138 S Westmoreland Ave — Investment Snapshot

The Three Numbers

Where it clears.

Every property gets three numbers. Low is the defensible floor — the hard number I'd hold in a soft market. Most Likely is the realistic close — what I walk into a buyer conversation with. Reach is the aspirational ask — room for offer-to-reduce dynamics, gives you upside if the trade moves fast.

Low

Defensible floor

$3.25M

$/u

$98k

Cap

6.59%

GRM

6.39

Most Likely

Realistic close

$3.40M

$/u

$103k

Cap

6.30%

GRM

6.69

Reach

Aspirational ask

$3.55M

$/u

$108k

Cap

6.04%

GRM

6.98

Property Snapshot

The building.

Core fundamentals pulled from the rent roll, T-12, and assessor record.

Units

(31) Studio · (2) 1+1

Year Built

1926

Building SF

18,604

≈ 563 sf/unit

Lot SF

7,922

Zoning

LAR3

APN

5501-016-009

City / Zip

Los Angeles, CA 90004

Submarket

Los Angeles

Income Read

Where the rent sits.

Current in-place rents vs. market — the difference is value-add upside.

$508,307

In-Place Annual Rent

From current rent roll

$560,940

Market Rent (Annual)

Per Costar / submarket comps

+10.4%

Upside to Market

$52,633 annual

Unit	Type	SF	In-Place	Market	Δ to Market
100	1+1	625	—	$1,750	—
101	1+1	625	$1,450	$1,750	+$300
102	Studio	450	$1,173	$1,395	+$222
201	Studio	450	$1,119	$1,395	+$276
202	Studio	450	$1,534	$1,395	-$139
203	Studio	450	$1,325	$1,395	+$70
204	Studio	400	$1,678	$1,395	-$283
205	Studio	450	$1,037	$1,395	+$358
206	Studio	400	$1,295	$1,395	+$100
207	Studio	450	$1,395	$1,395	$0
208	Studio	450	$970	$1,395	+$425
209	Studio	450	$1,395	$1,395	$0
210	Studio	450	$1,325	$1,395	+$70
301	Studio	450	$1,109	$1,395	+$286
302	Studio	450	$1,395	$1,395	$0
303	Studio	450	$1,173	$1,395	+$222
304	Studio	450	$1,395	$1,395	$0
305	Studio	450	$1,325	$1,395	+$70
306	Studio	450	$835	$1,395	+$560
307	Studio	450	$1,383	$1,395	+$12

Showing first 20 units of 33. Full rent roll in the underwriting model.

Operating Snapshot

How it runs.

T-12 expenses normalized to market-rate operating costs (R&M, contract services, turnover, marketing, reserves). Stabilized NOI assumes rents reset to market.

Annualized Expense Walk

Real Estate Taxes	$42,500	$1,288/u
Insurance	$34,650	$1,050/u
Property Management	$20,332	$616/u
Onsite Management	$25,905	$785/u
Administrative	$19,470	$590/u
Repairs & Maintenance	$39,600	$1,200/u
Electric	$26,400	$800/u
Gas	$1,980	$60/u
Sewer / Water	$39,600	$1,200/u
Trash	$13,365	$405/u
Contract Services	$1,650	$50/u
Reserves	$4,950	$150/u
Total Operating Expenses	$270,402	$8,194/u

NOI · As-Is

$214,289

In-place rent · normalized opex

NOI · Stabilized
$262,239
Market rent · normalized opex

Expense Ratio

50.6%

OpEx / EGI · target 32-38%

NOI Uplift to Stabilized

+22.4%

$47,950 annual

Sales Comps

What's trading.

6 recent sales used to anchor the cap rate and per-unit value. Median: $120,370/unit · 7.81% cap.

Sales comp map showing subject property and 6 comparable sales

Subject Sold Comparables (6)

500 S Westmoreland Ave

90020 · Built 1926 · 54 units

Sold

5/20/2026

Price

$6.70M

$/u

$124,074

Cap

8.00%

233 N Kenmore Ave

90004 · Built 1925 · 30 units

Sold

9/24/2025

Price

$3.50M

$/u

$116,667

Cap

6.72%

250 S Kenmore Ave

90004 · Built 1926 · 40 units

Sold

12/10/2025

Price

$5.20M

$/u

$130,000

Cap

—

1000 S Grand View St

90006 · Built 1922 · 23 units

Sold

11/18/2025

Price

$2.40M

$/u

$104,348

Cap

7.81%

910 S Mariposa Ave

90006 · Built 1925 · 16 units

Sold

2/11/2026

Price

$1.75M

$/u

$109,375

Cap

8.00%

819 Beacon Ave

90017 · Built 1906 · 15 units

Sold

12/31/2025

Price

$1.93M

$/u

$128,333

Cap

7.01%

Sensitivity Analysis

Move the levers, watch the price.

Cap rates shift. Rents push or fall. Use these to stress-test the Most Likely number against your own market read.

Cap Rate Adjustment +0 bps

±100 basis points · tightens or loosens cap on the property

Rent Growth +0%

-10% to +20% · bump or compress income from current in-place

$3.40M

Adjusted Most Likely

No adjustments — same as today's market read.

Net to Owner

What you'd actually net.

Enter your outstanding loan balance and original acquisition basis. The calculator estimates closing costs, capital gains tax (federal LTCG + CA state + depreciation recapture), and what you'd walk away with in cash. Toggle 1031 to defer the tax.

Sale Price (use slider above)

$3.40M

Outstanding Loan Balance

Acquisition Basis (purchase + capex)

Years Held (for depreciation recapture)

1031 Exchange (defer all tax)

Closing Costs %

Sale Price$0

Closing Costs (6%)$0

Loan Payoff$0

Equity Before Tax$0

Capital Gains Tax (Fed 20% + CA 9.3%)$0

Depreciation Recapture (25%)$0

Rough estimate. Actual tax depends on your CPA's depreciation schedule, basis adjustments, and any prior exchanges. Confirm with your CPA before transacting.

Net Cash to Owner$0

Market Read · Los Angeles

How this submarket is trading.

This submarket trades in line with broader LA County dynamics — 5.5–6.5% caps for stabilized multifamily depending on vintage, unit count, and rent control regime. See the comps section above for the specific anchors used in this pricing.

Who You're Working With

WHY I built this.

I'm Taylor Avakian. I sell apartment buildings in Los Angeles, full stop. Not retail, not industrial, not hotels. Multifamily, in this market, every day.

Most owner-broker conversations start with a one-page valuation that doesn't show the work. I built this site for the opposite reason — so you can see exactly how I priced your property, stress-test it against your own assumptions, and decide what to do with the real numbers in front of you. No mystery, no theatrics.

If a deal doesn't pencil, I'll say so. If selling is wrong for you right now, I'll tell you that too. The long game beats the next commission every time.

Where it clears.

The building.

Where the rent sits.

How it runs.

What's trading.

Move the levers, watch the price.

What you'd actually net.

How this submarket is trading.

WHY I built this.

Best read of today's market.