13915 Sherman Way

Highlights:

• Now $3,750,000 - reduced from $3,950,000
• 15-unit townhouse-style multifamily built 1989 on the Sherman Way transit corridor
• Approximately 23.6% rent upside - $372,828 in-place gross scheduled rent to $460,800 at pro forma market rents
• 5.80% cap rate, 9.99 GIM, $250,000 per unit, and $232.28 per SF
• RSO exempt and subject only to AB 1482, with most leases month-to-month for near-term capture
• First offering in 30-plus years - estate disposition with TOC Tier 1 entitlement optionality

Description:

The LAAA Team of Marcus & Millichap is pleased to present 13915 Sherman Way, now offered at a reduced price of $3,750,000. The property is a 15-unit, townhouse-style multifamily asset built in 1989 on the Sherman Way transit corridor in Van Nuys, with 12 two-bedroom townhomes, three one-bedroom flats, a community pool, on-site laundry, and roughly 23.6% in near-term rent upside on mostly month-to-month leases.

• Improved Yield at the New Price: Revised pricing of $3,750,000 brings the offering to a 5.80% cap rate and a 9.99 GIM on in-place income.
• 23.6% Rent Upside: Current gross scheduled rent of $372,828 grows to roughly $460,800 at pro forma market rents of $2,650 for townhomes and $2,200 for flats, with most leases month to month and two legacy tenants well below market.
• Premium Townhome Format: 12 of the 15 units are two-story, roughly 1,100 SF townhomes with 2.5 baths that command $100 to $200 per month premiums over valley flats; three one-bedroom flats round out the rent roll.
• Regulatory Advantage: Built in 1989, the property is exempt from the Los Angeles Rent Stabilization Ordinance and subject only to AB 1482, so turnover units reset to market without rent-board oversight.
• Transit-Corridor Location: TOC Tier 1 site on the Sherman Way corridor; the federally funded East San Fernando Valley Light Rail station sits about 0.5 miles east and is slated to open in 2031.
• First Offering in 30-Plus Years: Estate disposition of a single asset held for three decades, with a community pool, on-site laundry, and a 28-space parking garage supporting the rent roll.

If 13915 Sherman Way fits your acquisition profile, we would welcome a call to walk through the updated pricing, the current rent roll, and the rent upside.