13951 Moorpark St

Los Angeles, CA 91423

$9,395,000B+

61 bd · 64.0 ba · 40,801 sqft · Built 1964 · MultiFamily · Active · 113 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $123,195/mo
• Mortgage (P&I): −$49,268
• Tax + insurance: −$7,639
• HOA: −$0
• Vac / Maint / Mgmt: −$25,871
• Net cashflow: $40,417/mo
• Annual: $484,999/yr
• Cap rate: 11.46%
• Cash-on-cash: 18.44%
• DSCR: 1.82
• 1% rule: 1.31%
• Cash to close: $2,630,600

Investor read

• This is a 20 × 3-bed/?-bath units multifamily listed at $9.39M.
• At list price, monthly cash flow is $40k ($485k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($123k rent vs $9.39M).
• It's been on market 113 days — a 9% lower offer ($8.55M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $8.55M (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $65k of loan paydown is wiped out by about $282k of value loss. Plan a longer hold.
• 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-, crime F, cost of living 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.
• Zoned schools: Dixie Canyon Community Charter (610 students, 26% FRL, charter); Louis Armstrong Middle (1,329 students, 45% FRL, charter); Ulysses S. Grant Senior High (math 29% / reading 53%, grade F, #502 of 1,170 statewide, top 43%, 1,783 students, 89% FRL).
• Market conditions: Rents rising (+1.1%/yr); 163 active listings in the ZIP; solid renter incomes; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 5y ago 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 $480k; list at $9.39M implies a 1859% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 1.1% rent growth), your $2.63M cash investment doubles in ~8 years — after that, you're playing with house money.
• 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.
• Cap rate 11.5% 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.
• At $123,195/mo this rent would consume 1351% of the median local household income ($109k/yr) (locally 2929% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?