Scheduled residential rent totals $17,749/mo (including the vacant unit at market) plus $1,400/mo parking income at 12320. Occupied units average $2,093/mo against the seller's $3,100 market estimate - roughly 48% upside on in-place rents. Unit SF shown at building average (assessor building SF ÷ 4).
Operating Statement (Reassessed)
| Income | Annual | Per Unit | $/SF | % EGI |
|---|
| Gross Scheduled Income [1] | $229,788 | $28,724 | $32.65 | - |
| Less: Economic Vacancy (3%) | ($6,894) | ($862) | $0.98 | - |
| Effective Gross Income | $222,894 | $27,862 | $31.67 | 100% |
| Expenses | Annual | Per Unit | $/SF | % EGI |
|---|
| Real Estate Taxes [2] | $39,950 | $4,994 | $5.68 | 17.9% |
| Insurance [3] | $5,522 | $690 | $0.78 | 2.5% |
| Utilities - Gas/Electric/Water [4] | $6,649 | $831 | $0.94 | 3.0% |
| Trash [5] | $6,240 | $780 | $0.89 | 2.8% |
| Repairs & Maintenance [6] | $6,000 | $750 | $0.85 | 2.7% |
| Contract Services [7] | $1,440 | $180 | $0.20 | 0.6% |
| Reserves [8] | $2,000 | $250 | $0.28 | 0.9% |
| Total Operating Expenses | $67,801 | $8,475 | $9.63 | 30.4% |
| Net Operating Income | $155,093 | $19,387 | $22.04 | 69.6% |
Notes to Operating Statement
[1] Gross Scheduled Income: Seller-signed rent rolls dated 7/25/26. Includes $16,800/yr parking income at 12320; the vacant unit (12320-B) is underwritten at the seller's $3,100 market rent.
[2] Real Estate Taxes: LA County reassesses to the purchase price at close. Shown at 1.25% of the $3,196,000 list price.
[3] Insurance: 2025 actual, both buildings, per seller P&L.
[4] Utilities - Gas/Electric/Water: 2025 actual, both buildings, per seller P&L.
[5] Trash: 2025 actual, both buildings, per seller P&L.
[6] Repairs & Maintenance: Underwritten at $750/unit per year. 2025 actuals were only $1,418 combined following the 2025 roof and repaint program.
[7] Contract Services: Gardener, 2025 actual.
[8] Reserves: $250/unit.
Income per seller-signed rent rolls (7/25/26); expenses per seller-signed 2025 P&Ls except where noted. Buyer to verify all figures in due diligence.
Pro Forma Upside
At the seller's $3,100 market rent on all eight units plus parking income, gross scheduled income grows to $314,400 and NOI to $237,167 (same expense structure, 3% vacancy) - a
7.42% pro forma cap rate on the $3,196,000 list price, before any ADU contribution.
Suggested List Price
$3,196,000
4.85%Cap Rate
$399,500Price / Unit
$454Price / SF
13.91xGRM
Expected Trade Range
$2,890,000 – $3,196,000
5.50% cap at the floor · 4.85% cap at list | $361,250 – $399,500 per unit | $411 – $454 per SF
12314 Washington Pl
$1,498,000
$374,500/unit · $429/SF · 4.22% cap · 15.16 GRM
Fully occupied · all Section 8
12320 Washington Pl
$1,698,000
$424,500/unit · $478/SF · 5.41% cap · 12.96 GRM
Vacant unit + parking income
The buildings may be purchased together or the pairing negotiated; the approved ADU plans convey on a combined purchase.
Pricing Matrix
Identical operating-expense structure at every row; real estate taxes scale at 1.25% of each row's price. Rows below $3,046,000 are LTV-constrained at 60%; DSCR floats above 1.20x.
Pricing Rationale
The list price of $3,196,000 reconciles three independent pricing lenses. On a per-unit basis ($399,500), the subject carries a deliberate premium to the sold-comp median of $277,542 - a median built on 6-9 unit older stock - because 4-unit product commands materially more per door on the Westside (240 3rd Ave closed at $552,518/unit), and the active Kinston Ave fourplex asks $398,750/unit, validating the subject's number almost exactly. On cap rate, the 4.85% going-in yield is underpinned by in-place rents roughly 48% below the seller's own $3,100 market estimate: the same expense structure at market rents produces a 7.42% pro forma cap, before any ADU contribution. On price-per-SF ($454), the subject prices directly against the anchor sale two blocks away - 12510 Washington Pl at $459/SF, closed March 2026 - while undercutting the 2-4 unit active set's $612/SF average by roughly 26%.
The price is anchored where the same-street closed evidence and the active fourplex market intersect - positioned to clear within an industry-standard marketing window rather than to sit, with the per-building split ($1,498,000 / $1,698,000) preserving flexibility for both residential-financed and commercial-pool buyers. We expect the offering to trade between $2,890,000 and $3,196,000 - the floor of that range representing a 5.50% going-in cap rate on the same reassessed expense structure, a yield that would rank among the strongest of any recent Westside small-multifamily trade.
Assumptions & Conditions: This opinion of value is based on seller-signed rent rolls dated 7/25/26, seller-signed 2025 P&Ls, and recent comparable sales. Financing shown is illustrative (6.00%, 30-year amortization, loan sized to the lesser of 60% LTV or a 1.20x DSCR). Real estate taxes are modeled at 1.25% of the purchase price (LA County reassessment at close). ADU plan count and status, current allowable rent increases under the Culver City Rent Control Ordinance, and utility metering are to be verified by buyer. Final terms, prorations, and net proceeds depend on the executed contract and close date. Buyer to verify all figures in due diligence.
