4215 Vineland Ave · Los Angeles, CA 91602

$8,450,000

45 bd · 45.0 ba · 28,494 sqft · MultiFamily public records · 23 Days on market

Built 1962 0.92 ac lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• 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: 32 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

4215 Vineland Ave is a 32-unit value add multifamily opportunity on a huge lot in the heart of Studio City, offered at $8,450,000 by a motivated Seller. The property features 20 vacant units ready for immediate renovation that would achieve a 6 plus cap rate after estimated interior and exterior renovation costs. The remaining 12 occupied units have over 75% rental upside that could be unlocked over time as additional tenants relocate. The property also presents a compelling development angle: our architect designer has developed a site plan for adding 12 additional units that include 4 attached ADUs and 8 detached ADUs. The plan was developed with an emphasis on keep building costs low and

Key facts

• 20 vacant units
• 6 plus cap rate
• Immediate renovation

Tags

• HUGE LOT
• 20 VACANT UNITS
• IMMEDIATE RENOVATION
• 6 PLUS CAP RATE
• 75 PERCENT RENTAL UPSIDE
• DEVELOPMENT ANGLE

Property features AI

Finance

• Other: Unit mix includes multiple like-units per unit type (example: six 1-bed units of one type, thirteen 1-bed units of another, four 2-bed units of another, etc.); Sample unit rents and counts provided (varies by unit type and includes projected and actual rent figures)
• Financial info: Gross income approximately 876,636; Gross operating income listed as $850,337; Net operating income listed as $559,657; Total annual expenses listed as $290,679; Gross rent multiplier 10.55; Vacancy rate 20%; Income reported as Scheduled
• HOA & community: 32 total units in the complex

Exterior

• Parking: Carport; Total of 34 parking spaces
• Utilities: Utilities not specifically listed
• Home design: Residential income property; Two-level buildings; Zoned LAR3
• Construction: Three buildings on the property
• Exterior features: No additional accessory structures; Property located on Vineland Avenue in North Hollywood with convenient access to the 101, 170, and 134 freeways

Interior

• Kitchen: Kitchens included in apartment units
• Bedrooms: Multiple unit types including 1-, 2-, and 3-bedroom apartments (various unit counts across buildings)
• Bathrooms: Units with 1.00, 1.50 and 1.75 bath configurations (varies by unit type)
• Heating & cooling: Wall heat; Wall/window unit cooling
• Interior features: Wall/window unit cooling; Wall heat
• Laundry & utility: In-unit and/or shared laundry not specified

What this means for you Summary

Snapshot

• This is a 32 × 45-bed/45.0-bath units multifamily listed at $8.45M.

Deal economics

• At list price, monthly cash flow is $45k ($536k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($125k rent vs $8.45M).
• Recommended offer: $8.32M (1.5% below list) — sets the bar for market timing.
• Cap rate 12.6% 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 (-1.2%/yr); 86 active listings in the ZIP; solid renter incomes; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $125,226/mo this rent would consume 1460% of the median local household income ($103k/yr) (locally 1972% 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 $58k of loan paydown is wiped out by about $254k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $2.37M cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($8.32M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $4.65M; list at $8.45M implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 8→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $8,323,250 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.48% ✓
• Cap rate: 12.63%
• Cash-on-cash: 22.64%
• DSCR: 2.01
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 12.2%
• Equity multiple: 1.47×
• Total profit: $1,105,757
• Equity at exit: $1,259,922

10-year hold

• IRR: 18.7%
• Equity multiple: 2.35×
• Total profit: $3,202,400
• Equity at exit: $730,602

Cash invested: $2,366,000 (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 91602

• Rents YoY: -1.2%
• Active inventory: 86
• Price-to-rent: 179.9×

Monthly cashflow live

• Estimated rent: $125,226 medium
• Mortgage (P&I): −$44,313
• Tax from tax record: −$6,463 /mo · $77,555/yr
• Insurance: −$3,521
• HOA: −$0
• Vacancy / Maint / Mgmt: −$26,297
• Net cashflow: $44,632

Break-even live

Break-even rent $68,730

Max offer price $8,450,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 32× units	45	45	$125,216
Total (32 units)			$125,226

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: $2,112,500
• Closing costs: $253,500
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $8,450,000 Active 23 DOM
2. 2026-06-17
   days on market $8,450,000 Active 22 DOM
3. 2026-06-16
   days on market $8,450,000 Active 21 DOM
4. 2026-06-15
   days on market $8,450,000 Active 20 DOM
5. 2026-06-13
   days on market $8,450,000 Active 18 DOM
6. 2026-06-09
   days on market $8,450,000 Active 14 DOM
7. 2026-06-08
   days on market $8,450,000 Active 13 DOM
8. 2026-06-07
   days on market $8,450,000 Active 12 DOM
9. 2026-06-04
   days on market $8,450,000 Active 9 DOM
10. 2026-06-03
    days on market $8,450,000 Active 8 DOM
11. 2026-06-02
    days on market $8,450,000 Active 7 DOM
12. 2026-06-01
    days on market $8,450,000 Active 6 DOM
13. 2026-05-31
    days on market $8,450,000 Active 5 DOM
14. 2026-05-26
    listed $8,450,000 Active
15. 2026-01-13
    listed Active
16. 2025-10-10
    price
17. 2025-08-04
    listed Active
18. 2010-09-14
    soldstatus $4,650,000
19. 1988-07-22
    soldstatus $2,000,000

ⓘ 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: $77,555 · $6,463/mo
• Projected year-2 tax: $77,555 · $6,463/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 8 d/yr ≥92°F today · 23 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $1,502,712
• − Mortgage interest: −$473,331
• − Property taxes: −$77,555
• − Insurance: −$42,250
• − Repairs & maintenance: −$120,217
• − Management: −$120,217
• − Depreciation: −$245,818
• Taxable income: $423,323
• Est. tax owed @ 24.0%: −$101,598
• After-tax cash flow: $433,987/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): 20,957
• Household income: $102,914
• Rent vs Own: 66.7% rent · 33.3% own
• Severe rent burden: 1972.0

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 0.62)
• Race & ethnicity: White 57% Hispanic / Latino 20% Two or more races 13% Asian 9% Black 7%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Romanian 3% Scotch-Irish 3% Lithuanian 3%
• Foreign-born: 19% · Canada, South Korea, China
• Languages at home: 72% English-only · Spanish 14% Other Indo-European 7% Other Asian/Pacific 2%

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: ▼ -515.77%
• Current HPI: 373.0313
• Rent YoY: ▼ -1.16%
• 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

+322.5% since first listed

6 events — show timeline

• 2026-05-26 Listed $8,450,000 TheMLS
• 2026-01-13 Listed — TheMLS
• 2025-10-10 Price Changed — TheMLS
• 2025-08-04 Listed — TheMLS
• 2010-09-14 Sold (Public Records) $4,650,000 Public Records
• 1988-07-22 Sold (Public Records) $2,000,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $77,555 · +1.6% YoY. Source: county tax records.