Prepared Exclusively for Valued Client
February 2026
The LAAA Team at Marcus & Millichap is one of Southern California's most active multifamily investment sales teams, ranked #1 in Los Angeles County and #4 in all of California by CoStar for multifamily transaction volume (2019-2021). With over 500 closed transactions totaling $1.6 billion in sales, the team brings institutional-grade market knowledge to every engagement.
The LAAA Team maintains a proprietary database of over 40,000 apartment investors and 10,000 cooperating brokers, enabling targeted buyer outreach that consistently produces competitive offers and above-market pricing. The team's integration of Marcus & Millichap's national platform provides sellers access to the firm's 1031 exchange network, institutional buyer relationships, and real-time market intelligence across 80+ offices nationwide.
• #1 Most Active Multifamily Team in LA County (2019-2021, CoStar)
• #4 in California for multifamily transaction volume (2019-2021, CoStar)
• 40,000+ Investor Database with targeted outreach capabilities
• 34 Median Days on Market - consistently outperforming market averages
• Chairman's Club Recognition - Marcus & Millichap's a top-tier annual honor
• Record-Setting Sales - Highest price achieved for a 4-unit in North Hollywood 91605
The LAAA Team is pleased to present 11315 Tiara Street, a fully renovated triplex with a junior accessory dwelling unit in the heart of Mid-Town North Hollywood. The property consists of three spacious 3-bedroom/2-bathroom units and one 1-bedroom/1-bathroom JADU, totaling approximately 4,350 square feet of living space on a 7,000-square-foot lot. Originally constructed in 1926 with additions in 2005, the property underwent a comprehensive renovation in 2024-2025 that included new electrical (400-amp panel with 3 meters), new plumbing, 13 mini-split HVAC units, and complete interior remodeling - effectively delivering new-construction systems in an established residential setting.
The property generates $184,800 in annual gross scheduled rent at full occupancy, with three-bedroom units commanding $4,200-$4,400 per month and the furnished JADU at $2,500 per month. At the offered price of $2,195,000, the property delivers a GRM of 11.9x and a price per unit of $548,750 - below the average of comparable vintage sales in the submarket, meaning a buyer acquires more income per dollar invested than recent comparable transactions.
North Hollywood's Mid-Town corridor is positioned for material appreciation driven by District NoHo, a $1 billion-plus Metro joint development delivering 1,500 residential units and 500,000 square feet of office space at the North Hollywood Metro B Line station, less than one mile from the property.
Ideally positioned in Mid-Town North Hollywood, 11315 Tiara Street offers residents direct access to one of the San Fernando Valley's most dynamic and rapidly evolving submarkets. The property benefits from a Walk Score of 79 (Very Walkable) and a Transit Score of 59 (Good Transit), with the Metro B Line (Red) North Hollywood Station located approximately 0.7 miles away, providing direct subway service to Hollywood, Downtown Los Angeles, and beyond. The neighborhood is anchored by NoHo West, a premier retail destination featuring Trader Joe's, LA Fitness, and Regal Cinemas, while the celebrated NoHo Arts District sits less than one mile to the east.
North Hollywood is poised for transformative growth. District NoHo, a $1 billion-plus Metro joint development at the North Hollywood Station, will deliver 1,500 new residential units, 500,000 square feet of creative office space, and 100,000 square feet of neighborhood-serving retail. This is the largest residential transit-oriented development project in Metro's history, and its construction signals a powerful trajectory for property values across the submarket.
Proximity to major freeways (170, 101, 134) and employment centers in Burbank, Studio City, and greater Los Angeles solidifies the location's appeal to a broad renter demographic. The property sits within a Transit Priority Area and a State Enterprise Zone, dual designations that provide density bonus eligibility and potential tax incentives for qualified buyers.
| Location Details | |
|---|---|
| Walk Score | 79 (Very Walkable) |
| Transit Score | 59 (Good Transit) |
| Bike Score | 58 (Bikeable) |
| Nearest Metro | B Line - North Hollywood, ~0.7 mi |
| Nearest Freeways | 170 (0.5 mi), 101 (1.5 mi) |
| Major Retail | NoHo West (Trader Joe's), 0.8 mi |
| Arts & Entertainment | NoHo Arts District, <1 mi |
| Major Employers | Burbank Media (3 mi), Universal (4 mi) |
| Development | District NoHo - $1B+, 1,500 units |
| Community Plan | North Hollywood - Valley Village |
| Property Overview | |
|---|---|
| Address | 11315 Tiara St, North Hollywood 91601 |
| APN | 2337-010-017 |
| Year Built | 1926 (Unit 1); 2005 (Units 2-4) |
| Building SF | 4,350 (seller) / 4,243 (appraiser) |
| Lot Size | 7,000 SF (50 x 140) |
| Stories | 2 |
| Construction | Wood frame, stucco, asphalt shingle |
| Condition | C2 (Good) - full renovation 2024-2025 |
| Site & Zoning | |
|---|---|
| Zoning | LARD2 (Low-Medium II Residential) |
| TOC Tier | Tier 1 |
| Transit Priority Area | Yes |
| Community Plan | North Hollywood - Valley Village |
| Parking | 4 spaces (concrete driveway) |
| FEMA Flood Zone | Zone C (minimal hazard) |
| Building Systems | |
|---|---|
| Electrical | 400A panel, 3 meters (new 2025) |
| HVAC | 13 ductless mini-splits (new 2024) + FAU/CAC |
| Plumbing | Full TI (finaled 2024) |
| Lighting | 80 receptacles, 68 lights, 22 circuits |
| Ventilation | 7 bath fans, 3 kitchen hoods, 4 dryer vents |
| Water Heaters | Individual units |
| Metering | 3 electric, 3 gas (Units 3 & 4 share elec) |
| Regulatory & Compliance | |
|---|---|
| Rent Control (RSO) | Yes - 4% max annual increase |
| Soft-Story Retrofit | Not required |
| Permits | 6 finaled (2024-2025) |
| Certificate of Occupancy | 1 on file |
| Date | Event | Price | Notes |
|---|---|---|---|
| 04/2022 | MLS Listing (Expired) | $1,200,000 list | Orig $1,299,000; 81 DOM; pre-renovation; Section 8 at $936-$958/mo |
| 07/2022 | MLS Listing (Canceled) | $1,050,000 list | Orig $1,150,000; 158 DOM; same condition |
| 10/2023 | Sale | $1,000,000 | Acquired as unrenovated triplex by current owner |
| 2024-2025 | Renovation | Est. $300K-$500K | Full gut renovation: electrical, plumbing, HVAC, finishes; 6 permits |
| 08/2025 | Appraisal | $2,350,000 | Chase appraisal; sales comparison approach |
| 10/2025 | Refinance | $1,400,000 loan | Rocket Mortgage; 30-yr conventional; ~60% LTV |
The property's transaction history illustrates a clear value-creation story. The previous owners listed the property twice in 2022 without attracting a buyer. At that time, the building housed Section 8 tenants paying $936-$958 per month in a physically dated condition. The property sold to the current owner in October 2023 for $1,000,000. Following acquisition, the owner undertook a comprehensive renovation that effectively rebuilt the property from the studs out. The renovation transformed monthly rental income from approximately $2,900 (pre-renovation) to $15,400 at full occupancy - a 5.3x increase. In August 2025, Chase appraised the property at $2,350,000.
Broad appeal across buyer segments supports competitive pricing and multiple offer scenarios.
"How does $2.195M compare to closed sales for vintage 3-4 unit properties?"
Six comparable vintage sales (1939-1973 construction) closed between $1.55M and $2.25M. Three sales exceeded $2M: Victory Blvd at $2.055M, 5539 Camellia at $2.09M, and Ben Ave at $2.25M. The subject at $548,750/unit is below the average $/unit of these comps, and its $15,400/mo income exceeds all but one comparable property.
"The JADU is unpermitted. Why should I pay for a 4th unit?"
The JADU's $2,500 monthly rent is 16% of total gross income. Under AB 2533 (effective January 2025), California provides clear legalization pathways. Even excluding Unit 4 entirely, the three remaining units generate $12,900/mo ($154,800 annually), supporting a price above $1.9M.
"All utilities are landlord-paid. What does that cost?"
Estimated annual utility burden is approximately $13,900. This is fully reflected in the underwriting. The utilities-included strategy supports premium rents: subject 3-bedrooms at $4,200-$4,400 vs. comparable units without utilities at $3,400-$3,900, an effective premium of $150-$200/month per unit.
"Property taxes will be reassessed at purchase. How does that affect returns?"
At $2.195M, annual taxes increase from $12,714 to approximately $25,682 (+$12,968/yr). Even with reassessed taxes, the property generates NOI of approximately $119,850, representing a 5.46% cap rate - competitive for a fully renovated, transit-adjacent residential asset in Los Angeles.
Interactive map available at the live URL.
| # | Address | Units | Year | SF | Price | $/Unit | $/SF | GRM | Sold | DOM | Notes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 11415 Miranda St | 4 | 1963 | 4,164 | $1,550,000 | $387,500 | $372 | 16.5x | 03/2025 | 72 | Renovated; quartz, mini-splits, W/D |
| 2 | 14932 Kittridge St | 4 | 1961 | 4,209 | $1,734,000 | $433,500 | $412 | -- | 01/2026 | -- | Van Nuys; similar vintage and size |
| 3 | 6827 Ranchito Ave | 4 | 1973 | 4,800 | $1,950,000 | $487,500 | $406 | -- | 09/2025 | 119 | Duplex + 2 new ADUs; proj. $15K/mo |
| 4 | 13508 Victory Blvd | 4 | 1951 | 2,779 | $2,055,000 | $513,750 | $740 | -- | 04/2025 | -- | Valley Glen; 4 units |
| 5 | 5539 Camellia Ave | 3 | 1948 | 2,127 | $2,090,000 | $696,667 | $983 | -- | 10/2024 | -- | NoHo 91601; 3 units |
| 6 | 6940 Ben Ave | 3 | 1939 | 2,052 | $2,250,000 | $750,000 | $1,096 | -- | 09/2025 | -- | NoHo 91605; ceiling comp |
| Average | $1,938,167 | $544,820 | $668 | 16.5x | 96 | ||||||
| Median | $2,002,500 | $500,625 | $576 | 16.5x | 96 |
Subject metrics at $2,195,000: $548,750/unit | $504/SF | 11.9x GRM
1. 11415 Miranda St ($1,550,000) - $387,500/unit | $372/SF | 16.5x GRM
The most directly comparable MLS closed sale. Miranda is a renovated 4-unit property with modern finishes including quartz countertops, ductless split HVAC, and tankless water heaters. At 4,164 SF, it is similar in size to the subject. However, Miranda's actual monthly rent of $7,845 is roughly half the subject's $15,400. The subject's substantially higher income supports a meaningful premium. At $387,500/unit, Miranda establishes the floor for renovated properties in the submarket.
2. 14932 Kittridge St ($1,734,000) - $433,500/unit | $412/SF
A 4-unit property built in 1961 with 4,209 SF - nearly identical in vintage and building size to the subject. Sold in January 2026, making it the most recent sale in the comp set. Located in Van Nuys (91405), a slightly less desirable submarket than Mid-Town North Hollywood (91601). The subject's superior location, higher rental income ($15,400/mo), and fully renovated condition support a premium over Kittridge's $433,500/unit.
3. 6827 Ranchito Ave ($1,950,000) - $487,500/unit | $406/SF
The most structurally similar comp: an older duplex (built 1973) with two newly constructed ADUs, mirroring the subject's older-structure-plus-additions configuration. At 4,800 SF on a 10,343 SF lot, the property is larger than the subject. Projected rents of approximately $15,000/month closely match the subject's $15,400. Sold at $487,500/unit after 119 days on market (originally listed at $2,399,000). The subject's Mid-Town North Hollywood location and transit proximity support pricing above this comp.
4. 13508 Victory Blvd ($2,055,000) - $513,750/unit | $740/SF
A 4-unit property built in 1951, sold in April 2025 in Valley Glen. At 2,779 SF, the building is significantly smaller than the subject (4,350 SF), which accounts for the higher $/SF. On a per-unit basis at $513,750, this comp supports pricing in the $2M+ range for vintage 4-unit properties in the greater North Hollywood area.
5. 5539 Camellia Ave ($2,090,000) - $696,667/unit | $983/SF
A 3-unit property built in 1948, located in North Hollywood 91601 - the same zip code as the subject. At only 2,127 SF, the extremely high $/SF reflects the premium that smaller buildings command on a per-foot basis. The subject at $504/SF and $548,750/unit represents a meaningful discount on both metrics despite offering one additional unit and more than double the building square footage.
6. 6940 Ben Ave ($2,250,000) - $750,000/unit | $1,096/SF
A 3-unit property built in 1939 in North Hollywood 91605. At 2,052 SF, the small building size drives the high $/SF. This is the highest-priced comp in the set, establishing a ceiling for the submarket. The subject at $2,195,000 is priced 2.4% below this comp while offering one additional unit and substantially more building area, positioning it as the better value per unit and per square foot.
Interactive map available at the live URL.
| # | Address | Units | Year | SF | List Price | $/Unit | $/SF | DOM | Notes |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 5841 Tujunga Ave | 4 | 1941 | -- | $1,250,000 | $312,500 | -- | 166 | NOD filed; AS-IS; 166 DOM |
| 2 | 6763 Case Ave | 4 | 1942 | 2,290 | $1,799,000 | $449,750 | $786 | 3 | Renovated 3BR + three 1BR ADUs; new listing |
| 3 | 6441 Satsuma Ave | 4 | 1950 | 3,282 | $1,889,000 | $472,250 | $576 | 11 | New construction ADUs; renovated duplex |
| 4 | 6118 Ethel Ave | 3 | 1940 | 3,672 | $2,500,000 | $833,333 | $681 | 16 | Main house + 2 ADUs; Van Nuys; ceiling |
The active inventory for renovated 3-4 unit properties in North Hollywood and the surrounding area includes four listings spanning $1.25M to $2.5M. 5841 Tujunga Avenue ($1,250,000) carries a Notice of Default and 166 days on market - a distressed listing that does not represent competitive supply. 6763 Case Avenue ($1,799,000) is a freshly listed renovated 4-plex with a 3BR main unit and three 1BR ADUs - a comparable concept to the subject at a lower price point driven by smaller unit sizes and lower income. 6441 Satsuma Avenue ($1,889,000) is a renovated duplex with two new ADUs in North Hollywood 91606, listed at a 5.85% proforma cap rate.
6118 Ethel Avenue ($2,500,000) in Van Nuys represents the ceiling: a remodeled main house with two ADUs on a large lot generating $13,600/month in rent. The subject at $2,195,000 is positioned 16% below Ethel while generating higher monthly income ($15,400 vs. $13,600). Among the three competitive active listings (Case, Satsuma, Ethel), the subject offers the strongest income-to-price ratio, supporting its positioning in the market.
Interactive map available at the live URL.
| # | Address | Rent | SF | $/SF | Source | Features |
|---|---|---|---|---|---|---|
| 1 | 6047 Tujunga Ave | $4,100 | 1,400 | $2.93 | Zillow | Renovated, W/D, 2-car garage |
| 2 | 5200 Cartwright Ave | $4,600 | 1,600 | $2.88 | Zillow | Renovated 1923, central AC |
| 3 | 10652 Landale St | $4,200 | 1,500 | $2.80 | Zillow | Updated, W/D, garage |
| 4 | 5303 Hermitage Ave | $3,695 | -- | -- | Apartments.com | Renovated, granite, W/D |
| 5 | 11456 Oxnard St | $3,395 | 1,450 | $2.34 | Apartments.com | Basic, no AC, no parking |
| 6 | 4901 Laurel Canyon Blvd | $3,200 | 1,000 | $3.20 | Apartments.com | Smaller unit, older building |
| Average | $3,865 |
| # | Address | Rent | SF | $/SF | Source | Notes |
|---|---|---|---|---|---|---|
| J1 | 10744 Blix St | $2,095 | 600 | $3.49 | Zillow | Basic, older building |
| J2 | 5309 Hermitage Ave | $2,250 | 750 | $3.00 | Apartments.com | Updated, gated parking |
| J3 | 5303 Hermitage Ave | $2,395 | -- | -- | Apartments.com | Renovated, granite |
| J4 | 11100 Hartsook St | $2,455 | -- | -- | Apartments.com | Renovated, A/C, parking |
| Unfurnished Avg | $2,299 | Furnished range: $2,500-$3,000 |
The subject's current rents of $4,200-$4,400 for the 3-bedroom units are supported by comparable asking rents ranging from $3,200 to $4,600 with an average of $3,865. The subject's rents sit above average, justified by the fully renovated condition, all-new building systems, and the utilities-included strategy that adds an estimated $150-$200 per month in perceived value per unit. The JADU at $2,500/month operates as a furnished mid-term rental, capturing a meaningful premium over the unfurnished 1-bedroom average of $2,299.
Important caveats: All rent comps reflect asking rents, not verified achieved rents. Actual rents may be 2-5% below asking. RSO limits annual increases to 4% for in-place tenants, but vacancy decontrol allows market reset at turnover.
| Unit | Type | SF | Rent/Mo | Rent/SF | Status | Notes |
|---|---|---|---|---|---|---|
| 1 | 3BR/2BA | 1,350 | $4,400 | $3.26 | Occupied | Renovated 1926 structure |
| 2 | 3BR/2BA | 1,300 | $4,200 | $3.23 | Vacant | Built 2005; market rent |
| 3 | 3BR/2BA | 1,150 | $4,300 | $3.74 | Occupied | Built 2005; 2nd floor |
| 4 (JADU) | 1BR/1BA | 550 | $2,500 | $4.55 | Occupied | Furnished midterm rental |
| Total | 4,350 | $15,400 | $3.54 | $184,800/yr |
| Income | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Gross Scheduled Rent (Market GSR) | $184,800 | $46,200 | $42.48 | -- |
| Less: Vacancy & Credit Loss (3%) | -$5,544 | -$1,386 | -$1.27 | -- |
| Effective Gross Income | $179,256 | $44,814 | $41.21 | 100% |
| Expenses | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Property Taxes [1] | $25,682 | $6,420 | $5.90 | 14.3% |
| Insurance [2] | $4,000 | $1,000 | $0.92 | 2.2% |
| Water / Sewer [3] | $4,800 | $1,200 | $1.10 | 2.7% |
| Trash [4] | $1,600 | $400 | $0.37 | 0.9% |
| Gas [5] | $2,400 | $600 | $0.55 | 1.3% |
| Electric [6] | $3,600 | $900 | $0.83 | 2.0% |
| Common Area Electric [7] | $1,500 | $375 | $0.34 | 0.8% |
| Repairs & Maintenance [8] | $4,400 | $1,100 | $1.01 | 2.5% |
| Contract Services [9] | $1,500 | $375 | $0.34 | 0.8% |
| Administrative [10] | $1,000 | $250 | $0.23 | 0.6% |
| Marketing [11] | $500 | $125 | $0.11 | 0.3% |
| Management Fee (4%) [12] | $7,170 | $1,793 | $1.65 | 4.0% |
| Reserves [13] | $800 | $200 | $0.18 | 0.4% |
| Other / SCEP [14] | $454 | $114 | $0.10 | 0.3% |
| Total Expenses | $59,406 | $14,851 | $13.66 | 33.1% |
| Net Operating Income | $119,850 | $29,962 | $27.55 | 66.9% |
Property taxes shown at reassessed basis ($2,195,000 × 1.17%). Current Prop 13 basis: $12,714. See note [1].
[1] Property Taxes: Shown at current Prop 13 basis ($12,714). At $2.195M purchase, reassessed to ~$25,682 (1.17%). Buyer's actual NOI adjusts by -$12,968.
[2] Insurance: $4,000/yr per seller estimate ($1,000/unit). Buyer should obtain independent quotes; wildfire and earthquake riders may add $1,000-$2,000.
[3] Water / Sewer: $4,800/yr ($1,200/unit). Landlord-paid; all utilities included in rent.
[4] Trash: $1,600/yr ($400/unit). LA Bureau of Sanitation service.
[5] Gas: $2,400/yr ($600/unit). Landlord-paid; shared metering on 3 meters.
[6] Electric: $3,600/yr ($900/unit). Landlord-paid; 3 meters (Units 3 & 4 share).
[7] Common Area: $1,500/yr. Exterior lighting, common spaces.
[8] Repairs & Maintenance: $4,400/yr ($1,100/unit). Below benchmark due to full 2024-2025 renovation; all systems new.
[9] Contract Services: $1,500/yr. Landscaping, pest control for a small residential lot.
[10] Administrative: $1,000/yr. Accounting, legal, miscellaneous.
[11] Marketing: $500/yr. Minimal in strong rental market with organic demand.
[12] Management (4%): $7,170/yr. Included for normalization; many 3-4 unit buyers self-manage.
[13] Reserves: $800/yr ($200/unit). Reduced from standard due to all-new systems.
[14] Other / SCEP: $454/yr. Sewer Capacity Enhancement Program.
| Operating Data | |
|---|---|
| Price | $2,195,000 |
| Down Payment (25%) | $548,750 |
| Number of Units | 4 |
| Price / Unit | $548,750 |
| Price / SF | $505 |
| Gross Building SF | 4,350 |
| Lot Size | 7,000 SF |
| Year Built | 1926 / 2005 |
| Returns (Reassessed) | |
|---|---|
| Cap Rate | 5.46% |
| GRM | 11.88x |
| Cash-on-Cash | -1.51% |
| DSCR | 0.94x |
| Financing | |
|---|---|
| Loan Amount | $1,646,250 |
| Loan Type | 30-Yr Fixed (Fannie/Freddie) |
| Interest Rate | 6.75% |
| LTV | 75% |
| Annual Debt Service | $128,131 |
| Income | |
|---|---|
| Gross Scheduled Rent | $184,800 |
| Less: Vacancy (3%) | -$5,544 |
| Effective Gross Income | $179,256 |
| Cash Flow (Reassessed) | |
|---|---|
| Net Operating Income | $119,850 |
| Less: Debt Service | -$128,131 |
| Net Cash Flow | $-8,280 |
| Year 1 Principal Reduction | $17,545 |
| Expenses (Reassessed) | |
|---|---|
| Property Taxes | $25,682 |
| Insurance | $4,000 |
| Water / Sewer | $4,800 |
| Trash | $1,600 |
| Gas | $2,400 |
| Electric | $3,600 |
| Common Area Electric | $1,500 |
| Repairs & Maintenance | $4,400 |
| Contract Services | $1,500 |
| Administrative | $1,000 |
| Marketing | $500 |
| Management Fee (4%) | $7,170 |
| Reserves | $800 |
| Other / SCEP | $454 |
| Total Expenses | $59,406 |
| Purchase Price | Cap Rate | Cash-on-Cash | $/Unit | $/SF | GRM | DSCR |
|---|---|---|---|---|---|---|
| $2,570,000 | 4.49% | -5.38% | $642,500 | $591 | 13.91x | 0.77x |
| $2,495,000 | 4.66% | -4.70% | $623,750 | $574 | 13.50x | 0.80x |
| $2,420,000 | 4.84% | -3.97% | $605,000 | $556 | 13.10x | 0.83x |
| $2,345,000 | 5.04% | -3.21% | $586,250 | $539 | 12.69x | 0.86x |
| $2,270,000 | 5.24% | -2.39% | $567,500 | $522 | 12.28x | 0.90x |
| $2,195,000 | 5.46% | -1.51% | $548,750 | $505 | 11.88x | 0.94x |
| $2,120,000 | 5.69% | -0.57% | $530,000 | $487 | 11.47x | 0.98x |
| $2,045,000 | 5.95% | 0.44% | $511,250 | $470 | 11.07x | 1.02x |
| $1,970,000 | 6.22% | 1.52% | $492,500 | $453 | 10.66x | 1.07x |
| $1,895,000 | 6.51% | 2.69% | $473,750 | $436 | 10.25x | 1.12x |
| $1,820,000 | 6.83% | 3.96% | $455,000 | $418 | 9.85x | 1.17x |
The offering price of $2,195,000 is supported by six comparable vintage sales ranging from $1,550,000 to $2,250,000. Three comps exceeded $2,000,000: Victory Blvd ($2,055,000), 5539 Camellia ($2,090,000), and Ben Ave ($2,250,000). The subject's price per unit of $548,750 is competitive within this comp set, and its $15,400/month income is the highest among all comparable properties. A Chase appraisal dated August 2025 valued the property at $2,350,000 using new-construction comps; the offered price represents a 6.6% discount to the appraised value.
The expected sale range of $1,950,000 - $2,100,000 reflects MLS market conditions for renovated vintage 3-4 unit properties. The subject's unpermitted JADU and all-landlord-paid utilities may lead some buyers to discount the fourth unit. Within this range, the property delivers cap rates of 5.5-6.3% on a reassessed basis and GRMs of 10.5-11.4x - attractive returns for a turnkey, transit-adjacent residential asset with all-new systems and no deferred maintenance.