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Sherman Oaks Apartments 13514 Burbank Blvd 7 Unit Apartment Building $2,200,000 ($314,286/Unit) 5.61% Cap Rate Sherman Oaks, CA 91401
Investment Highlights
- Located in Sherman Oaks
- Month to month leases
- Proven upside in rents
Executive Summary
This is a 1983-built, non-rent-controlled property with significant upside once the units are upgraded. The owner of the adjacent “sister” building at 13518 Burbank Blvd. (identical unit mix, same age, and built by the same developer) upgraded his units a few years ago and is currently achieving the following rents:
• 3-bedroom townhouse: $3,295
• 2-bedroom units: $2,295 – $2,795
• 1-bedroom units: $2,195 – $2,250
There is clear rent upside at the subject property. In addition, the owner has not yet applied the annual 8.5% rent increase, and all existing tenants are on month-to-month leases.
Three items to note:
1. One tenant is currently behind on April and May rent (potential eviction).
2. There was a prior bed bug issue that was professionally remediated locally (not tented).
3. The owner has elected to sell the building with these known issues reflected in the pricing.
• 3-bedroom townhouse: $3,295
• 2-bedroom units: $2,295 – $2,795
• 1-bedroom units: $2,195 – $2,250
There is clear rent upside at the subject property. In addition, the owner has not yet applied the annual 8.5% rent increase, and all existing tenants are on month-to-month leases.
Three items to note:
1. One tenant is currently behind on April and May rent (potential eviction).
2. There was a prior bed bug issue that was professionally remediated locally (not tented).
3. The owner has elected to sell the building with these known issues reflected in the pricing.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$205,878
|
$32.78
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$6,176
|
$0.98
|
| Effective Gross Income |
$199,702
|
$31.80
|
| Taxes |
$27,500
|
$4.38
|
| Operating Expenses |
$32,162
|
$5.12
|
| Total Expenses |
$59,662
|
$9.50
|
| Net Operating Income |
$140,040
|
$22.30
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $205,878 |
| Annual Per SF | $32.78 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $6,176 |
| Annual Per SF | $0.98 |
| Effective Gross Income | |
|---|---|
| Annual | $199,702 |
| Annual Per SF | $31.80 |
| Taxes | |
|---|---|
| Annual | $27,500 |
| Annual Per SF | $4.38 |
| Operating Expenses | |
|---|---|
| Annual | $32,162 |
| Annual Per SF | $5.12 |
| Total Expenses | |
|---|---|
| Annual | $59,662 |
| Annual Per SF | $9.50 |
| Net Operating Income | |
|---|---|
| Annual | $140,040 |
| Annual Per SF | $22.30 |
Property Facts
| Price | $2,200,000 | Apartment Style | Low-Rise |
| Price Per Unit | $314,286 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 5.61% | Building Size | 6,280 SF |
| Sale Condition | High Vacancy Property | Average Occupancy | 72% |
| Gross Rent Multiplier | 11.65 | No. Stories | 3 |
| No. Units | 7 | Year Built | 1983 |
| Property Type | Multifamily | Parking Ratio | 1.91/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | RD1.5, Los Angeles | ||
| Price | $2,200,000 |
| Price Per Unit | $314,286 |
| Sale Type | Investment |
| Cap Rate | 5.61% |
| Sale Condition | High Vacancy Property |
| Gross Rent Multiplier | 11.65 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 6,280 SF |
| Average Occupancy | 72% |
| No. Stories | 3 |
| Year Built | 1983 |
| Parking Ratio | 1.91/1,000 SF |
| Zoning | RD1.5, Los Angeles |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
| 2+1.5 | 2 | - | - |
| 3+2.5 | 1 | - | - |
1 1
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 2344-008-003 | Total Assessment | $1,585,759 (2025) |
| Land Assessment | $565,219 (2025) | Annual Taxes | $27,500 ($4.38/SF) |
| Improvements Assessment | $1,020,540 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
2344-008-003
Land Assessment
$565,219 (2025)
Improvements Assessment
$1,020,540 (2025)
Total Assessment
$1,585,759 (2025)
Annual Taxes
$27,500 ($4.38/SF)
Tax Year
2026
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Sherman Oaks Apartments | 13514 Burbank Blvd
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