13915 Sherman Way · Los Angeles, CA 91405

$3,750,000

27 bd · 42.0 ba · 16,144 sqft · MultiFamily public records · 49 Days on market

Built 1989 0.32 ac lot $232/sqft · at area comps Est $3621k · at est.

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.4/30.0
• DSCR +8.4/10.0
• ARV discount +5.9/15.0
• 1% rule +5.6/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 15 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

We are proud to present 13915 Sherman Way, a 15-unit townhouse-style multifamily property on Van Nuys's Sherman Way transit corridor. Built 1989, the property comprises 12 two-bedroom/2.5-bath townhomes and three one-bedroom flats across 16,144 SF on a 13,998 SF lot. Two-story wood frame with individually metered gas and electric, a community pool, on-site laundry, and 28 surface parking spaces. The property is RSO-exempt and subject only to AB 1482.The investment case is near-term rent capture with no capital requirement. Current gross scheduled rent of $372,828 grows to $460,800 at pro forma market rents of $2,650 TH / $2,200 flat approximately 23.6% upside. Two legacy tenants sit at $1,184/month, most leases are month-to-month, and no permits have been pulled since 2006. Townhome format commands $100$200/month premiums over valley flats. First offering in 30-plus years positions the deal for 1031 buyers, family offices, and value-add operators. Van Nuys submarket vacancy runs 4.7%, below the 5.3% LA metro average, and the 633-unit construction pipeline is concentrated in Class A that does not competewith the subject. The planned East SFV Light Rail station sits 0.5 miles east, opening 2031. TOC Tier 1 designation adds entitlement optionality for a long-term hold.

Key facts

• On site laundry
• Rso exempt
• Community pool

Tags

• COMMUNITY POOL
• ON SITE LAUNDRY
• 28 SURFACE PARKING SPACES
• RSO EXEMPT
• AB 1482
• TOWNHOME FORMAT

What this means for you Summary

Snapshot

• This is a 12×2bd/2.5ba + 3×1bd/1ba units multifamily listed at $3.75M.

Deal economics

• At list price, monthly cash flow is $9k ($104k/yr) — positive. Per door: $579/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($40k rent vs $3.75M).
• Recommended offer: $3.64M (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 2.1% in Los Angeles — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#273 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment B; Watch: health & safety C-, schools D+, crime F.
• Los Angeles Unified (urban): math 29% / reading 54% proficiency, ranked #223 of 517 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-1.3%/yr); 76 active listings in the ZIP; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $39,670/mo this rent would consume 757% of the median local household income ($63k/yr) (locally 4944% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $26k of loan paydown is wiped out by about $112k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($3.64M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $720k; list at $3.75M implies a 421% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,637,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.06% ✓
• Cap rate: 9.07%
• Cash-on-cash: 9.93%
• DSCR: 1.44
• GRM: 7.9

CMA / ARV

• ARV (median comp): $3,621,014
• List price: $3,750,000
• Delta: 3.56%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -4.5%
• Equity multiple: 0.84×
• Total profit: $-171,777
• Equity at exit: $559,137

10-year hold

• IRR: 1.7%
• Equity multiple: 1.10×
• Total profit: $108,191
• Equity at exit: $324,231

Cash invested: $1,050,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City Los Angeles: 0 Strongly Tenant-Friendly · D+22

LARSO + JCEO 2023; relocation for substantial remodel evictions.

Methodology + full state rankings →

ZIP-level market 91405

• Rents YoY: -1.3%
• Active inventory: 76
• Price-to-rent: 115.1×

Monthly cashflow live

• Estimated rent: $39,670 high
• Mortgage (P&I): −$19,665
• Tax from tax record: −$1,420 /mo · $17,042/yr
• Insurance: −$1,562
• HOA: −$0
• Vacancy / Maint / Mgmt: −$8,331
• Net cashflow: $8,691

Break-even live

Break-even rent $28,668

Max offer price $3,750,000

Occupancy floor 73%

15-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 12× units	2	2.5	$32,580
▸ 3× units	1	1	$7,086
Total (15 units)			$39,670

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $937,500
• Closing costs: $112,500
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-13
   statusdays on market $3,750,000 Pending 49 DOM
2. 2026-06-09
   days on market $3,750,000 Active 48 DOM
3. 2026-06-08
   days on market $3,750,000 Active 47 DOM
4. 2026-06-07
   days on market $3,750,000 Active 46 DOM
5. 2026-06-04
   days on market $3,750,000 Active 43 DOM
6. 2026-06-03
   days on market $3,750,000 Active 42 DOM
7. 2026-06-02
   days on market $3,750,000 Active 41 DOM
8. 2026-06-01
   days on market $3,750,000 Active 40 DOM
9. 2026-05-31
   days on market $3,750,000 Active 39 DOM
10. 2026-04-03
    listed $3,950,000 Active 1287-char remark

    Show marketing remark (1287 chars)

    We are proud to present 13915 Sherman Way, a 15-unit townhouse-style multifamily property on Van Nuys's Sherman Way transit corridor. Built 1989, the property comprises 12 two-bedroom/2.5-bath townhomes and three one-bedroom flats across 16,144 SF on a 13,998 SF lot. Two-story wood frame with individually metered gas and electric, a community pool, on-site laundry, and 28 surface parking spaces. The property is RSO-exempt and subject only to AB 1482.The investment case is near-term rent capture with no capital requirement. Current gross scheduled rent of $372,828 grows to $460,800 at pro forma market rents of $2,650 TH / $2,200 flat approximately 23.6% upside. Two legacy tenants sit at $1,184/month, most leases are month-to-month, and no permits have been pulled since 2006. Townhome format commands $100$200/month premiums over valley flats. First offering in 30-plus years positions the deal for 1031 buyers, family offices, and value-add operators. Van Nuys submarket vacancy runs 4.7%, below the 5.3% LA metro average, and the 633-unit construction pipeline is concentrated in Class A that does not competewith the subject. The planned East SFV Light Rail station sits 0.5 miles east, opening 2031. TOC Tier 1 designation adds entitlement optionality for a long-term hold.

11. 1995-11-13
    soldstatus $720,000
12. 1988-11-30
    soldstatus $276,000
13. 1988-11-30
    soldstatus $276,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $17,042 · $1,420/mo
• Projected year-2 tax: $28,500 · $2,375/mo
• Expected delta: +$11,458/yr (+$955/mo · 67.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $476,040
• − Mortgage interest: −$210,058
• − Property taxes: −$17,042
• − Insurance: −$18,750
• − Repairs & maintenance: −$38,083
• − Management: −$38,083
• − Depreciation: −$109,091
• Taxable income: $44,933
• Est. tax owed @ 24.0%: −$10,784
• After-tax cash flow: $93,511/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Los Angeles Unified
• NCES district ID: 0622710
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 54% ▲ 10.00%
• Median HH income: $50,403
• Composite: 35.67/100
• National rank: #4875
• State rank: #223 of 517 in CA

Livability — Los Angeles

• Score: 68/100
• State rank: #273
• US rank: #9237

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment B Housing B- Health & safety C- User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Los Angeles, CA
• County: Los Angeles County · 9,444,647 people
• City population: 3,838,149
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 56,033
• Household income: $62,900
• Rent vs Own: 72.7% rent · 27.3% own
• Severe rent burden: 4944.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Hispanic / Latino 60% White 23% Two or more races 20% Asian 9% Black 4%
• Hispanic origin (detail): Mexican 28%
• Common ancestry: Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 47% · Canada, South Korea, China
• Languages at home: 26% English-only · Spanish 55% Other Indo-European 10% Tagalog/Filipino 3%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -852.77%
• Current HPI: 545.8158
• Rent YoY: ▼ -1.26%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+1331.2% since first listed

4 events — show timeline

• 2026-04-03 Listed $3,950,000 TheMLS
• 1995-11-13 Sold (Public Records) $720,000 Public Records
• 1988-11-30 Sold (Public Records) $276,000 Public Records
• 1988-11-30 Sold (Public Records) $276,000 Public Records

Property tax history

+1.7%/yr

Latest (2025): $17,042 · +2.3% YoY. Source: county tax records.