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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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 ~1,600 SF two-bedroom/two-bath - townhouse-scale space rarely found in unit mixes of this vintage - alongside three one-bedrooms and a studio.
The property is being delivered with substantial vacancy: the large two-bedroom and one one-bedroom are vacant today, and the seller reports two additional move-outs this month. For a rent-stabilized asset, that is the single most valuable feature a buyer can be offered - immediate mark-to-market of the majority of the income stream with no buyout or relocation cost.
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/2BA, 3x 1BR/1BA, 1x Studio |
| Parking | Rear carport |
| Occupancy | 3 of 5 (2 more move-outs reported for July) |
| 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 vacancy as an asset - renovate and re-lease at market, 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 near-vacant RSO delivery - upside they cannot find in stabilized listings.
Private Local Investors
South-Valley owner-operators who know what an oversized 2BR/2BA rents for in this pocket and can execute the roof and panel work with their own crews.
Owner-Users
The vacant ~1,600 SF two-bedroom offers a live-in-one, rent-the-rest profile at a house-alternative basis one block off Van Nuys Blvd.
Vacancy, unit scale, and an expansion path broaden the buyer pool well beyond the typical occupied five-unit RSO offering.
"It's rent-controlled."
The RSO discount applies to buildings delivered full of legacy tenancies. With two units vacant now and two more reported vacating in July, up to 80% of the income stream resets to market immediately - 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 into the vacancy window transfers the 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 vacancy 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 vacancy 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 occupied, on in-place RSO income; none offers the subject's near-vacant delivery, oversized flagship unit, or a reported two-ADU expansion path - which is precisely the premium the subject's pricing captures.
| Unit | Type | SF (approx) | Rent/Mo | Rent/SF | Status | Notes |
|---|---|---|---|---|---|---|
| 1 | 2BR / 2BA | ~1,600 | $3,250 | $2.03 | Vacant | Flagship unit; underwritten at market |
| 2 | 1BR / 1BA | ~700 | $2,100 | $3.00 | Vacant | Underwritten at market |
| 3 | 1BR / 1BA | ~700 | $2,100 | $3.00 | Occupied | See rent roll note |
| 4 | 1BR / 1BA | ~700 | $2,100 | $3.00 | Occupied | See rent roll note |
| 5 | Studio | ~550 | $1,450 | $2.64 | Occupied | See rent roll note |
| Total | 5 units | ~4,250 | $11,000/mo | $2.59 | 60% phys. | $132,000/yr GSR |
| Income | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Gross Scheduled Rent [1] | $132,000 | $26,400 | $36.59 | - |
| Less: Economic Vacancy (3%) | ($3,960) | ($792) | $1.10 | - |
| Effective Gross Income | $128,040 | $25,608 | $35.49 | 100% |
| Expenses | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Real Estate Taxes [2] | $25,000 | $5,000 | $6.93 | 19.5% |
| 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 | 34.8% |
| Net Operating Income | $83,440 | $16,688 | $23.13 | 65.2% |
[1] Gross Scheduled Rent: Owner-stated scheduled income of ~$11,000/month (email of 7/14/2026), with vacant units at the owner's market figures. Per-unit detail pending the owner's rent roll.
[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.
Benchmark-built pending the owner's rent roll and expense actuals. Buyer to verify all figures in due diligence.
| Operating Data | |
|---|---|
| Price | $2,000,000 |
| Down Payment | $1,034,000 |
| Number of Units | 5 |
| Price / Unit | $400,000 |
| Price / SF | $554 |
| Gross SF | 3,608 |
| Year Built | 1951 |
| Returns (Reassessed) | |
|---|---|
| Cap Rate | 4.17% |
| GRM | 15.15x |
| Cash-on-Cash | 1.35% |
| DSCR | 1.20x |
| Financing | |
|---|---|
| Loan Amount | $966,000 |
| Rate / Amort | 6.00% / 30yr |
| Loan Constant | 7.19% |
| LTV (actual) | 48.3% |
| Constraint | DCR |
| Income | |
|---|---|
| Gross Scheduled Rent | $132,000 |
| Less Vacancy (3%) | ($3,960) |
| Effective Gross Income | $128,040 |
| Operating Expenses | ($44,600) |
| Net Operating Income | $83,440 |
| Cash Flow | |
|---|---|
| Net Operating Income | $83,440 |
| Debt Service | ($69,504) |
| Net Cash Flow | $13,936 |
| Cash-on-Cash | 1.35% |
| + Principal Reduction | $11,867 |
| Total Return | 2.50% |
| Expense Ratio | |
|---|---|
| OpEx / EGI | 34.8% |
| OpEx / Unit | $8,920 |
| OpEx / SF | $12.36 |
| Purchase Price | Cap Rate | Cash-on-Cash | $/Unit | $/SF | GRM | DSCR |
|---|---|---|---|---|---|---|
| $2,250,000 | 3.57% | 1.02% | $450,000 | $624 | 17.05x | 1.20x |
| $2,200,000 | 3.68% | 1.07% | $440,000 | $610 | 16.67x | 1.20x |
| $2,150,000 | 3.79% | 1.13% | $430,000 | $596 | 16.29x | 1.20x |
| $2,100,000 | 3.91% | 1.19% | $420,000 | $582 | 15.91x | 1.20x |
| $2,050,000 | 4.04% | 1.27% | $410,000 | $568 | 15.53x | 1.20x |
| $2,000,000 | 4.17% | 1.35% | $400,000 | $554 | 15.15x | 1.20x |
| $1,950,000 | 4.31% | 1.43% | $390,000 | $540 | 14.77x | 1.20x |
| $1,900,000 | 4.46% | 1.54% | $380,000 | $527 | 14.39x | 1.20x |
| $1,850,000 | 4.61% | 1.65% | $370,000 | $513 | 14.02x | 1.20x |
| $1,800,000 | 4.77% | 1.78% | $360,000 | $499 | 13.64x | 1.20x |
| $1,750,000 | 4.95% | 1.93% | $350,000 | $485 | 13.26x | 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 (roughly $471/SF on the seller's measured ~4,250 SF) brackets the $516/SF asked one block away at 14526 Dickens St. And on income, the 4.17% reassessed cap rate lands in line with the 4.25% cap marketed at 14225 Riverside Dr - the only other active five-unit - with the difference more than carried by the near-vacant delivery no active listing offers.
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: two units vacant today and two more reported vacating in July, the oversized ~1,600 SF two-bedroom, 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 vacancy and ADU upside without paying separately for it.