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New 4-Unit, 1 Mi from $10B Rams Village 21719 Hart St 4 Unit Apartment Building $2,450,000 ($612,500/Unit) 5.47% Cap Rate Canoga Park, CA 91303
Investment Highlights
- ±1 Mile from Rams Village at Warner Center
- Exempt from LA Rent Control & the State Cap
- 100% Leased at 5.47%, 6.04% Pro Forma
- 2023 Construction — No Deferred Maintenance
- Residential Financing + No ULA Transfer Tax
Executive Summary
21721 Hart Street is a 2023-built, four-unit apartment building on a 5,000 square foot lot in Canoga Park, approximately one mile from the site where the Kroenke organization intends to build the permanent home of the Los Angeles Rams.
That single fact reframes the underwriting. The West Valley has spent a decade absorbing incremental infill development under the Warner Center 2035 Specific Plan. What is now proposed one mile south of this property is not incremental: a 52-acre district carrying an estimated $10 billion of private capital, more than 3,000 homes, roughly two million square feet of retail and office, two indoor performance venues, and a 350,000 square foot NFL headquarters and training campus.
Demolition of the former Promenade mall began in January 2026 and site clearing is underway today. Vertical construction is targeted for 2027, beginning with the Rams headquarters. The land is assembled and the entitlement path runs through an already-adopted specific plan.
An investor buying at $2,450,000 today is acquiring a fully stabilized, institutional-quality residential asset at a 5.47% going-in yield that steps to 6.04% at market rents — while holding an option on a submarket that is being rebuilt around it. The income covers the wait. The district creates the upside.
That single fact reframes the underwriting. The West Valley has spent a decade absorbing incremental infill development under the Warner Center 2035 Specific Plan. What is now proposed one mile south of this property is not incremental: a 52-acre district carrying an estimated $10 billion of private capital, more than 3,000 homes, roughly two million square feet of retail and office, two indoor performance venues, and a 350,000 square foot NFL headquarters and training campus.
Demolition of the former Promenade mall began in January 2026 and site clearing is underway today. Vertical construction is targeted for 2027, beginning with the Rams headquarters. The land is assembled and the entitlement path runs through an already-adopted specific plan.
An investor buying at $2,450,000 today is acquiring a fully stabilized, institutional-quality residential asset at a 5.47% going-in yield that steps to 6.04% at market rents — while holding an option on a submarket that is being rebuilt around it. The income covers the wait. The district creates the upside.
Property Facts
| Price | $2,450,000 | Building Class | B |
| Price Per Unit | $612,500 | Lot Size | 0.11 AC |
| Sale Type | Investment | Building Size | 6,642 SF |
| Cap Rate | 5.47% | Average Occupancy | 100% |
| Gross Rent Multiplier | 13.81 | No. Stories | 3 |
| No. Units | 4 | Year Built | 2023 |
| Property Type | Multifamily | Parking Ratio | 1.2/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Townhome | ||
| Zoning | LA-R3 - 1 Unit per every 800 SF of Land by Right | ||
| Price | $2,450,000 |
| Price Per Unit | $612,500 |
| Sale Type | Investment |
| Cap Rate | 5.47% |
| Gross Rent Multiplier | 13.81 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | B |
| Lot Size | 0.11 AC |
| Building Size | 6,642 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2023 |
| Parking Ratio | 1.2/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LA-R3 - 1 Unit per every 800 SF of Land by Right |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Storage Space
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Views
- Walk-In Closets
- Yard
- Freezer
- Garden
- Handrails
- Island Kitchen
- Lawn
- Patio
- Vinyl Flooring
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 2 | - | 1,362 - 1,380 |
| 3+2.5 | 2 | - | 1,403 - 1,407 |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 2138-004-010 | Improvements Assessment | $1,414,944 |
| Land Assessment | $1,165,248 | Total Assessment | $2,580,192 |
Property Taxes
Parcel Number
2138-004-010
Land Assessment
$1,165,248
Improvements Assessment
$1,414,944
Total Assessment
$2,580,192
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