Broker Opinion of Value — Prepared for Christine Luu
4307 Whitsett Ave
Studio City, CA 91604
16 Units | Built 1985 | Not RSO | 100% Occupied | APN: 2375-002-058
BOV: $6,700,000
| Address | 4307 Whitsett Ave |
| City / Zip | Studio City, CA 91604 |
| APN | 2375-002-058 |
| Year Built | 1985 |
| Units | 16 (2×1BR/1BA + 14×2BR/2BA) |
| Building SF | 16,720 SF |
| Lot SF | 5,820 SF |
| RSO Status | Not RSO |
| Occupancy | 100% |
| Existing Loan | $2,000,000 @ 5.90% (3-yr fixed) |
| Owner | Christine Luu |
| Income (Current — March 2026) | |
| Annual Gross Scheduled Rents | $552,780 |
| Laundry Income | $6,810 |
| Gross Potential Income | $559,590 |
| Vacancy / Credit Loss (3%) | ($16,788) |
| Effective Gross Income | $542,802 |
| Operating Expenses (Buyer Basis @ $6.7M) | |
| Real Estate Taxes (1.25% reassessed) | $83,750 |
| Insurance | $15,882 |
| Water / Sewer / Trash | $22,000 |
| Repairs & Maintenance | $28,800 |
| Management (4% EGI) | $21,712 |
| Landscaping | $4,800 |
| Pest Control | $2,400 |
| Advertising | $2,400 |
| G&A | $4,800 |
| Fire / Safety | $2,400 |
| Reserves | $10,000 |
| Total Operating Expenses | $198,944 |
| Net Operating Income | $343,858 |
| Address | City | Units | Built | Asking | Sale Price | Disc. | $/Unit | GRM | Cap | Date | DOM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 13028 Valleyheart Dr | Studio City | 18 | 1986 | $7,995,000 | $7,450,000 | −7% | $413,889 | 12.91× | 4.94% | Oct 2024 | 79 |
| 4180 Arch Dr | Studio City | 36 | 1990 | $12,995,000 | $12,000,000 | −8% | $333,333 | 12.07× | 5.39% | Dec 2024 | 45 |
| 13444 Moorpark St | Sherman Oaks | 16 | 1986 | $4,999,000 | $4,950,000 | −1% | $309,375 | 11.18× | 5.76% | Feb 2025 | 161 |
| 4307 Whitsett Ave ★ | Studio City | 16 | 1985 | BOV | $6,700,000 | — | $418,750 | 12.12× | 5.13% | BOV | — |
| Sale Price | Price / Unit | Price / SF | GRM | Cap Rate |
|---|---|---|---|---|
| $6,200,000 | $387,500 | $370.81 | 11.22× | 5.67% |
| $6,300,000 | $393,750 | $376.79 | 11.40× | 5.55% |
| $6,400,000 | $400,000 | $382.78 | 11.58× | 5.44% |
| $6,500,000 | $406,250 | $388.76 | 11.76× | 5.34% |
| $6,600,000 | $412,500 | $394.74 | 11.94× | 5.23% |
| $6,700,000 ★ BOV | $418,750 | $400.72 | 12.12× | 5.13% |
| $6,800,000 | $425,000 | $406.70 | 12.30× | 5.03% |
| $6,900,000 | $431,250 | $412.68 | 12.48× | 4.94% |
| $7,000,000 | $437,500 | $418.66 | 12.66× | 4.85% |
| $7,100,000 | $443,750 | $424.64 | 12.84× | 4.76% |
| $7,200,000 | $450,000 | $430.62 | 13.03× | 4.67% |
Property tax (1.25%) and insurance scale with price at each level. See sensitivity.html for full methodology.
Why $6,700,000? This price reflects the current market for quality, non-RSO multifamily in Studio City. Valleyheart Dr — the most comparable recent transaction in the same submarket — traded at $413,889/unit in October 2024. At $418,750/unit, 4307 Whitsett commands a slight premium, supported by its non-RSO status, 100% occupancy, and $21,120/yr in identifiable rent upside across 6 under-market units.
The 5.13% buyer cap rate is market-appropriate. It accounts for fully reassessed property taxes at purchase (1.25% of price — the reality every buyer underwrites). At 5.13%, this property pencils for the most active buyer profile in today's market: the 1031 exchange buyer deploying equity from a sale of a lower-yielding asset or a highly appreciated property.
Non-RSO is the differentiator. Studio City's non-RSO designation allows a new owner to push rents to market at every turn — no rent control ceiling, no annual limit. This is the feature buyers are paying up for across the SFV. Properties without RSO exposure consistently trade at a premium to the broader market, and 4307 Whitsett is a direct beneficiary of that dynamic.
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