Angeles - Three blocks south; the low per-unit figure reflects studio and one-bedroom product under legacy rents. Eleven units in 8,332 SF built 1963: two studios, eight one bedrooms and one two bedroom; 9% vacant at sale. Reported NOI $90,749, 4.78% cap and 10.87 GRM at $172,727 per unit and $228 per SF; heavily rent-controlled small units.

4. 1519 Armacost Ave, Los Angeles - Most recent closing in the set, same 1959 vintage, a quarter mile away; strong cap and GRM evidence, per-SF inflated by tiny units. Eleven units in 5,503 SF built 1959 (473 SF average): five studios, five one bedrooms and one two bedroom, 11 reserved parking spaces. Reported 5.98% cap and 10.91 GRM at $240,455 per unit and $481 per SF; same vintage as the subject, very small units.

5. 1453 S Westgate Ave, Los Angeles - Quarter mile west; supports the cap-rate band for 1950s Sawtelle product. Nine one-bedroom units in 4,872 SF built 1956 on a 6,970 SF lot; 22% vacant at sale. Reported 5.97% cap and 10.89 GRM at $266,111 per unit and $492 per SF.

6. 11727 Ohio Ave, Los Angeles - Similar building area and vintage three blocks north; the closest match on price per SF and yield. Nine units in 7,697 SF built 1961 on a 7,841 SF lot, a mix of one studio, four one bedrooms and four two bedrooms; 11% vacant at sale. Reported NOI $147,621, 5.70% cap and 10.90 GRM at $288,556 per unit and $337 per SF.

7. 1734 Barry Ave, Los Angeles - Same block grid a quarter mile east, same vintage; supports cap rate and multiplier. Eight units in 5,514 SF built 1961 on a 6,869 SF lot, three one bedrooms and five two bedrooms. Reported 5.97% cap and 11.92 GRM at $281,250 per unit and $408 per SF.

8. 1511 Corinth Ave, Los Angeles - Same 1959 vintage and nearly identical building area; the per-SF figure is the closest physical analogue. Eight units in 6,277 SF built 1959 on a 6,970 SF lot; building area within 10% of the subject. Reported 5.42% cap, no multiplier, at $250,000 per unit and $319 per SF.

9. 1403 Brockton Ave, Los Angeles - Small unit count close to the subject's; highest reported cap in the set. Six units in 3,692 SF built 1953 on a 6,970 SF lot. Reported NOI $122,925, 6.07% cap and 12.16 GRM at $337,500 per unit and $548 per SF.

10. 1246 S Saltair Ave, Los Angeles - Half a mile northwest toward Brentwood; shows the top of the multiplier range. Eight units in 4,320 SF built 1955 (550 SF average) on a 6,808 SF lot, seven surface spaces. Reported NOI $122,700, 5.08% cap and 14.05 GRM at $306,250 per unit and $567 per SF; the highest multiplier in the set.

11. 1861 Midvale Ave, Los Angeles - Five-unit sale of larger units east of the 405; the best per-unit evidence for a five-unit building of family-sized apartments. Five units in 5,538 SF built 1967 on a 6,587 SF lot: one one bedroom, three two bedrooms and one three bedroom. Reported NOI $113,458, 5.63% cap and 11.99 GRM at $403,000 per unit and $364 per SF.

12. 1737 Camden Ave, Los Angeles - Five-unit sale of large units; low per-SF result reflects deep legacy rents. Five units in 8,524 SF built 1963 on a 6,765 SF lot; 1,705 SF per unit, larger than the subject's average. Reported NOI $80,000 and 4.73% cap at $338,085 per unit and $198 per SF; low income for the building size.

13. 1834 Thayer Ave, Los Angeles - Recent five-unit sale at $420,000 per unit; two miles east, so weighted for unit count rather than location. Five units in 8,934 SF built 1966 on a 6,940 SF lot, west of Century City; sold the same day to the same buyer as the neighbouring 1850 Thayer Ave. Reported 5.00% cap at $420,000 per unit and $235 per SF; price allocated within a two-building purchase.

Opinion of Value

Suggested List Price and Expected Sale Range

Basis	Price	$/Unit	$/SF	GRM Current	GRM Pro Forma	Cap Current	Cap Pro Forma
Suggested list price	$2,200,000	$440,000	$321.36	12.18	10.13	5.21%	6.75%
Range top	$2,300,000	$460,000	$335.96	12.73	10.60	4.93%	6.40%
Midpoint	$2,200,000	$440,000	$321.36	12.18	10.13	5.21%	6.75%
Range bottom	$2,100,000	$420,000	$306.75	11.62	9.67	5.51%	7.12%

Property taxes reassess at the sale price, so the net operating income and therefore the capitalization rate are recalculated at every rung above.

On-Market Comparables

Active Competition and the Pricing Ceiling

Address	Yr	Units	Bldg SF	List Price	$/Unit	$/SF	GRM	Cap	Date
11256 S Westgate Ave, Los Angeles	1960	10	7,391	$2,695,000	$269,500	$365	-	-	2026-09-02
21606 Barry Ave, Los Angeles	1958	8	6,632	$3,649,950	$456,244	$550	-	-	2026-09-02
31524 Granville Ave, Los Angeles	1988	10	14,298	$5,250,000	$525,000	$367	-	-	2026-09-02
Average (3 comps)			9,440	$3,864,983	$416,915	$427	-	-	-

Financial Analysis

11813 Iowa

Unit Mix & Scheduled Rent

Unit	Type	Approx SF	Status	Current Rent	Market Rent
Unit 1	4 Bed / 3 Bath	-	Occupied	$4,295	$4,295
Unit 2	2 Bed / 1 Bath	-	Occupied	$1,348	$3,000
Unit 3	1 Bed / 1 Bath	-	Occupied	$1,066	$2,450
Unit 4	4 Bed / 2 Bath	-	Occupied	$3,750	$3,750
Unit 5	4 Bed / 3 Bath	-	Occupied	$4,595	$4,595
Total Scheduled Rent				$15,055	$18,090
Additional Income^[1]				$80	$80
Monthly Scheduled Gross Income				$15,135	$18,170

Annualized Operating Data

	Current	Market
Scheduled Gross Income^[2]	$181,622	$218,046
Vacancy Reserve at 3.0%^[3]	($5,420)	($6,512)
Gross Operating Income	$176,202	$211,534
Operating Expenses	($61,683)	($63,096)
Net Operating Income	$114,519	$148,437

Annualized Expenses

	Current	Pro Forma
Real Estate Taxes[4]	$27,397	$27,397
Insurance[5]	$7,846	$7,846
Utilities - Electric[6]	$2,046	$2,046
Utilities - Water & Sewer[7]	$5,779	$5,779
Utilities - Gas[8]	$1,718	$1,718
Solid Waste[9]	$326	$326
Repairs & Maintenance[10]	$4,000	$4,000
Gardening, Trash & Lawn[11]	$3,120	$3,120
Pest Control[12]	$1,153	$1,153
Replacement Reserves[13]	$1,250	$1,250
Management Fee (4.0% of EGI)[14]	$7,048	$8,461
Total Operating Expenses	$61,683	$63,096
Expense Ratio	35.0%	29.8%
Per Unit	$12,337	$12,619
Per Square Foot	$9.01	$9.22

Notes to the Operating Statement

[1] Additional Income: $80.53 per month, the March 24, 2026 collection on ownership's workbook ($966 per year). January 2026 was $56.54.

[2] Scheduled Gross Income: Five occupied units at the rents on the May 31, 2026 ownership rent roll, $15,054.67 per month or $180,656 per year, including new leases on units 4 ($3,750) and 5 ($4,595) that began June 1, 2026. The market column carries $2,450 for the one bedroom and $3,000 for the two bedroom, supported by the Sawtelle rent comparables, and applies only on turnover under Los Angeles vacancy decontrol; the three four-bedroom units are carried at their 2026 leases in both columns.

[3] Vacancy Reserve: 3.0% of scheduled gross rent, the LAAA standard for a fully occupied whole-unit building. The building is 100% occupied.

[4] Real Estate Taxes: Reassessed at the recommended list price of $2,200,000 at the 1.18738% fiscal 2025/2026 rate for tax rate area 67 ($26,122), plus $1,275 of flat direct assessments carried from the 2025 bill. Ownership pays $4,861 on a 1975 base-year assessment.

[5] Insurance: LAAA allowance of $200 per unit plus $1.00 per gross square foot, $7,846. Ownership's schedule shows $6,409, the same figure it shows for property tax; a buyer should obtain quotes.

[6] Utilities - Electric: Two LADWP house accounts at $79.29 and $91.21 per month on ownership's schedule (two-month bills for September 8 to November 7, 2025, divided by two), $2,046 per year. Units appear to be separately metered for electricity.

[7] Utilities - Water & Sewer: LADWP water ($199.81) and sewer ($281.74) per month on ownership's schedule, $5,779 per year, owner paid.

[8] Utilities - Gas: SoCalGas for the central water heater, $143.20 per month on ownership's schedule, $1,718 per year; hot water is owner paid.

[9] Solid Waste: LADWP solid resources charges of $24.00 and $3.16 per month on the two house accounts, $326 per year.

[10] Repairs & Maintenance: $800 per unit per year, $4,000, for a 1959 building. Ownership's schedule carries no repairs line.

[11] Gardening, Trash & Lawn: Ownership's combined gardening, trash and lawn service line at $260 per month, $3,120 per year.

[12] Pest Control: Orkin pest control at $96.12 per month (March 18, 2026) on ownership's schedule, $1,153 per year.

[13] Replacement Reserves: $250 per unit per year, $1,250. Ownership's schedule carries no reserve.

[14] Management Fee (4.0% of EGI): 4.0% of effective gross income, $7,048. Ownership currently pays a third-party manager $450 per month ($5,400, about 3.0% of rent) and notes the fee will rise.

Owner-reported figures are unaudited. A buyer should verify all income and expenses in due diligence.

Summary

Operating Data
Price	$2,200,000
Number of Units	5
Price per Unit	$440,000
Price per SF	$321.36
Current GRM	12.18
Market GRM	10.13
Current Cap Rate (LAAA calculation: current NOI / recommended value)	5.21%
Market Cap Rate (LAAA calculation: market NOI / recommended value)	6.75%

Acquisition Structure
Structure	All Cash
Equity Required	$2,200,000

The recommended list price is $2,200,000, inside an opinion-of-value range of $2,100,000 to $2,300,000. Current scheduled income of $180,656 less a 3% vacancy reserve plus $966 of laundry income gives $176,202 of effective gross income; operating expenses of $61,683, including taxes reassessed at the list price, produce net operating income of $114,519, a 5.21% cap rate and a 12.18 gross rent multiplier. If the two legacy units reach $2,450 and $3,000 on turnover, scheduled income rises to $217,080, net operating income to $148,438 and the return to 6.75%. The price is $440,000 per unit and $321 per SF.

Against the evidence the price is a supported ask rather than a stretch. It sits inside the closed cap-rate range, inside the closed multiplier range and in the middle of the closed per-square-foot band, and it sits above every comparable per unit because the comparables are smaller units. The reasons it is not higher are the same reasons it is defensible: two long-term tenancies at a third of market, two three-month-old leases signed below the prior rents, and an expense file that is one month long. A buyer who prices the turnover pays the top of the range; a buyer who prices only what is in place pays the bottom.

Recommended List Price

$2,200,000

Supported value range: $2,100,000 to $2,300,000

Disclosures

Scheduled income is the ownership rent roll dated May 31, 2026, including the June 1, 2026 leases on units 4 and 5. Taxes are reassessed at the list price at the 1.18738% fiscal 2025/2026 rate for tax rate area 67 plus $1,275 of flat direct assessments carried from the 2025 bill. Insurance is an allowance of $200 per unit plus $1.00 per square foot ($7,846) against $6,409 on ownership's schedule; utilities ($9,869), gardening, trash and lawn service ($3,120) and pest control ($1,153) are ownership's figures annualized from a one-month schedule; repairs are carried at $800 per unit and reserves at $250 per unit, neither of which ownership books; management is carried at 4.0% of effective gross income against $450 per month paid today.

Bedroom and bath counts by unit are assembled from the assessor's building totals, ownership's description of unit 5 and portal advertising for unit 4, and should be confirmed by ownership. Per-unit square footage is not published and is omitted. Unit 4 was previously leased at $4,050.80 and unit 5 historically at $4,800 per ownership; both are carried at their June 2026 leases. Comparable cap rates, multipliers and net operating income are as reported to CoStar by the transaction brokers and were not independently audited; the active listings publish no income.