Prepared Exclusively for Hagop Richard Kurian
La Maison Ventures, LLC · Rukard Group, Inc. · May 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 Toluca Lake, Studio City, Sherman Oaks, 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 11025 Blix St, that means an evidence-based opinion of value anchored in recent Toluca Lake and NoHo four-unit sales, presented with the same rigor we would bring to defending the price against a buyer's due-diligence challenge.
• 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
11025 Blix St is a brand-new 2025 four-unit property in the heart of Toluca Lake, comprising two structures on a single 8,260 SF lot: a front duplex of two 4BR/3BA split-level townhomes and a rear pair of detached 2BR/2BA ADUs.
Every unit features European cabinetry, stainless Samsung appliances, in-unit washer/dryer, vinyl plank flooring, custom shades, and central HVAC. The property is gated, with owned solar offsetting common-area load. The front townhomes carry four dedicated parking spaces.
The asset is exempt from LA RSO and AB1482 by its 2025 vintage, carries no deferred maintenance, and is being delivered at the inside edge of the sold-comp cap-rate range - a disciplined, clear-to-trade opportunity for a buyer seeking turnkey new construction in an established Westside-adjacent submarket.
Toluca Lake is an established, affluent pocket of the eastern San Fernando Valley bordering Burbank and Universal City. It is known for tree-lined streets, single-family character, and a scarcity of newer attached multifamily product - only about 3.4% of the local housing stock is attached duplex or townhome per ACS data.
The location places residents within three miles of Warner Bros. and Universal Studios, with Metro B Line access at the Universal/Studio City station and quick connections to the 101, 134, and 170 freeways. The renter base skews toward young entertainment-industry and creative professionals who value new construction and proximity to the studios.
The subject sits on Blix St between Cahuenga and Vineland, a quiet residential block. A four-detached new-construction compound two doors south provides a direct, same-block reference point for the submarket's pricing dynamics.
| Location Details | |
|---|---|
| Submarket | Toluca Lake (Area 74) |
| ZIP | 91602 |
| Median HH Income | $97,994 |
| Median Gross Rent | $2,226/mo |
| Major Employers | Warner Bros., Universal |
| Transit | Metro B Line < 1 mi |
| Freeway Access | 101 / 134 / 170 |
| Zoning | LAR1 |
| Property Overview | |
|---|---|
| Units | 4 (2 townhomes + 2 ADUs) |
| Year Built | 2025 (new construction) |
| Building SF | 4,958 |
| Unit Mix | 2x 4BR/3BA, 2x 2BR/2BA |
| Parking | 4 spaces (front units) |
| Condition | New / turnkey |
| Site & Zoning | |
|---|---|
| APN | 2353-026-024 |
| Lot Size | 8,260 SF (0.19 ac) |
| Dimensions | 50' x 165' |
| Zoning | LAR1 |
| Structures | Front duplex + rear ADU pair |
| Building Systems | |
|---|---|
| HVAC | Central, each unit |
| Solar | Owned outright |
| Laundry | In-unit W/D each unit |
| Water Heating | Tankless (assumed) |
| Finishes | European cabinetry, SS appliances |
| Regulatory & Utilities | |
|---|---|
| Rent Control (RSO) | Exempt (2025 build) |
| AB1482 | Exempt (<15 yrs) |
| Owner Pays | Water/sewer |
| Tenant Pays | Trash, gas, electric, insurance |
| Registration | No LAHD/SCEP |
1031 Exchange Buyers
Investors trading out of older, management-intensive stock into turnkey new construction with no deferred capital and a clean expense profile.
Private Local Investors
Toluca Lake and Westside-adjacent owners seeking a stabilized, low-touch four-unit they can self-manage.
First-Time Multifamily Buyers
Buyers stepping up from a duplex who want new construction, residential-style financing, and minimal operational complexity.
The combination of new construction, vintage exemptions, and an owner-friendly expense structure broadens the buyer pool well beyond a typical value-add four-unit.
"The rear ADUs have no on-site parking."
Correct, and it is reflected in the pricing: the subject is anchored below the sold-comp median per-unit, accounting for the parking handicap on the two rear units. Street parking on Blix is readily available.
"The operating expense ratio looks low."
It is structurally correct for a 2025 four-unit: tenants pay trash, gas, electric, and insurance; owned solar offsets common-area load; and the vintage is exempt from RSO/AB1482 fees. A buyer should verify in DD.
"Rents were reduced during lease-up."
The underwriting uses achieved, market-clearing rents - not the aspirational launch asks. That makes the $190,980 GSR a defensible, de-risked basis rather than a projection.
| Address | Submarket | Yr | Sale Price | $/Unit | $/SF | Cap | Dist | Sold |
|---|---|---|---|---|---|---|---|---|
| 10706 Camarillo St · photos ↗ | Toluca Lake | 2017 | $2,800,000 | $700,000 | $474 | 5.37% | 0.42 mi | Jul 2025 |
| 5648 Cartwright Ave · photos ↗ | North Hollywood | 2025 | $2,775,000 | $693,750 | $501 | 5.82% | 1.21 mi | Dec 2025 |
| 5626 Willowcrest Ave · photos ↗ | North Hollywood | 2017 | $2,525,000 | $631,250 | $434 | 4.93% | 1.21 mi | Apr 2025 |
| 11447 Cumpston St · photos ↗ | North Hollywood | 2025 | $3,350,000 | $837,500 | $508 | 5.09% | 1.05 mi | Dec 2025 |
| Median (4 sold comps) | $2,787,500 | $696,875 | $488 | 5.23% | - | - | ||
1. 10706 Camarillo St - The closest and most directly comparable sale: same Toluca Lake submarket, townhome layout, 0.42 mi from the subject. Eight tandem gated spaces and a 2017 vintage. Sold at 97% of list, establishing the Toluca Lake townhome benchmark the subject prices against.
2. 5648 Cartwright Ave - A 2025 new-build precedent that traded off-market at a 5.82% cap, the top of the sold-comp cap range. Seven parking spaces (1.75/unit). Confirms the pricing band for brand-new four-unit product in the immediate area.
3. 5626 Willowcrest Ave - A 2017 duplex-pair configuration with eight garage spaces, sold at a 4.93% cap. Anchors the lower end of the per-unit range and shows how parking-rich, slightly older product trades.
4. 11447 Cumpston St - Top of the 2025 new-build range at $508/SF and $837,500/unit. Three-story townhomes with eight parking spaces, sold at 96% of list. Demonstrates the ceiling for larger new-construction four-unit assets nearby. Unit mix: one 5BR/4BA, one 4BR/3BA, one 3BR/3.5BA, and one 3BR/3BA townhome, supporting the NoHo rental band typical for new-construction product: 3BR units lease in the $3,800-$4,500 range, 4BR units in $4,200-$5,200, and 5BR units in $5,000-$6,250 depending on condition and proximity to key corridors.
| Address | Submarket | Yr | Units | List Price | $/Unit | $/SF | Status |
|---|---|---|---|---|---|---|---|
| 5743 Case Ave | North Hollywood | 2018 | 4 | $2,400,000 | $600,000 | $530 | Pending (2 DOM) |
| 5622 Willowcrest Ave | North Hollywood | 2025 | 4 | $2,250,000 | $562,500 | $442 | Pending |
| 11026 Hortense St | Toluca Lake | 2025 | 4 | $5,395,000 | $1,348,750 | $897 | Active · 111 DOM |
| 6420-6422 Hanna Ave | Woodland Hills | 2025 | 4 | $2,525,000 | $631,250 | $482 | Active · MMI OM |
| 19453 Strathern St | Reseda | 2026 | 4 | $2,495,000 | $623,750 | $586 | Active · Zillow |
| 5750 Kester Ave | Van Nuys | 2021 | 4 | $3,460,000 | $865,000 | $433 | Active · Zillow |
| Average (6 active comps) | $3,087,500 | $771,875 | $562 | - | |||
The two pending NoHo comps confirm active buyer demand when four-unit product is priced inside the comp range - one went pending in just two days. The Hanna Ave listing in Woodland Hills (2025, 4-unit townhome, $2,525,000) and the Strathern St listing in Reseda (2026, 12BR/12BA new construction, $2,495,000, $586/SF) anchor the west-Valley submarket at the sub-$2.55M level, reflecting the discount those submarkets carry against Toluca Lake. The Kester Ave listing in Van Nuys, a 2021-built 4-unit townhome boutique at $3,460,000 ($865,000/unit), sits closer geographically to the subject and validates the per-unit ceiling for new-construction 4-unit townhome product in the central Valley. The Hortense compound, two doors south of the subject, is the cautionary counterpoint: listed aspirationally at $5,995,000, reduced to $5,395,000, and still unsold after 111 days. The subject at $2,700,000 is deliberately positioned to clear, not to sit.
| Unit | Type | SF | Rent/Mo | Rent/SF | Status | Notes |
|---|---|---|---|---|---|---|
| 11025 | 4BR / 3BA townhome (front) | 1,700 | $4,895 | $2.88 | Occupied | Lease through 1/31/27 |
| 11025½ | 4BR / 3BA townhome (front) | 1,666 | $4,750 | $2.85 | Occupied | Lease through 3/31/27 |
| 11023 | 2BR / 2BA ADU (rear) | 796 | $3,275 | $4.11 | Occupied | Lease through 2/7/27 |
| 11023½ | 2BR / 2BA ADU (rear) | 796 | $2,995 | $3.76 | Leasing | Two applications out; market rent |
| Total | 4 units | 4,958 | $15,915/mo | $3.21 | 75% phys. | $190,980/yr GSR |
| Income | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Gross Scheduled Rent [1] | $190,980 | $47,745 | $38.52 | - |
| Less: Economic Vacancy (3%) | ($5,729) | ($1,432) | $1.16 | - |
| Effective Gross Income | $185,251 | $46,313 | $37.36 | 100% |
| Expenses | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Real Estate Taxes [2] | $33,750 | $8,438 | $6.81 | 18.2% |
| Insurance [3] | $4,250 | $1,062 | $0.86 | 2.3% |
| Water / Sewer [4] | $1,200 | $300 | $0.24 | 0.6% |
| Trash, Gas, Electric [5] | $0 | $0 | $0.00 | 0.0% |
| Repairs & Maintenance [6] | $2,000 | $500 | $0.40 | 1.1% |
| Contract Services [7] | $1,200 | $300 | $0.24 | 0.6% |
| Reserves [8] | $600 | $150 | $0.12 | 0.3% |
| Total Operating Expenses | $43,000 | $10,750 | $8.67 | 23.2% |
| Net Operating Income | $142,251 | $35,563 | $28.69 | 76.8% |
[1] Gross Scheduled Rent: 100% stabilized basis at market rents: $4,895 + $4,750 (front 4BR townhomes) + $3,275 + $2,995 (rear 2BR ADUs). The vacant rear ADU is underwritten at its current $2,995 advertised rate.
[2] Real Estate Taxes: LA County reassesses to the purchase price at close. Shown at 1.25% of the list price.
[3] Insurance: Two-component LAAA formula (units x $200 + SF x $1.00). New build, no claims, no fire zone.
[4] Water / Sewer: Owner-paid minimal common-area allowance. Drought-tolerant landscape; in-unit metering covers tenant usage.
[5] Trash, Gas, Electric: Tenant-paid per MLS across all five lease listings. Individually metered (2025 code).
[6] Repairs & Maintenance: Brand-new 2025 construction. No deferred maintenance, no turnover history.
[7] Contract Services: Landscape, quarterly pest, annual backflow + fire-sprinkler inspections.
[8] Reserves: $150/unit, lowest tier for a 2025 build with no deferred capital needs.
100% benchmark-built - subject is newly stabilized 2025 construction with no operating history. Buyer to verify actuals in due diligence.
| Operating Data | |
|---|---|
| Price | $2,700,000 |
| Down Payment | $1,080,000 |
| Number of Units | 4 |
| Price / Unit | $675,000 |
| Price / SF | $545 |
| Gross SF | 4,958 |
| Year Built | 2025 |
| Returns (Reassessed) | |
|---|---|
| Cap Rate | 5.27% |
| GRM | 14.14x |
| Cash-on-Cash | 2.38% |
| DSCR | 1.22x |
| Financing | |
|---|---|
| Loan Amount | $1,620,000 |
| Rate / Amort | 6.00% / 30yr |
| Loan Constant | 7.19% |
| LTV (actual) | 60.0% |
| Constraint | LTV |
| Income | |
|---|---|
| Gross Scheduled Rent | $190,980 |
| Less Vacancy (3%) | ($5,729) |
| Effective Gross Income | $185,251 |
| Operating Expenses | ($43,000) |
| Net Operating Income | $142,251 |
| Cash Flow | |
|---|---|
| Net Operating Income | $142,251 |
| Debt Service | ($116,559) |
| Net Cash Flow | $25,692 |
| Cash-on-Cash | 2.38% |
| + Principal Reduction | $19,884 |
| Total Return | 4.22% |
| Expense Ratio | |
|---|---|
| OpEx / EGI | 23.2% |
| OpEx / Unit | $10,750 |
| OpEx / SF | $8.67 |
| Purchase Price | Cap Rate | Cash-on-Cash | $/Unit | $/SF | GRM | DSCR |
|---|---|---|---|---|---|---|
| $2,900,000 | 4.82% | 1.82% | $725,000 | $585 | 15.18x | 1.20x |
| $2,850,000 | 4.93% | 1.91% | $712,500 | $575 | 14.92x | 1.20x |
| $2,800,000 | 5.04% | 2.01% | $700,000 | $565 | 14.66x | 1.20x |
| $2,750,000 | 5.15% | 2.13% | $687,500 | $555 | 14.40x | 1.20x |
| $2,700,000 | 5.27% | 2.38% | $675,000 | $545 | 14.14x | 1.22x |
| $2,650,000 | 5.39% | 2.69% | $662,500 | $534 | 13.88x | 1.25x |
| $2,600,000 | 5.52% | 3.01% | $650,000 | $524 | 13.61x | 1.28x |
| $2,550,000 | 5.65% | 3.34% | $637,500 | $514 | 13.35x | 1.31x |
| $2,500,000 | 5.79% | 3.68% | $625,000 | $504 | 13.09x | 1.34x |
| $2,450,000 | 5.93% | 4.04% | $612,500 | $494 | 12.83x | 1.37x |
| $2,400,000 | 6.08% | 4.42% | $600,000 | $484 | 12.57x | 1.41x |
The list price of $2,700,000 reconciles three independent pricing lenses. On a per-unit basis ($675,000) it sits approximately 3% below the sold-comp median of $696,875. On cap rate (5.27%) it lands just above the sold-comp median of 5.23%, providing buyers a measurable yield premium to recent closings. On price-per-SF ($545) it carries a modest premium consistent with brand-new 2025 construction and the subject's Toluca Lake address.
The price is anchored at the disciplined, comp-supportable end of the range - accounting for the rear ADUs' lack of on-site parking - and is positioned to clear within an industry-standard 60-90 day marketing window, with room for upward buyer-side negotiation.