Prepared Exclusively for Sara Kheradmandan
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 Sherman Oaks, Studio City, Toluca Lake, and North Hollywood.
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 14514 Benefit St, that means an evidence-based opinion of value anchored in recent Sherman Oaks and Studio City rent-stabilized sales and the active competing inventory, presented with the same rigor we would bring to defending the price against a buyer's due-diligence challenge.
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• 40+ transactions per year - one of SoCal's most active groups
14514 Benefit St is a five-unit 1951 walk-up in prime south Sherman Oaks, one block off the Van Nuys Boulevard corridor and moments from Ventura Boulevard's retail and dining spine. The mix is anchored by an oversized ~1,300 SF two-bedroom with den - house-scale space rarely found in unit mixes of this vintage - alongside three one-bedrooms and a studio.
The income story is unusually clean for a rent-stabilized asset: per the owner's July 2026 rent roll, three of the five units already sit at market - the flagship two-bedroom at $4,500, the studio at $1,895, and a vacant one-bedroom asking $2,200 - so nearly 80% of the scheduled income carries no legacy-tenant discount. The two remaining legacy one-bedrooms, at $1,250 and $1,201, sit roughly 45% below the market rent the identical vacant unit proves, giving a buyer a defined, provable path to further upside.
The 6,803 SF RD1.5 lot carries a rear carport with reported capacity for two additional units above it, giving a buyer a clear path from five to seven units and a basis of roughly $286,000 per buildable door at the list price.
Sherman Oaks is one of the San Fernando Valley's most established and consistently in-demand rental submarkets. The subject sits in the prized south-of-Moorpark pocket of the 91403 ZIP, where tree-lined residential streets meet the Ventura Boulevard commercial corridor - the Valley's premier retail, dining, and office spine.
Benefit Street is one block from Van Nuys Boulevard, placing residents within walking distance of the corridor's restaurants, gyms, and services, and within minutes of the Sherman Oaks Galleria office and entertainment complex at Sepulveda and Ventura. Commuters reach the Westside via the 405 and Downtown or Hollywood via the 101, with both freeways accessible in under ten minutes.
The renter base is a deep mix of entertainment, healthcare, and professional-services tenants who prize the walkable south Sherman Oaks location. Large, well-located units in this pocket lease quickly - particularly the oversized two-bedroom product the subject offers - and the submarket's scarcity of quality small-building rental stock keeps occupancy structurally high.
| Location Details | |
|---|---|
| Submarket | Sherman Oaks (South) |
| ZIP | 91403 |
| Corridor | 1 block to Van Nuys Blvd; Ventura Blvd retail spine |
| Retail / Office | Sherman Oaks Galleria, Ventura Blvd |
| Freeway Access | 101 / 405 interchange |
| Zoning | LARD1.5 |
| Rent Control | LA City RSO (1951 vintage) |
| Property Overview | |
|---|---|
| Units | 5 |
| Year Built | 1951 |
| Building SF | 3,608 (assessor)† |
| Unit Mix | 1x 2BR/1BA + Den, 3x 1BR/1BA, 1x Studio |
| Parking | Rear carport |
| Occupancy | 4 of 5 (14518 vacant) |
| Site & Zoning | |
|---|---|
| APN | 2276-015-004 |
| Lot Size | 6,803 SF (0.16 ac) |
| Zoning | LARD1.5 |
| Expansion | Reported capacity for 2 ADUs above rear carport |
| Assessed Value | $1,742,713 (2025-26 roll) |
| Capital Items & Recent Work | |
|---|---|
| Roof | Replacement needed (per seller) |
| Electrical | Panels may need upgrade (per seller) |
| Plumbing | Redone as needed (per seller) |
| Staircases | Both exterior stairs rebuilt + waterproofed |
| Regulatory & Utilities | |
|---|---|
| Rent Control (RSO) | Yes - LA City RSO (pre-1978) |
| Owner Pays | Water/sewer, trash, common electric (assumed) |
| Tenant Pays | Gas, electric (assumed; verify) |
| Registration | LAHD / SCEP applies |
Value-Add / Repositioning Investors
The core audience: buyers who underwrite the remaining upside as an asset - lease the vacant one-bedroom, mark the two legacy tenancies to market over time, add the two carport ADUs, and exit or refinance on a stabilized seven-unit basis.
1031 Exchange Buyers
Exchange capital with a deadline values the rare combination of a prime 91403 address and RSO income already largely reset to market - a profile they cannot find in legacy-tenancy listings.
Private Local Investors
South-Valley owner-operators who know what a $4,500 two-bedroom print means in this pocket and can execute the roof and panel work with their own crews.
Owner-Users
The vacant one-bedroom offers an immediate live-in-one, rent-the-rest profile - and the ~1,300 SF front two-bedroom a longer-term one - at a house-alternative basis one block off Van Nuys Blvd.
Market-level income, unit scale, and an expansion path broaden the buyer pool well beyond the typical legacy-tenancy five-unit RSO offering.
"It's rent-controlled."
The RSO discount applies to buildings delivered full of legacy tenancies. Here, nearly 80% of the scheduled income already sits at market - the flagship two-bedroom at $4,500, the studio at $1,895, and the vacant one-bedroom asking $2,200 - leaving the two legacy one-bedrooms as residual upside, not the profile. No buyouts, no relocation payments, no Ellis risk.
"It needs a roof and possibly panels."
Disclosed up front and quantifiable in due diligence. The recent capital work (plumbing as needed, both exterior staircases rebuilt and waterproofed) narrows the scope to two known items a value-add buyer prices in a single bid round.
"The in-place cap rate is low."
The price is a real-estate basis, not an income multiple: an oversized unit mix, a 6,803 SF RD1.5 lot, and a reported two-ADU expansion path. At roughly $286,000 per buildable door the basis sits below the $307,633 average per-unit ask of today's active RSO listings, before the ADU income is built.
"Why not wait for full stabilization?"
A seller who stabilizes first spends capital, takes lease-up risk, and re-anchors the RSO discount as tenancies age. Selling with the final unit's lease-up still open transfers the remaining upside - and its price - to the buyer pool that values it most.
| Address | Submarket | Yr | Units | Sale Price | $/Unit | $/SF | Dist | Sold |
|---|---|---|---|---|---|---|---|---|
| 4323-4329 Van Nuys Blvd · street view ↗ | Sherman Oaks | 1933/73 | 10 | $4,000,000 | $400,000 | $408 | 0.1 mi | Mar 2026 |
| 14318 Dickens St · street view ↗ | Sherman Oaks | 1948 | 6 | $1,600,000 | $266,667 | $329 | 0.3 mi | Nov 2025 |
| 4321 Saugus Ave · street view ↗ | Sherman Oaks | 1953 | 12 | $3,110,000 | $259,167 | $282 | 0.9 mi | Aug 2025 |
| 15461 Moorpark St · street view ↗ | Sherman Oaks | 1957 | 11 | $2,450,000 | $222,727 | $290 | 1.3 mi | Apr 2025 |
| 15445 Moorpark St · street view ↗ | Sherman Oaks | 1957 | 8 | $1,700,000 | $212,500 | $253 | 1.3 mi | Apr 2025 |
| 15207 Dickens St · street view ↗ | Sherman Oaks | 1955 | 9 | $2,100,000 | $233,333 | $264 | 0.9 mi | Apr 2025 |
| 14938 Moorpark St · street view ↗ | Sherman Oaks | 1960 | 7 | $1,695,000 | $242,143 | $359 | 0.6 mi | Jan 2025 |
| Median (7 sold comps) | $2,100,000 | $242,143 | $290 | - | - | |||
1. 4323-4329 Van Nuys Blvd - A two-parcel, ten-unit portfolio that closed in March 2026 literally around the corner from the subject (0.1 mi), purchased by Crestview Elementary LLC at $400,000/unit - the strongest per-unit print in the recent RSO set and the clearest evidence of what buyers pay for this exact pocket.
2. 14318 Dickens St - A six-unit 1948 walk-up three blocks east, closed November 2025 at $266,667/unit. The nearest similar-size sale to the subject; a conventional occupied-RSO print without the subject's market-level income or expansion story.
3. 4321 Saugus Ave - A twelve-unit 1953 building closed August 2025 at $3,110,000. Larger asset, institutional-adjacent buyer pool; anchors the mid-range $/SF for the submarket.
4-5. 15461 & 15445 Moorpark St - Adjacent 1957 sister buildings (11 and 8 units) that closed the same day in April 2025 for $2,450,000 and $1,700,000 respectively - classic occupied legacy-tenancy pricing at $212,000-$223,000/unit, the deep-discount end of the RSO band the subject's market-level income avoids.
6. 15207 Dickens St - Nine units, 1955, closed April 2025 at $233,333/unit. Another fully occupied print confirming where tenanted RSO product trades.
7. 14938 Moorpark St - Seven units, 1960, closed January 2025 at $359/SF - the highest $/SF in the sold set, driven by smaller total area, and a bridge toward the $/SF the active listings now ask.
| Address | Submarket | Yr | Units | List Price | $/Unit | $/SF | Status |
|---|---|---|---|---|---|---|---|
| 14526 Dickens St | Sherman Oaks | 1941 | 6 | $1,995,000 | $332,500 | $516 | Active · MLS #26663427 |
| 14225 Riverside Dr | Sherman Oaks | 1954 | 5 | $1,500,000 | $300,000 | $408 | Active · MLS #SR26057331 |
| 4909 Coldwater Canyon Ave | Sherman Oaks | 1952 | 6 | $1,699,000 | $283,167 | $314 | Active · MLS #26659193 |
| 13520 Rye St | Sherman Oaks | 1956 | 6 | $1,950,000 | $325,000 | $390 | Active · MLS #GD26014995 |
| 4300 Tujunga Ave | Studio City | 1963 | 10 | $2,975,000 | $297,500 | $335 | Active · Galuz Group |
| Average (5 active comps) | $2,023,800 | $307,633 | $392 | - | |||
The active set defines today's asking ceiling for rent-stabilized Sherman Oaks and Studio City product: $283,000-$333,000 per unit and roughly $314-$516 per square foot. The most instructive listing is 14526 Dickens St - a six-unit 1941 building one block from the subject asking $516/SF, the top of the active $/SF band, on a building nearly identical in total area to the subject. 14225 Riverside Dr, the only other five-unit currently available, asks $300,000/unit at a marketed 4.25% cap and 13.7 GRM on in-place occupied income. Every listing in this set is being sold on legacy in-place RSO income; none offers the subject's already-marked-to-market income stream, oversized flagship unit, or a reported two-ADU expansion path - which is precisely the premium the subject's pricing captures.
| Unit | Address | Type | SF (approx) | Rent/Mo | Rent/SF | Status | Notes |
|---|---|---|---|---|---|---|---|
| 1 | 14514 Benefit St | 2BR / 1BA + Den | ~1,300 | $4,500 | $3.46 | Occupied | Flagship front unit - at market |
| 2 | 14514½ Benefit St | 1BR / 1BA | ~600 | $1,250 | $2.08 | Occupied | Legacy RSO tenancy |
| 3 | 14516 Benefit St | Studio / 1BA | ~500 | $1,895 | $3.79 | Occupied | At market |
| 4 | 14516½ Benefit St | 1BR / 1BA | ~600* | $1,201 | $2.00 | Occupied | Legacy RSO tenancy |
| 5 | 14518 Benefit St | 1BR / 1BA | ~600* | $2,200 | $3.67 | Vacant | Owner's asking rent |
| Total | 5 units | ~3,600 | $11,046/mo | $3.07 | 80% phys. | $132,552/yr GSR | |
| Income | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Gross Scheduled Rent [1] | $132,552 | $26,510 | $36.74 | - |
| Less: Economic Vacancy (3%) | ($3,977) | ($795) | $1.10 | - |
| Effective Gross Income | $128,575 | $25,715 | $35.64 | 100% |
| Expenses | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Real Estate Taxes [2] | $25,000 | $5,000 | $6.93 | 19.4% |
| Insurance [3] | $6,250 | $1,250 | $1.73 | 4.9% |
| Water / Sewer [4] | $4,500 | $900 | $1.25 | 3.5% |
| Trash, Gas, Electric [5] | $2,100 | $420 | $0.58 | 1.6% |
| Repairs & Maintenance [6] | $4,000 | $800 | $1.11 | 3.1% |
| Contract Services [7] | $1,500 | $300 | $0.42 | 1.2% |
| Reserves [8] | $1,250 | $250 | $0.35 | 1.0% |
| Total Operating Expenses | $44,600 | $8,920 | $12.36 | 34.7% |
| Net Operating Income | $83,975 | $16,795 | $23.27 | 65.3% |
[1] Gross Scheduled Rent: Per the owner's rent roll of July 22, 2026 ($11,046/month), with the vacant unit (14518) at the owner's $2,200 asking rent.
[2] Real Estate Taxes: LA County reassesses to the purchase price at close. Shown at 1.25% of the list price.
[3] Insurance: LAAA benchmark for a 1951 five-unit (units x $350 + SF x $1.25) in the current hardened LA insurance market.
[4] Water / Sewer: Owner-paid, benchmarked at $900/unit for a 1951 walk-up without individual submeters.
[5] Trash, Gas, Electric: Owner trash service plus common-area electric; tenants assumed to pay in-unit gas and electric (verify in DD).
[6] Repairs & Maintenance: $800/unit for the vintage, net of the roof replacement, which is treated as a capital item rather than an operating expense.
[7] Contract Services: Landscape, pest, and fire-safety service contracts.
[8] Reserves: $250/unit for a 1951 building.
Income per the owner's rent roll (July 22, 2026); expenses are LAAA benchmarks pending the owner's actuals. Buyer to verify all figures in due diligence.
| Operating Data | |
|---|---|
| Price | $2,000,000 |
| Down Payment | $1,027,000 |
| Number of Units | 5 |
| Price / Unit | $400,000 |
| Price / SF | $554 |
| Gross SF | 3,608 |
| Year Built | 1951 |
| Returns (Reassessed) | |
|---|---|
| Cap Rate | 4.20% |
| GRM | 15.09x |
| Cash-on-Cash | 1.36% |
| DSCR | 1.20x |
| Financing | |
|---|---|
| Loan Amount | $973,000 |
| Rate / Amort | 6.00% / 30yr |
| Loan Constant | 7.19% |
| LTV (actual) | 48.7% |
| Constraint | DCR |
| Income | |
|---|---|
| Gross Scheduled Rent | $132,552 |
| Less Vacancy (3%) | ($3,977) |
| Effective Gross Income | $128,575 |
| Operating Expenses | ($44,600) |
| Net Operating Income | $83,975 |
| Cash Flow | |
|---|---|
| Net Operating Income | $83,975 |
| Debt Service | ($70,004) |
| Net Cash Flow | $13,971 |
| Cash-on-Cash | 1.36% |
| + Principal Reduction | $11,949 |
| Total Return | 2.52% |
| Expense Ratio | |
|---|---|
| OpEx / EGI | 34.7% |
| OpEx / Unit | $8,920 |
| OpEx / SF | $12.36 |
| Purchase Price | Cap Rate | Cash-on-Cash | $/Unit | $/SF | GRM | DSCR |
|---|---|---|---|---|---|---|
| $2,250,000 | 3.59% | 1.03% | $450,000 | $624 | 16.97x | 1.20x |
| $2,200,000 | 3.70% | 1.08% | $440,000 | $610 | 16.60x | 1.20x |
| $2,150,000 | 3.82% | 1.14% | $430,000 | $596 | 16.22x | 1.20x |
| $2,100,000 | 3.94% | 1.21% | $420,000 | $582 | 15.84x | 1.20x |
| $2,050,000 | 4.07% | 1.28% | $410,000 | $568 | 15.47x | 1.20x |
| $2,000,000 | 4.20% | 1.36% | $400,000 | $554 | 15.09x | 1.20x |
| $1,950,000 | 4.34% | 1.45% | $390,000 | $540 | 14.71x | 1.20x |
| $1,900,000 | 4.49% | 1.56% | $380,000 | $527 | 14.33x | 1.20x |
| $1,850,000 | 4.64% | 1.67% | $370,000 | $513 | 13.96x | 1.20x |
| $1,800,000 | 4.80% | 1.81% | $360,000 | $499 | 13.58x | 1.20x |
| $1,750,000 | 4.98% | 1.96% | $350,000 | $485 | 13.20x | 1.20x |
The $2,000,000 list price prices the subject exactly at the strongest recent print in the submarket: $400,000 per unit - the figure the ten-unit 4323-4329 Van Nuys Blvd portfolio achieved 0.1 mile away in March 2026, for occupied product with no vacancy or expansion story. Three further lenses support it. On a per-buildable-door basis, with the reported capacity for two additional units above the rear carport, the price equates to $285,714 across seven doors - 7% below the $307,633 average per-unit ask of the active RSO set, before any expansion income is built. On square footage, $554/SF on the assessor's 3,608 SF brackets the $516/SF asked one block away at 14526 Dickens St. And on income, the 4.20% reassessed cap rate lands in line with the 4.25% cap marketed at 14225 Riverside Dr - the only other active five-unit - and does so on an income stream already largely at market rather than legacy RSO rents.
Against the sold set the price still asks a premium - the occupied-RSO median is $242,143 per unit and $290/SF - and the pricing matrix shows how the metrics move across the negotiating band. That premium is the price of the subject's differentiators: an income stream already nearly 80% at market with a proven $2,200 one-bedroom ask, the oversized ~1,300 SF two-bedroom achieving $4,500/month, and the reported five-to-seven-unit expansion path. At $2,000,000 the subject is priced to clear: a buyer underwrites to the strongest local per-unit print while receiving the residual mark-to-market and ADU upside without paying separately for it.