Prepared Exclusively for Samantha Lau
July 2026
Since 2013, the LAAA Team has closed 460+ multifamily transactions totaling $1.47B+ in volume across Los Angeles, Ventura, and Santa Barbara counties, with a particular depth in the southern San Fernando Valley submarkets of North Hollywood, Toluca Lake, Studio City, and Valley Village.
Our practice is built on disciplined underwriting, the deepest comparable-sales dataset in the submarket, and a marketing engine that reaches every active multifamily buyer in Los Angeles. We advise owners on when and how to sell - not just whether - and we price to clear, not to languish.
For 11168 Camarillo St, that means an evidence-based opinion of value anchored in recent North Hollywood and Toluca Lake vintage apartment sales - including an eight-unit, 1962-built sale two blocks away - presented with the same rigor we would bring to defending the price against a buyer's due-diligence challenge.
• Chairman's Club - Marcus & Millichap's top-tier annual honor
• National Achievement Award - multiple years, both partners
• #1 Most Active Multifamily Team in LA County - CoStar 2019-2021
• Sales Recognition Award - every year since 2016
• 40+ transactions per year - one of SoCal's most active groups
11168 Camarillo St is a 1962-built, two-story eight-unit apartment building in the coveted 91602 ZIP - the North Hollywood pocket bordering Toluca Lake, blocks from the NoHo Arts District. The unit mix is an even split of four 2BD/2BA and four 1BD/1BA units totaling 7,298 SF on a 7,500 SF LAR3 lot, with a laundry room and carport parking.
The current owner has systematically reinvested in the building's major systems: a completed LAMC Division 93 soft-story retrofit (Certificate of Compliance issued January 2021), building-wide replacement of the original Zinsco electrical sub-panels with new Square D 100-amp panels (2024), a new water supply line to the units (2024), and wall-heater replacements across multiple units (2024). Turned units have been remodeled with new kitchens, quartz counters, stainless appliances, updated baths, and vinyl-plank flooring.
In-place rents average just $1,768/unit against proven in-building turn rents of $2,496 (2BD) and a $1,950 asking rent on the remodeled vacant 1BD - a documented 27% loss-to-lease. The result is a classic RSO value-add: durable current income, permit-verified capital systems, and a clear, evidenced path to a 7.50% pro forma cap rate.
The subject sits in the 91602 ZIP, the most desirable corner of North Hollywood - the pocket that shares its ZIP code with Toluca Lake and borders Riverside Drive's shopping and dining district. Camarillo Street is a quiet residential block west of Lankershim Boulevard, walking distance to the NoHo Arts District's theaters, restaurants, and nightlife.
Residents are minutes from the Metro B (Red) Line's North Hollywood terminus - the Valley's primary rail link to Hollywood and Downtown - and the NoHo West retail center. Universal Studios, Warner Bros., and Disney are all within a 10-minute drive, anchoring an entertainment-industry renter base, with quick connections to the 101, 134, and 170 freeways.
North Hollywood remains one of the Valley's strongest rental submarkets: multi-billion-dollar transit-oriented development around the NoHo station, sustained studio employment, and a renter pool that consistently absorbs renovated vintage units at premium rents - the exact dynamic the subject's remodeled units are already proving.
| Location Details | |
|---|---|
| Submarket | North Hollywood (91602) |
| ZIP | 91602 (shared w/ Toluca Lake) |
| Median HH Income | $97,994 |
| Median Gross Rent | $2,226/mo |
| Major Employers | Universal, Warner Bros., Disney |
| Transit | Metro B Line - NoHo Station |
| Freeway Access | 101 / 134 / 170 |
| Zoning | LAR3-1 |
| Property Overview | |
|---|---|
| Units | 8 |
| Year Built | 1962 |
| Building SF | 7,298 |
| Unit Mix | 4x 2BD/2BA, 4x 1BD/1BA |
| Stories | 2 |
| Parking | Attached carport |
| Site & Zoning | |
|---|---|
| APN | 2353-027-005 |
| Lot Size | 7,500 SF (0.17 ac) |
| Zoning | LAR3-1 |
| Occupancy | 7 of 8 (87.5%) |
| Laundry | On-site laundry room |
| Building Systems | |
|---|---|
| Seismic | Soft-story retrofit complete (2021 CofC) |
| Electrical | Square D 100A panels, all units (2024) |
| Plumbing | New water supply line to units (2024) |
| Heating | Wall heaters, multiple replaced 2024 |
| Gas Safety | 9 seismic shutoff valves (2019) |
| Regulatory & Utilities | |
|---|---|
| Rent Control (RSO) | Yes - City of LA RSO |
| AB 1482 | RSO governs (stricter) |
| Owner Pays | Water, common electric, gas, trash |
| Registration | LAHD / SCEP |
| Other Income | Laundry room |
Click any image to enlarge. Interior images depict remodeled and representative units and illustrate the post-turn condition achievable as units roll to market. Source: listing media.
1031 Exchange Buyers
Investors trading into a stabilized Valley asset with documented upside and the expensive systems work - seismic and electrical - already complete and permitted.
Private Local Value-Add Investors
Hands-on NoHo/Valley operators who understand RSO turnover economics and can execute the proven $2,496/2BD, $1,950/1BD renovation playbook unit by unit.
First-Time Multifamily Buyers
Buyers stepping up from smaller product who want an 8-unit with real scale, laundry income, and a de-risked capital profile in a submarket they know.
The combination of a prime 91602 address, permit-verified capital improvements, and 27% documented upside broadens the buyer pool well beyond a typical vintage eight-unit.
"Three units are renting under $1,400."
That is the opportunity, not the flaw: units 4, 5, and 6 average $1,306 against a proven $1,950 remodeled 1BD ask in the same building. RSO permits annual increases plus full vacancy decontrol at turnover - and the in-building turn economics are already demonstrated, not projected.
"It's RSO."
So are four of the six sold comps - pre-1978 City of LA buildings governed by the same ordinance. RSO is priced into the submarket; what is not priced in everywhere is a completed soft-story retrofit and 2024 electrical.
"The current cap rate is under 5%."
At $1,915,000 the in-place cap is 5.25% with taxes fully reassessed - and 7.50% pro forma at documented turn rents. The nearest sold comp, an unrenovated 1962 eight-unit two blocks away, traded at $238/SF; the subject asks $262/SF with its major systems done and remodeled units proving the rent thesis.
| Address | Submarket | Yr | Units | Bldg SF | Sale Price | $/Unit | $/SF | Dist | Sold |
|---|---|---|---|---|---|---|---|---|---|
| 4870 Bakman Ave · photos ↗ | North Hollywood | 1962 | 8 | 6,832 | $1,625,000 | $203,125 | $238 | 0.22 mi | Dec 2025 |
| 11205 Peach Grove St · photos ↗ | North Hollywood | 1987 | 6 | 5,548 | $1,800,000 | $300,000 | $324 | 0.14 mi | Mar 2026 |
| 11508 Moorpark St · photos ↗ | Toluca Lake adj. | 1994 | 8 | 6,512 | $2,120,000 | $265,000 | $326 | 0.68 mi | Jun 2026 |
| 10935 Peach Grove St · photos ↗ | North Hollywood | 1967 | 10 | 7,414 | $2,000,000 | $200,000 | $270 | 0.34 mi | Dec 2025 |
| 10602 Landale St · photos ↗ | Toluca Lake | 1956 | 7 | 5,808 | $1,936,000 | $276,571 | $333 | 0.85 mi | Dec 2025 |
| 5326 Cahuenga Blvd · photos ↗ | North Hollywood | 1964 | 8 | 4,422 | $1,600,000 | $200,000 | $362 | 1.04 mi | Apr 2026 |
| Median (6 sold comps) | $1,868,000 | $234,063 | $325 | - | - | ||||
1. 4870 Bakman Ave - The benchmark comp: an eight-unit, 1962-built, 6,832 SF building two blocks from the subject that traded in December 2025 at $1,625,000 ($203,125/unit, $238/SF). It is the subject's near-twin on paper - without the subject's completed soft-story retrofit, 2024 electrical/plumbing, or remodeled-unit rent proof. The spread between $238/SF and the subject's $262/SF ask is the documented capital and income delta.
2. 11205 Peach Grove St - A block away: six units, 1987 build, sold March 2026 at $300,000/unit and $324/SF. Newer vintage, but it prices the same renter pool and demonstrates the submarket's willingness to pay $300K+/unit within 700 feet of the subject.
3. 11508 Moorpark St - The only other 8-unit trade in the radius: 1994 build on the Toluca Lake border, June 2026, $2,120,000 ($265,000/unit, $326/SF). Sets the ceiling an eight-unit commands in 91602 with newer vintage and no rent upside story.
4. 10935 Peach Grove St - Ten units, 1967, sold December 2025 at $2,000,000 ($200,000/unit, $270/SF). The closest match to the subject's building area at 7,414 SF; its $270/SF for un-remodeled vintage stock directly supports the subject's basis.
5. 10602 Landale St - Seven units in Toluca Lake proper, 1956 build, December 2025, $1,936,000 ($276,571/unit, $333/SF). Shows the premium the Toluca Lake side of the ZIP commands - a halo the subject's 91602 address participates in.
6. 5326 Cahuenga Blvd - Same-vintage eight-unit (1964) at the smaller end of the SF range, April 2026, $1,600,000 ($200,000/unit, $362/SF). Anchors the per-unit floor for 1960s eight-unit product in NoHo.
| Address | Submarket | Yr | Units | List Price | $/Unit | $/SF | Status |
|---|---|---|---|---|---|---|---|
| 11017 Hartsook St | North Hollywood | 1937 | 6 | $1,100,000 | $183,333 | $372 | Active · MLS |
| 4300 Tujunga Ave | Studio City | 1963 | 10 | $2,975,000 | $297,500 | $335 | Active |
| 4173 Fair Ave | North Hollywood | 1975 | 5 | $1,825,000 | $365,000 | $340 | Active · Marcus & Millichap |
| 11502 Killion St | Valley Village | 1978 | 6 | $2,400,000 | $400,000 | $412 | Active |
| 11155 Aqua Vista St | North Hollywood | 1988 | 14 | $4,999,999 | $357,143 | $413 | Active |
| Average (5 active comps) | $2,660,000 | $320,595 | $374 | - | |||
The active inventory frames the subject's ask favorably. Every vintage building currently on the market within the radius asks between $335 and $413 per square foot - the subject at $262/SF undercuts the entire active set while carrying permit-verified capital improvements none of them advertise. On a per-unit basis, the actives average $320,595 against the subject's $239,375. The lone sub-$200K/unit active (11017 Hartsook) is a 1937-built, 2,958 SF walk-up at nearly $100 more per square foot. Priced below every live alternative on the metric buyers actually screen by, the subject is positioned to clear, not to sit.
| Unit | Type | Current Rent/Mo | Market Rent/Mo | Status | Notes |
|---|---|---|---|---|---|
| 1 | 2BD / 2BA | $2,179 | $2,550 | Occupied | |
| 2 | 2BD / 2BA | $1,850 | $2,550 | Occupied | |
| 3 | 1BD / 1BA | $1,950 | $1,950 | Vacant | Remodeled; advertised at $1,950 |
| 4 | 1BD / 1BA | $1,297 | $1,950 | Occupied | |
| 5 | 1BD / 1BA | $1,264 | $1,950 | Occupied | |
| 6 | 1BD / 1BA | $1,357 | $1,950 | Occupied | |
| 7 | 2BD / 2BA | $2,496 | $2,550 | Occupied | Renovated; recent turn |
| 8 | 2BD / 2BA | $1,750 | $2,550 | Occupied | |
| Total | 8 units | $14,143/mo | $18,000/mo | 87.5% occ. | $169,716 / $216,000 GSR |
Unit mix of 4x 2BD/2BA and 4x 1BD/1BA per ownership. Unit-type assignment shown is inferred from rent levels and the advertised vacancy; per-unit square footages and final assignments to be confirmed with rent roll and leases in due diligence.
| Income | Current | Pro Forma |
|---|---|---|
| Gross Scheduled Rent [1] | $169,716 | $216,000 |
| Laundry Income [2] | $341 | $341 |
| Less: Vacancy (3%) [3] | ($5,091) | ($6,480) |
| Effective Gross Income | $164,966 | $209,861 |
| Expenses | Current | Pro Forma |
|---|---|---|
| Real Estate Taxes [4] | $23,938 | $23,938 |
| Insurance [5] | $8,900 | $8,900 |
| Utilities [5] | $8,340 | $8,340 |
| Repairs & Maintenance [5] | $8,500 | $8,500 |
| Landscaping [5] | $2,400 | $2,400 |
| Rubbish [5] | $3,800 | $3,800 |
| Management (4% EGI) [6] | $6,599 | $8,394 |
| Reserves [7] | $2,000 | $2,000 |
| Total Operating Expenses | $64,477 | $66,272 |
| Net Operating Income | $100,489 | $143,589 |
[1] Gross Scheduled Rent: Current = owner rent roll (7/2026), $14,143/mo including the vacant remodeled 1BD at its $1,950 advertised rent. Pro forma = $18,000/mo at in-building proven turn rents: $2,550/2BD (unit 7 achieved $2,496) and $1,950/1BD (the advertised remodeled vacancy).
[2] Laundry Income: Owner-reported annual laundry room income.
[3] Vacancy: 3.0% of GSR, standard for stabilized small multifamily in this submarket (owner's own P&L uses the same factor).
[4] Real Estate Taxes: LA County reassesses to the purchase price at close. Shown at 1.25% of the $1,915,000 list price. Owner's current Prop 13 bill is $3,700 - buyers should underwrite the reassessed figure, as shown.
[5] Insurance / Utilities / R&M / Landscaping / Rubbish: Owner-reported annualized operating figures (7/2026 statement): $8,900 / $8,340 / $8,500 / $2,400 / $3,800.
[6] Management: Underwritten at 4.0% of EGI per LAAA standard for third-party-managed vintage product (owner currently reports $6,500 off-site management).
[7] Reserves: $250/unit, standard tier for 1960s vintage with major systems recently addressed.
Owner-reported figures are unaudited; buyer to verify all income and expenses in due diligence.
| Operating Data | |
|---|---|
| Price | $1,915,000 |
| Down Payment | $766,000 |
| Number of Units | 8 |
| Price / Unit | $239,375 |
| Price / SF | $262 |
| Gross SF | 7,298 |
| Year Built | 1962 |
| Returns (Reassessed) | |
|---|---|
| Cap Rate (Current / Pro Forma) | 5.25% / 7.50% |
| GRM (Current / Pro Forma) | 11.28x / 8.87x |
| Cash-on-Cash | 2.33% |
| DSCR | 1.22x |
| Financing | |
|---|---|
| Loan Amount | $1,149,000 |
| Rate / Amort | 6.00% / 30yr |
| Loan Constant | 7.19% |
| LTV (actual) | 60.0% |
| Constraint | LTV (60%) |
| Income (Current) | |
|---|---|
| Gross Scheduled Rent | $169,716 |
| Laundry Income | $341 |
| Less Vacancy (3%) | ($5,091) |
| Effective Gross Income | $164,966 |
| Operating Expenses | ($64,477) |
| Net Operating Income | $100,489 |
| Cash Flow (Current) | |
|---|---|
| Net Operating Income | $100,489 |
| Debt Service | ($82,671) |
| Net Cash Flow | $17,818 |
| Cash-on-Cash | 2.33% |
| + Principal Reduction | $14,110 |
| Total Return | 4.17% |
| Expense Ratio (Current) | |
|---|---|
| OpEx / EGI | 39.1% |
| OpEx / Unit | $8,060 |
| OpEx / SF | $8.83 |
| Purchase Price | Cap Rate | Pro Forma Cap | Cash-on-Cash | $/Unit | $/SF | GRM | DSCR |
|---|---|---|---|---|---|---|---|
| $2,165,000 | 4.50% | 6.49% | 1.56% | $270,625 | $297 | 12.76x | 1.20x |
| $2,115,000 | 4.63% | 6.67% | 1.67% | $264,375 | $290 | 12.46x | 1.20x |
| $2,065,000 | 4.78% | 6.86% | 1.78% | $258,125 | $283 | 12.17x | 1.20x |
| $2,015,000 | 4.93% | 7.06% | 1.91% | $251,875 | $276 | 11.87x | 1.20x |
| $1,965,000 | 5.08% | 7.28% | 2.06% | $245,625 | $269 | 11.58x | 1.20x |
| $1,915,000 | 5.25% | 7.50% | 2.33% | $239,375 | $262 | 11.28x | 1.22x |
| $1,865,000 | 5.42% | 7.73% | 2.76% | $233,125 | $256 | 10.99x | 1.26x |
| $1,815,000 | 5.61% | 7.98% | 3.22% | $226,875 | $249 | 10.69x | 1.30x |
| $1,765,000 | 5.80% | 8.24% | 3.71% | $220,625 | $242 | 10.40x | 1.34x |
| $1,715,000 | 6.01% | 8.52% | 4.22% | $214,375 | $235 | 10.11x | 1.39x |
| $1,665,000 | 6.22% | 8.81% | 4.77% | $208,125 | $228 | 9.81x | 1.44x |
The list price of $1,915,000 reconciles three independent pricing lenses. On price-per-SF ($262) it sits 19% below the sold-comp median of $325 and below every active listing in the radius - the metric that makes the subject the cheapest live alternative in its submarket. On a per-unit basis ($239,375) it carries a measured premium to the $234,063 sold median, fully accounted for by the permit-verified capital program and the in-building rent proof no comp can match. On yield, the 5.25% reassessed current cap converts to 7.50% pro forma at rents the building itself has already achieved.
The benchmark is 4870 Bakman Ave - the unrenovated 1962 eight-unit twin two blocks away that traded at $1,625,000 in December 2025. The subject's $290,000 premium buys a completed soft-story retrofit, 2024 electrical and plumbing, remodeled units, and a documented 27% rent upside - a defensible spread positioned to clear within a standard 60-90 day marketing window.