Broker Opinion of Value - 904 Manzanita St & 905 Sanborn Ave

Two Teams, Total Market Coverage

LAAA Team of Marcus & Millichap × Carolwood Estates

This assignment pairs Los Angeles' most active multifamily investment team with its dominant luxury residential brokerage. The LAAA Team puts Manzanita & Sanborn in front of every active apartment investor in Los Angeles — 1031 exchange buyers, private syndicators, and value-add operators. Carolwood Estates opens a second, entirely separate buyer pool: residential and owner-user buyers who evaluate the triplex and the Silver Lake location on lifestyle value rather than cap rate. Between the two channels, no qualified buyer — commercial or residential — is missed.

LAAA Team of Marcus & MillichapExpertise, Execution, Excellence.

460+Closed Transactions

$1.47B+Total Sales Volume

4,200+Units Sold

#1Most Active · LA County

"We Didn't Invent Great Service, We Just Work Relentlessly to Provide It."

Since 2013, the LAAA Team has closed 460+ multifamily transactions totaling $1.47B+ in volume across Los Angeles, Ventura, and Santa Barbara counties. Our practice is built on disciplined underwriting, the deepest comparable-sales dataset in the market, 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 Manzanita & Sanborn, that means an evidence-based opinion of value anchored in recent Silver Lake, East Hollywood, and Echo Park vintage apartment sales — presented with the same rigor we would bring to defending the price against a buyer's due-diligence challenge.

Our Team

#1 Most Active Multifamily Sales Team in LA County

CoStar • 2019, 2020, 2021 • #4 in California

Glen Scher

Senior Managing Director Investments

Co-founder of the LAAA Team and one of the most active multifamily brokers in Los Angeles, with 450+ transactions and $1.4B+ in closed sales. Glen has built one of the deepest track records in vintage rent-controlled apartment product anywhere in the city — the exact asset class of Manzanita & Sanborn.

Filip Niculete

Senior Managing Director Investments

Co-founder of the LAAA Team and one of Southern California's top multifamily brokers. Since 2011, Filip has built a reputation for execution, integrity, and relentless work ethic, helping lead the team to $1.4B+ in closed transactions while consistently leading the market in active inventory.

Aida Memary Scher

Associate Director

Luka Leader

Associate Investments

Morgan Wetmore

Associate Investments

Logan Ward

Associate Investments

Alexandro Tapia

Associate Investments

Blake Lewitt

Associate Investments

Mike Palade

Agent Assistant

Tony H. Dang

Business Operations Manager

Key Achievements

• 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

As Featured InBISNOWYAHOO FINANCECONNECT CRESFVBJTHE PINNACLE LIST

Co-Listed With

Carolwood Estates — Beverly Hills

Founded in 2022 by Drew Fenton, Carolwood Estates has become the defining luxury residential brokerage in Los Angeles — and the second distribution channel for this portfolio. Carolwood's residential network prices assets like the Manzanita triplex the way its buyers do: as scarce, character Silver Lake real estate, not a cap-rate line item.

$5.0B2025 Sales Volume

$10B+Closed Since 2022

$1B+Sub-$4M Sales in 2025 (+54%)

~200Elite Agents

Carolwood handled six of LA County's nine most expensive sales of 2025 — including both record $110M closings — and is a member of Forbes Global Properties. Nearly a third of its 2025 volume traded off-market through its private-exchange network, the same discreet channel this portfolio will be shown through.

Jon Adams

Real Estate Investment Advisor · Carolwood Estates · DRE 02051051

An experienced commercial director with a proven track record in the real estate industry, Jon brings expertise in underwriting, financial analysis, negotiation, risk management, and portfolio management. He has spearheaded and closed complex commercial real estate transactions and overseen diverse portfolios — and on this assignment he connects the portfolio to Carolwood's residential and investor clientele.

Our Marketing Approach & Reach

Two Brokerages · Every Buyer Channel · Within Days of Launch

23,795+Email Subscribers

26.1%Avg Open Rate

7 DaysTo Full Market Reach

2Brokerages, One Listing

"We are proactive marketers, not reactive. This portfolio goes in front of every active apartment investor through Marcus & Millichap — and in front of the residential and owner-user pool through Carolwood. Two channels, one clearing price."

Direct & Database

23,795-subscriber Mailchimp list (26.1% avg open)
APTO / Salesforce investor database
Direct outreach to active Silver Lake / East Hollywood apartment owners and 1031 buyers

Listing Platforms

TheMLS — full LA County agent reach
LoopNet, Crexi, CoStar — the institutional and 1031 trifecta
www.laaa.com dedicated listing page

Carolwood Residential Channel

Carolwood private-exchange / off-market network — ~30% of its $5B 2025 volume traded off-market
Forbes Global Properties syndication
Owner-user and residential-buyer positioning for the Manzanita triplex

Social & Positioning

LinkedIn and Instagram — both teams' amplification
Just Listed email blast at launch + All-Inventory send
Quarterly 1031 Exchange Opportunities newsletter

Advertised OnTHEMLSLOOPNETCREXICOSTARWWW.LAAA.COMCAROLWOODRE.COM

Investment Overview

Two Parcels · 11 Units · Sunset Junction, Silver Lake

11Units · 2 Parcels

$222,768Combined GSR*

6.17%Blended Cap Rate

$2,500,000Combined Value · Two Sales

904 Manzanita St and 905 Sanborn Ave are two vintage apartment properties on the same assessor block, held by the same family since 1996 and now coming to market for the first time in a generation. We recommend selling the two parcels individually — each has a distinct highest-and-best buyer, and two separate sales maximize combined proceeds. Both sit one block off Sunset Boulevard at Sunset Junction — the retail and dining heart of Silver Lake.

905 Sanborn is an eight-unit 1927 building of singles and one-bedrooms across two structures, collecting $12,779/month. At $1,600,000 it delivers a 6.7% reassessed cap rate and a 10.4 GRM — yield at the very top of what Silver Lake offers — with the per-unit price still set below the sold-comp median and the needed roof replacement disclosed up front.

904 Manzanita is a 1916 three-unit property of one-bedroom cottage-style units on a 5,643 SF LARD1.5 lot, delivered with two of three units vacant — a rare Silver Lake opportunity for an owner-user or residential buyer, marketed through Carolwood's residential channel in parallel with the investor campaign.

Investment Highlights

6.7% reassessed cap / 10.4 GRM on the 8-unit — priced at $200,000/unit vs. a $235,807 sold-comp median
Two of three Manzanita units delivered vacant — immediate mark-to-market at ~$2,095/mo, or owner-user occupancy
Two individual sales, two buyer pools — same-block assets totaling 11,109 SF of land; a buyer wanting both can still acquire the pair
Sunset Junction location — one block to the Sunset Blvd retail corridor, among LA's strongest rental micro-markets
Generational offering — same ownership since 1996; first time on the market in a generation
Dual-channel marketing — every apartment investor via Marcus & Millichap + the residential pool via Carolwood

*Combined GSR = Sanborn in-place collections ($153,348/yr) + Manzanita with the two vacant units at market rent ($69,420/yr). See Financial Analysis.

Location Overview

Silver Lake · Sunset Junction · 90029

The portfolio sits on the short wedge of blocks where Manzanita Street and Sanborn Avenue meet, one block north of Sunset Boulevard at Sunset Junction — the commercial and cultural core of Silver Lake. Residents walk to Intelligentsia Coffee, Mohawk General Store, the Silver Lake Farmers Market, and the dense restaurant-and-bar corridor along Sunset and Santa Monica Boulevards.

Silver Lake consistently ranks among Los Angeles' tightest rental submarkets: a renter base of creative-industry and tech professionals, a housing stock dominated by exactly this kind of small vintage property, and almost no developable land. One-bedroom units in vintage buildings near the Junction currently ask $2,000–$2,450 per month, and the neighborhood's premium over adjacent East Hollywood continues to widen.

The location also draws on the employment corridors of Hollywood (3 miles west), Downtown LA (4 miles southeast), and the Glendale/Burbank media cluster (via the 2 and 5 freeways). The 101 freeway is under a mile away, and Metro's B Line at Vermont/Santa Monica is a 15-minute walk.

Location Details
Submarket	Silver Lake (Sunset Junction)
ZIP	90029
Walk To	Sunset Junction retail & dining (1 block)
Vintage 1BR Market Rent	$2,000–$2,450/mo
Employment Hubs	Hollywood, DTLA, Glendale/Burbank
Freeway Access	101 / 2 / 5
Transit	Metro B Line (Vermont/Santa Monica)
Zoning (both parcels)	LARD1.5

Location Map - Manzanita & Sanborn, Silver Lake

Property Details

Two Parcels · Same Block · Same Ownership Since 1996

905 Sanborn Ave — 8 Units

Property Overview
Units	8 — singles & 1BRs (per assessor; roll to be verified)
Year Built	1927 · 2 buildings
Building SF	4,318
APN	5427-005-022
Lot Size	5,466 SF (0.13 ac) · 45' × 95'
Zoning	LARD1.5
Construction	Wood frame
Parking	Street
Occupancy	Fully occupied (owner-reported roll) — to be verified
Condition	Roof replacement needed (disclosed; reflected in pricing)

Regulatory & Utilities
Rent Control	LA RSO (pre-1978 vintage)
Owner Pays	Water (DWP), insurance
Tenant Pays	Gas, electric
Laundry	On premises
2025 Property Taxes	$5,655 (AV $387,671 · 1996 base)

904 Manzanita St — Triplex

Property Overview
Units	3 × 1BR/1BA (~553 SF avg)
Year Built	1916 · 2 buildings
Building SF	1,659
APN	5427-005-019 (assessor situs 906 Manzanita)
Lot Size	5,643 SF (0.13 ac)
Zoning	LARD1.5
Construction	Wood frame, cottage-style
Parking	1 on-site space + street
Occupancy	1 of 3 occupied — front & back units vacant
Condition	Vacant units deliverable at close; interiors to be verified

Regulatory & Utilities
Rent Control	LA RSO (pre-1978 vintage)
Owner Pays	All utilities on occupied unit (water, gas, electric, trash)
Tenant Pays	— (historic all-inclusive structure; new leases can re-set)
Laundry	To be verified
2025 Property Taxes	$2,962 (AV $220,915 · 1996 base)

Parcel data per LA County Assessor. The Manzanita parcel's assessor situs address is 906 Manzanita St; the building carries unit addresses including 904. The Sanborn building carries addresses 905 and 907. Buyer to verify all specifications in due diligence.

Buyer Profile & Anticipated Objections

Target Investors & Data-Backed Responses

Target Buyer Profile

1031 Exchange Buyers

Yield-driven exchangers who cannot find a 7%+ reassessed cap anywhere in Silver Lake. The Sanborn 8-unit at 9.8 GRM is the strongest income print in the submarket's active inventory.

Private Local Investors / Value-Add Operators

Operators who understand vintage RSO product and want the Manzanita vacancy as immediate mark-to-market plus the long-term optionality of two adjacent LARD1.5 parcels.

Owner-Users & Residential Buyers (Carolwood channel)

Buyers who want to live in one of the vacant Manzanita cottage units and let the remaining income carry the property — a lifestyle purchase priced against Silver Lake residential values, not cap rates.

First-Time Multifamily Buyers

The triplex at $900,000 is an accessible Silver Lake entry point with residential-style financing available and two units deliverable vacant.

Selling the parcels individually — each marketed through the channel its buyer actually shops in — widens the buyer pool well beyond a typical single-channel RSO listing.

Anticipated Objections

"The 8-unit needs a new roof."

Disclosed up front and reflected in the pricing: $200,000/unit is roughly 15% below the $235,807 sold-comp median, and the 6.69% reassessed cap out-yields the nearly identical 8-unit comp at 4563 W Fountain Ave (6.20%, closed July 2025). The yield premium over the comp set is the buyer's roof budget.

"These are RSO buildings with below-market rents."

Sanborn's $1,597/unit average is close to market for vintage singles/1BRs in this pocket — this is not a deep-RSO-discount roll. At Manzanita, two of three units are vacant and re-lease immediately at market (~$2,095); only one legacy tenancy remains.

"There's no per-unit rent roll for Sanborn."

The aggregate collections ($12,779/mo) reconcile with the owner's 2025 reported income of $168,401 across both properties. The certified per-unit roll is delivered in due diligence, and the underwriting uses only the verified aggregate.

"Why is the triplex priced at a 5.3% cap?"

Because its buyer isn't buying a cap rate. Two of three units vacant on a 5,643 SF Silver Lake lot prices against the residential market — and at $900,000 the ask sits well below Redfin's automated estimate of ~$1.06M. That is exactly why Carolwood is on the listing; the income lens is the floor, not the value.

Sale Comparables

Closed Vintage Apartment Sales — Silver Lake, East Hollywood, Los Feliz, Echo Park

Address	Submarket	Yr	Units	Sale Price	$/Unit	$/SF	Cap	Dist	Sold
4563 W Fountain Ave · source ↗	East Hollywood	1923	8	$1,550,000	$193,750	$279	6.20%	≈0.7 mi	Jul 2025
763 N Heliotrope Dr · source ↗	East Hollywood	1922	4	$950,000	$237,500	$238	—	≈0.9 mi	Sep 2025
101 S Kenmore Ave · source ↗	E Hollywood / Ktown	1925	8	$1,595,000	$199,375	$204	7.00%	≈1.6 mi	Jul 2025
2050 N Commonwealth Ave · source ↗	Los Feliz	1928	17	$4,700,000	$276,471	$384	—	≈1.3 mi	Aug 2025
5405-5419 Fernwood Ave · source ↗	East Hollywood	1939	28	$6,555,175	$234,113	$227	6.29%	≈1.5 mi	Apr 2025
624 Silver Lake Blvd · source ↗	Silver Lake	—	4	$1,315,000	$328,750	$412	—	≈1.4 mi	Jan 2025
Median (6 sold comps)				$1,572,500	$235,807	$259	6.29%	-	-

1. 4563 W Fountain Ave — The controlling comp for Sanborn: an eight-unit 1923 vintage building in the adjacent East Hollywood pocket, closed July 2025 at $1,550,000 ($193,750/unit, 6.20% cap, 11.26 GRM). Sanborn is priced within 3% of this print at $1,600,000 — with a superior Silver Lake location — while still delivering a higher cap rate (6.69%) and a lower GRM (10.43).

2. 763 N Heliotrope Dr — An original-condition 1922 fourplex of one-bedrooms that closed at $950,000 ($237,500/unit). The closest size analog for the Manzanita triplex: it shows vintage small-unit product clearing near $240K/unit even without vacancy — Manzanita's premium reflects its two deliverable-vacant units and residential-channel appeal.

3. 101 S Kenmore Ave — An eight-unit 1925 building that traded at a 7.00% cap and 9.65 GRM — the value-priced end of the vintage band. Sanborn's 6.69% reassessed cap approaches this yield tier while carrying a far stronger Silver Lake location.

4. 2050 N Commonwealth Ave — "The Berkshire," a 17-unit 1928 Los Feliz building and another first-sale-in-a-generation offering, closed at $276,471/unit and $384/SF. Demonstrates what scale-plus-character vintage product commands just north of the subject.

5. 5405-5419 Fernwood Ave — A 28-unit 1939 East Hollywood property at $234,113/unit and a 6.29% cap — the mid-market institutional print that anchors the comp-set median.

6. 624 Silver Lake Blvd — A four-unit Silver Lake building delivered with three of four units vacant, closed at $1,315,000 ($412/SF). The direct precedent for pricing vacancy as an asset in this neighborhood — the same dynamic that drives the Manzanita triplex's residential-lens value.

On-Market Comparables

Active Competition & the Pricing Ceiling

Address	Submarket	Yr	Units	List Price	$/Unit	$/SF	Cap	Status
1180 Myra Ave	Silver Lake	1923	4	$1,695,000	$423,750	$511	4.24%	Active · ≈49 DOM
1217 Westerly Ter	Silver Lake	1967	4	$1,595,000	$398,750	$394	5.90%	Active · ≈27 DOM
931 Everett St	Echo Park	1917	5	$1,875,000	$375,000	$383	6.83%	Active · ≈69 DOM
1250 N Mariposa Ave	East Hollywood	1930	7	$2,400,000	$342,857	$184	6.29%	Active · ≈76 DOM
405 Coronado Ter	Echo Park	1935	8	$1,575,000	$196,875	$276	5.01%	Active · ≈128 DOM
1727 Bellevue Ave	Echo Park	1917	6	$1,499,888	$249,981	$449	—	Active · ≈249 DOM
Average (6 active comps)				$1,773,315	$331,202	$366	-	-

The active set frames both sides of the pricing argument. On the yield side, no active listing in the Silver Lake / Echo Park / East Hollywood pocket offers a cap rate above 6.83% — Sanborn's 6.69% reassessed cap at $1,600,000 sits at the very top of the active-yield band, and the 8-unit at 405 Coronado Ter (asking $196,875/unit at a 5.01% cap, sitting 128 days) shows that Sanborn's per-unit basis is at the market-clearing level while its yield is dramatically stronger. On the residential-value side, the 1923 fourplex at 1180 Myra Ave — two blocks from the subject — asks $423,750/unit, roughly 41% above Manzanita's $300,000/unit, on a building with no vacancy story and no owner-user angle. The cautionary tale is 1727 Bellevue at 249 days on market: aspirational pricing without a story sits. Each of these two sales is priced to clear through its own channel.

Financial Analysis

Two Properties · Two P&Ls · One Portfolio

Owner-Reported 2025 Actuals — Split by Property

2025 Actuals (Owner-Reported)	905 Sanborn	904 Manzanita	Combined
Apartment Income [a]	$153,348	$15,053	$168,401
Insurance [b]	($6,205)	($2,385)	($8,590)
LADWP (Water & Power) [c]	($3,063)	($1,148)	($4,211)
SoCal Gas [d]	—	($618)	($618)
Property Taxes [d]	($5,655)	($2,962)	($8,617)
Plumbing, Repairs, Etc. [c]	($5,818)	($2,182)	($8,000)
Supplies & Other [c]	($1,818)	($682)	($2,500)
Net (Owner Basis, Pre-Reassessment)	$130,789	$5,076	$135,865

[a] Owner reported combined 2025 income of $168,401. Sanborn shown at its current in-place roll ($12,779/mo × 12); Manzanita is the remainder, reflecting the vacancy at that property during 2025. [b] Combined premium allocated by building SF (72% / 28%). [c] Combined amount allocated by unit count (8/11 vs 3/11); owner notes repairs and supplies vary year to year. [d] As stated per property on the owner's 2025 summary.

905 Sanborn Ave — Rent Roll & Underwriting (at $1,600,000)

Building	Mix	Bldg SF	In-Place Rent/Mo	Avg/Unit	Rent/SF	Status
905 Sanborn Ave (8 units, 2 bldgs)	Singles & 1BR/1BA [1]	4,318	$12,779	$1,597	$2.96	Occupied
Total	8 units	4,318	$12,779/mo	$1,597	$2.96	$153,348/yr GSR

Income	Annual	Per Unit	$/SF	% EGI
Gross Scheduled Rent [1]	$153,348	$19,169	$35.51	-
Less: Economic Vacancy (3%)	($4,600)	($575)	($1.07)	-
Effective Gross Income	$148,748	$18,594	$34.45	100%

Expenses	Annual	Per Unit	$/SF	% EGI
Real Estate Taxes [2]	$20,000	$2,500	$4.63	13.4%
Insurance [3]	$6,205	$776	$1.44	4.2%
Water / Sewer (DWP) [4]	$3,100	$388	$0.72	2.1%
Trash, Gas, Electric [5]	$1,200	$150	$0.28	0.8%
Repairs & Maintenance [6]	$8,000	$1,000	$1.85	5.4%
Contract Services [7]	$1,200	$150	$0.28	0.8%
Reserves [8]	$2,000	$250	$0.46	1.3%
Total Operating Expenses	$41,705	$5,213	$9.66	28.0%
Net Operating Income	$107,043	$13,380	$24.79	72.0%

6.69%Cap Rate @ $1.6M

10.43GRM

$200,000Price / Unit

$371Price / SF

Notes — Sanborn

[1] GSR: Owner-reported in-place collections of $12,779/mo. Assessor records show 4 bedrooms / 8 baths across 8 units — a singles-and-one-bedrooms building; the certified per-unit roll is delivered in due diligence. The $1,597 average is consistent with the building's unit sizes (540 SF avg).

[2] Real Estate Taxes: LA County reassesses to the purchase price at close. Shown at 1.25% of the $1,600,000 list price (current bill: $5,655 on a 1996 base).

[3] Insurance: The owner's actual 2025 combined premium ($8,590) allocated by building SF.

[4] Water / Sewer: The owner's actual 2025 LADWP charge allocated by unit count.

[5] Trash, Gas, Electric: Tenants pay gas and electric. Allowance for common-area service; owner's 2025 statement shows no separate trash line — buyer to verify hauling arrangement.

[6] Repairs & Maintenance: $1,000/unit vintage-building tier — above the owner's allocated 2025 actuals ($7,636 including supplies).

[7] Contract Services: Pest and periodic services allowance.

[8] Reserves: $250/unit for a 1927 building. The roof replacement is treated as a capital (price) item, not an operating expense.

904 Manzanita St — Rent Roll & Underwriting (at $900,000)

Unit	Type	≈SF	Rent/Mo	Rent/SF	Status	Notes
Middle unit	1BR / 1BA	553	$1,595	$2.88	Occupied	Long-term tenancy; rent unchanged since 2018
Front unit	1BR / 1BA	553	$2,095 [1]	$3.79	Vacant	Underwritten at market; deliverable at close
Back unit	1BR / 1BA	553	$2,095 [1]	$3.79	Vacant	Underwritten at market; deliverable at close
Total	3 units	1,659	$5,785/mo	$3.49	33% occ.	$69,420/yr market GSR

Income	Annual	Per Unit	$/SF	% EGI
Gross Scheduled Rent (Market) [1]	$69,420	$23,140	$41.84	-
Less: Economic Vacancy (3%)	($2,083)	($694)	($1.26)	-
Effective Gross Income	$67,337	$22,446	$40.59	100%

Expenses	Annual	Per Unit	$/SF	% EGI
Real Estate Taxes [2]	$11,250	$3,750	$6.78	16.7%
Insurance [3]	$2,385	$795	$1.44	3.5%
Water / Sewer (DWP) [4]	$1,200	$400	$0.72	1.8%
Trash, Gas, Electric [5]	$900	$300	$0.54	1.3%
Repairs & Maintenance [6]	$3,000	$1,000	$1.81	4.5%
Contract Services [7]	$600	$200	$0.36	0.9%
Reserves [8]	$750	$250	$0.45	1.1%
Total Operating Expenses	$20,085	$6,695	$12.11	29.8%
Net Operating Income	$47,252	$15,751	$28.48	70.2%

5.25%Cap @ $900K (Market)

12.96GRM (Market)

$300,000Price / Unit

$542Price / SF

Notes — Manzanita

[1] GSR: The occupied middle unit at its actual $1,595 rent; the two vacant units underwritten at $2,095/mo — the conservative middle of the verified $2,000–$2,450 asking range for vintage Silver Lake one-bedrooms (Zumper/RentCafe surveys and live listings, July 2026). In-place collections today are $1,595/mo.

[2] Real Estate Taxes: 1.25% of the $900,000 list price on reassessment (current bill: $2,962 on a 1996 base).

[3] Insurance: Owner's actual 2025 combined premium allocated by building SF.

[4] Water / Sewer: Owner's actual 2025 LADWP charge allocated by unit count.

[5] Trash, Gas, Electric: Includes the owner's actual $618 gas. Historic leases were all-utilities-included; new market leases on the vacant units can shift utilities to tenants.

[6] Repairs & Maintenance: $1,000/unit vintage tier, consistent with the owner's allocated actuals.

[7] Contract Services: Pest / periodic services allowance.

[8] Reserves: $250/unit for a 1916 building.

The income statement is the floor value. With two of three units vacant on a 5,643 SF LARD1.5 lot one block from Sunset Junction, the property's clearing price is set by the residential and owner-user market — the Carolwood channel.

Summary — 905 Sanborn Ave at $1,600,000

Operating Data
Price	$1,600,000
Down Payment (40%)	$640,000
Number of Units	8
Price / Unit	$200,000
Price / SF	$371
Gross SF	4,318
Lot SF	5,466
Year Built	1927

Returns (Reassessed)
Cap Rate	6.69%
GRM	10.43
Cash-on-Cash	5.93%
DSCR	1.55x

Financing (Illustrative)
Loan Amount	$960,000
Rate / Amort	6.00% / 30yr
Loan Constant	7.20%
LTV (actual)	60.0%
Constraint	LTV

Income
Gross Scheduled Rent	$153,348
Less Vacancy (3%)	($4,600)
Effective Gross Income	$148,748
Operating Expenses	($41,705)
Net Operating Income	$107,043

Cash Flow
Net Operating Income	$107,043
Debt Service	($69,072)
Net Cash Flow	$37,971
Cash-on-Cash	5.93%
+ Principal Reduction (Yr 1)	$11,793
Total Return	7.78%

Expense Ratio
OpEx / EGI	28.0%
OpEx / Unit	$5,213
OpEx / SF	$9.66

Summary — 904 Manzanita St at $900,000

Operating Data
Price	$900,000
Down Payment (40%)	$360,000
Number of Units	3
Price / Unit	$300,000
Price / SF	$542
Gross SF	1,659
Lot SF	5,643
Year Built	1916

Returns (Reassessed, Market Rents)
Cap Rate	5.25%
GRM	12.96
Cash-on-Cash	2.33%
DSCR	1.22x

Financing (Illustrative)
Loan Amount	$540,000
Rate / Amort	6.00% / 30yr
Loan Constant	7.20%
LTV (actual)	60.0%
Constraint	LTV

Income (Market Rents on Vacants)
Gross Scheduled Rent	$69,420
Less Vacancy (3%)	($2,083)
Effective Gross Income	$67,337
Operating Expenses	($20,085)
Net Operating Income	$47,252

Cash Flow
Net Operating Income	$47,252
Debt Service	($38,853)
Net Cash Flow	$8,399
Cash-on-Cash	2.33%
+ Principal Reduction (Yr 1)	$6,633
Total Return	4.18%

Expense Ratio
OpEx / EGI	29.8%
OpEx / Unit	$6,695
OpEx / SF	$12.11

Pricing & Summary

Two Individual Sales — The Recommended Disposition Strategy

We recommend bringing the properties to market as two separate listings, each priced to its own buyer pool: the Sanborn 8-unit to yield-driven apartment investors, the Manzanita triplex to residential, owner-user, and first-time buyers through the Carolwood channel. A buyer who wants both can still acquire the pair.

Sale 1 · 905 Sanborn Ave · 8 Units

$1,600,000

6.69% Reassessed Cap · 10.43 GRM
$200,000 / Unit · $371 / SF · 5,466 SF Lot
The yield play — priced below the sold-comp median with the roof disclosed
Expected trade range: $1,500,000 – $1,650,000

Sale 2 · 904 Manzanita St · Triplex

$900,000

2 of 3 Units Delivered Vacant · $300,000 / Unit
5.25% Cap / 12.96 GRM at market rents · 5,643 SF Lot
The residential play — marketed through Carolwood's channel
Expected trade range: $850,000 – $950,000

Pricing Matrix — 905 Sanborn Ave (8 Units)

Purchase Price	Cap Rate	Cash-on-Cash	$/Unit	$/SF	GRM	DSCR
$1,750,000	6.01%	4.23%	$218,750	$405	11.41	1.39x
$1,700,000	6.22%	4.77%	$212,500	$394	11.09	1.44x
$1,650,000	6.45%	5.33%	$206,250	$382	10.76	1.49x
$1,600,000	6.69%	5.93%	$200,000	$371	10.43	1.55x
$1,550,000	6.95%	6.57%	$193,750	$359	10.11	1.61x
$1,500,000	7.22%	7.26%	$187,500	$347	9.78	1.67x
$1,450,000	7.51%	7.99%	$181,250	$336	9.46	1.74x

Pricing Matrix — 904 Manzanita St (Triplex, Market Rents)

Purchase Price	Cap Rate	Cash-on-Cash	$/Unit	$/SF	GRM	DSCR
$1,000,000	4.60%	1.64%	$333,333	$603	14.40	1.20x
$950,000	4.91%	1.90%	$316,667	$573	13.68	1.20x
$900,000	5.25%	2.33%	$300,000	$542	12.96	1.22x
$850,000	5.63%	3.29%	$283,333	$512	12.24	1.30x
$800,000	6.06%	4.36%	$266,667	$482	11.52	1.40x

Each matrix holds that property's income and non-tax expenses constant; only reassessed taxes (1.25% of price) move with price. Financing illustrative at 6.00% / 30-year amortization, lesser of 60% LTV or 1.20x DCR — the Manzanita loan turns DCR-constrained at the higher price points, which is typical for a residential-lens asset.

Combined Proceeds if Both Sales Clear at List

$2,500,000

6.17% blended reassessed cap · 11.22 GRM · $227,273 / unit · $418 / SF

Pricing Rationale

The recommended pricing reconciles three independent lenses, applied property by property. On yield: Sanborn's 6.69% reassessed cap and 10.43 GRM sit inside the closed-comp cap band (6.20–7.00%) and at the very top of the active-listing yield range — the direct answer to the roof condition. On per-unit basis: Sanborn's $200,000/unit is ~15% below the $235,807 sold-comp median and in line with the two vintage 8-unit prints ($193,750 and $199,375/unit), while Manzanita's $300,000/unit sits below the vacancy-rich precedent (624 Silver Lake Blvd, 3-of-4 vacant, $328,750/unit) and far below 1180 Myra Ave asking $423,750/unit two blocks away. On the residential lens: Manzanita's two deliverable-vacant cottages on a 5,643 SF lot price against Silver Lake's residential market (Redfin AVM ≈ $1.06M), which the Carolwood channel is built to capture.

Sold individually as recommended, combined proceeds at list total $2,500,000 — a 6.17% blended reassessed cap and an 11.22 GRM — and each property is positioned to clear on its own within an industry-standard 60–90 day marketing window.

Assumptions & Conditions: This opinion of value is based on owner-reported 2025 operating figures, LA County Assessor records, verified market rent surveys, and recent comparable sales. The Sanborn per-unit rent roll and the roof's condition/replacement scope are to be verified in due diligence. Financing shown is illustrative (6.00%, 30-year amortization, 60% max LTV). Final terms, prorations, and net proceeds depend on the executed contract and close date. Buyer to verify all figures in due diligence.